Stocks to Watch: Wipro, Adani Group, SBI, Bank of Baroda, IndiGo
4 min read 06 Jun 2023, 07:19 AM ISTIndiabulls Housing Finance Ltd, India Cements and Manappuram Finance are the three stocks that are a part of the F&O ban list by the stock exchange for today. Meanwhile, FII continued to be net sellers for third consecutive day on Monday and DIIs extended their buying spree.
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Wipro: IT company Wipro shareholders have approved a share buyback programme worth ₹12,000 crore, according to a scrutinizer report released on stock exchanges on Monday. The Wipro board had approved the buyback of 26.96 crore equity shares at a price of ₹445 apiece. According to the Scrutinizer's report on the special resolution by way of postal ballot and e-voting process, 99.9 per cent voted in favour of the share buyback resolution. Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, as per the report.
Adani Group: The Adani Group has said that it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut the overall leverage in an attempt to win back investor trust after US short-seller Hindenburg levelled allegations of stock price manipulation against the port-to-energy conglomerate. In a statement, the Adani group said it has repaid $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $500 million in loans taken for the acquisition of Ambuja Cement.
State Bank of India: central board of the bank is slated to be held on Friday to consider approval for raising funds via private placement. In a statement to the BSE, SBI said: “…a meeting of the Central Board of State Bank of India is scheduled to be held on Friday, 9th June, 2023 to seek approval for raising funds during FY24 through private placement mode by way of issuance of debt instruments (including capital instruments) in INR and/or any foreign currency."
Bank of Baroda: State-run Bank of Baroda (BoB) on Monday proposed to auction a part of its stake in the National Stock Exchange of India (NSE), even as the exchange’s much-anticipated public listing awaits a Supreme Court ruling. A request for proposal issued by the bank has set a floor price that values India’s largest bourse at ₹1.56 trillion, way beyond rival BSE, which is valued at ₹7,790 crore. The public sector bank has invited offers from eligible categories to bid for 2.1 million shares amounting to 0.42% stake at a minimum of ₹3,150 a share, valuing its NSE holding at ₹661.5 crore.
InterGlobe Aviation/SpiceJet: The civil aviation ministry has asked airlines to self-monitor airfares after the temporary suspension of flights by Go First led to surge pricing on routes where the airline had a strong presence. The airlines have been advised to ensure reasonable pricing within the high reservation booking designators or fare codes. Fare codes are used in reservation transactions to specify the class of service a passenger should be booked in to receive the fare, and function also as an inventory control code.
SBI Cards: SBI Cards and Payment Services Ltd on Monday announced that its board of directors has approved the raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to ₹3,000 crore in one or more tranches, on a private placement basis. SBI Cards and Payment Services Ltd has reported a rise of 2.7 per cent to ₹596.5 crore for the quarter ended 31 March 2023. This is against a net profit of Rs581 crore in the corresponding quarter last fiscal.
Godrej Consumer Products: Godrej Consumer Products Limited (GCPL) Monday announced the appointment of Aasif Malbari as its Chief Financial Officer (CFO), with effect from August 10, 2023. Aasif Malbari is currently the CFO of Tata Passenger Electric Mobility Limited and Director of Tata Motors Passenger Vehicles Limited. GCPL’s current CFO, Sameer Shah, will move to a Group role leading consumer investments, the company said in a regulatory filing. GCPL also announced that the Board has approved the nomination of Shalini Puchalapalli as Independent Director, effective November 14, 2023.
GE T&D India: GE T&D India has got shareholders' approval through a postal ballot notice to appoint Sandeep Zanzaria as Managing Director and Chief Executive Officer of the company. "All the resolutions as set out in the Notice of the Postal Ballot dated April 17, 2023, have been passed by the shareholders with the requisite majority," a BSE filing stated. The shareholders have passed two resolutions, firstly they approved the appointment of Zanzaria as Managing Director and Chief Executive Officer of the company.
Indian Energy Exchange: The total trade volume of the Indian Energy Exchange grew by 8 per cent year-on-year to 8,251 million units (MU) in May. The average spot power price during May 2023 was 30 per cent lower at ₹4.74 per unit against ₹6.76 per unit in May 2022, due to an improving supply-side scenario, leading to increased liquidity, and cooler weather conditions. While an increase in power demand is expected in the coming months, the supply-side liquidity is likely to further improve due to enhanced coal supply, reduction in e-auction coal prices and consistently declining imported coal and gas prices.
MTAR Technologies: Plutus Wealth Management on Monday acquired shares of MTAR Technologies for ₹247 crore through an open market transaction. MTAR Technologies is a precision engineering solutions company. According to the bulk deal data available with the BSE, Plutus bought 13,15,000 shares of MTAR Technologies. The shares were purchased at an average price of ₹1,880.02 apiece, taking the transaction value to ₹247.22 crore. The shares were sold in the range of ₹1,880-1,880.15 per piece, as per the bulk deal data.
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