Stocks to Watch: Wipro, Coal India, SBI Life, Tata Motors, Bajaj Finserv
RBI MPC's monetary policy meet outcome scheduled on June 8, OPEC+ meeting, and S&P Global Services PMI on June 5 are expected to be the major drivers this week for Nifty and Sensex.
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Wipro: IT major Wipro Ltd has set June 16, 2023, as the record date for the whopping ₹12,000 crore buyback plan. “The Company has fixed Friday, June 16, 2023, as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback," said Wipro in its filing. The IT major had announced ₹12,000 crore buyback plan and had fixed a floor price of ₹445 per equity share. Wipro will buy back up to 269,662,921 shares of face value ₹2 each from the shareholders and account for 4.91 per cent of all equity shares.
Coal India: Centre’s offer for sale (OFS) of shares in Coal India received a robust response from non-retail or institutional investors as well as retail investors on Friday. In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India. On Wednesday, the Union Ministry of Coal informed the exchanges that the floor price for OFS would be ₹225 per share. At the floor price, the overall offer size adds up to over ₹4,100 crore. Retail investors on Friday bid for over 2.58 crore shares of Coal India. Institutional bidders on Friday put in bids for 5.12 crore shares.
SBI Life: Regulator Irdai on Friday directed SBI Life Insurance Company to take over the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of the deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Tata Motors: Tata Motors expects the passenger vehicle industry growth to moderate to 5-7 per cent in the current financial year as compared with 27% sales growth in the last financial year with a dip in pent-up demand, according to a top company executive. In order to sustain growth, the auto major is looking to introduce new products including CNG and electric models, while bolstering its existing range with new interventions. In an analyst call, Tata Motors Managing Director, Passenger Vehicle and Electric Vehicles, Shailesh Chandra noted that pent-up demand in the passenger vehicle segment has now clearly gone down.
Bajaj Finserv: Bajaj Finserv Ltd on Saturday signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, to develop ₹5000 crore projects in Pune, one of the largest financial services investments in the country. The MoU was signed by Harshdeep Kamble, Industry Secretary, Government of Maharashtra and S Sreenivasan, Chief Financial Officer, Bajaj Finserv, in the presence of Devendra Fadnavis, Deputy Chief Minister of Maharashtra and Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv.
Godrej Properties: Godrej Properties on Friday announced it was raising its stake in Wonder City Buildcon from 74 per cent to 100 per cent. Pursuant to the said acquisition, WCBL has become a wholly-owned subsidiary of the company with effect from May 26, 2023, according to a company statement shared with stock exchanges. According to the regulatory filing, 2,90,21,528 equity shares of ₹10 each, representing 26 per cent paid-up equity share capital of WCBL are acquired from existing shareholders. The cost of acquisition or the price at which the shares are acquired is ₹45.13 lakh.
Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp has increased the price of its electric scooter VIDA V1 Pro by around ₹6,000 in order to offset the impact of curtailed subsidy structure on electric two-wheelers coming into effect from June 1. The company's flagship electric scooter VIDA V1 Pro will now be available at ₹1,45,900 including FAME II subsidy and portable charger. For electric two-wheelers, the maximum subsidy cap, which was 40 per cent of the ex-factory price, has been reduced to 15 per cent by the Ministry of Heavy Industries.
UCO Bank: Ashwani Kumar has been appointed as the new MD and CEO of public sector UCO Bank with effect from June one. Prior to this, he was the executive director of the state-owned Indian Bank and is a qualified chartered accountant, a statement by the bank said on Saturday. Kumar, an experienced banker, succeeds S S Prasad as the MD and CEO of UCO Bank. He had earlier worked in the Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.
Brigade Enterprises: Realty firm Brigade Enterprises will launch 10 housing projects this fiscal across Bengaluru and Chennai with an estimated construction cost of ₹3,000 crore as it looks to encash rising demand for residential properties, its MD Pavitra Shankar said. In an interview with PTI, she said the company would like to grow housing sales by 15-20 per cent during the current 2023-24 fiscal. "Overall, the last financial year was very good, primarily driven by our residential and hospitality business. Things in retail were also very good and office was quite stable," Pavitra said.
Thomas Cook India: Sterling Holidays Resorts Ltd, a part of the Thomas Cook India group, plans to add a new hotel every month in the second half of this year to cash in on the robust growth witnessed in domestic tourism, according to a top group official. The company expects the number of properties to increase to 55 during the course of next year, Thomas Cook (India) Chairman and Managing Director Madhavan Menon told PTI. As on April 30, 2023, Sterling has 2,447 rooms across 40 resorts, out of which 15 company-owned resorts, 10 are leased and 15 are management contracts.
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