Here are the top 10 stocks that could be in focus in today's trade:
Reliance Industries: Reliance Industries Ltd (RIL) is testing a consumer durables financing programme under the Jio brand at select Reliance Digital outlets before a full-fledged launch of Jio Financial Services later this year, people aware of the development said. Mint visited two stores in Mumbai and adjoining Thane and spoke to executives at four other stores about the availability of financing under what they called Jio Finance. According to the executives, customers would be offered the option of Jio Finance alongside schemes from other banks and non-bank lenders.
IndusInd Bank: The Hinduja Group is in talks to invest ₹10,000 crore to hike its stake in IndusInd Bank, according to a media report. Hinduja Group is likely to increase its stake from 17 per cent to 26 per cent, reported Economic Times. The deal is likely to be completed by the second half of FY24. Earlier this year, RBI gave in-principle and conditional approval to IndusInd International Holdings, a Hinduja Group entity, to raise its stake in IndusInd Bank to 26 per cent. IndusInd International Holdings has 12.58 per cent and IndusInd Ltd had 3.92 per cent as of the March quarter in IndusInd Bank.
Asian Paints: Asian Paints Ltd announced on Friday that it had acquired an additional 11% stake in White Teak, a home decor company for ₹54 crore. As part of their agreement, the paint company paid White Teak ₹59.5 crore as an earn-out based on the achievement of financial milestones. This brings Asian Paints' total stake in White Teak to 60%. The remaining 40% of the equity share capital would be acquired during the FY 2025 – 2026, for a maximum consideration of ₹360 crores. The consideration would be based on the achievement of defined financial milestones for the business.
Infosys: IT services company Infosys said on Friday that it was cooperating with an Australian government investigation into ‘tainted contracts’. The software major has also reportedly cut off ties with lobbying firm Synergy 360 - which was reportedly paid $16 million over 5 years to help Infosys grow its business in Australia. An investigation was launched last year amid claims that former MP Stuart Robert had helped the lobbying firm and its client win government contracts.
Yes Bank: India's private lender Yes Bank on 23 June said that it will raise ₹25 billion (about $305 million) through debt securities, it said in a regulatory filing. Adding more, the bank said that it may raise the funds in Indian or foreign currency and the instruments may be done through non-convertible debentures, bonds, and medium-term notes. The proposal will be voted on by shareholders at the bank’s annual general meeting on 18 August, the firm added.
HDFC Life: HDFC Life on Friday said that it had received a notice from tax authorities related to a demand for ₹942 crore towards Goods and Services Tax (GST) dues between July 2017 to FY22. The notice relates to the claiming of an input tax credit against the supply of services, which the tax authorities believe are ineligible for such claims. HDFC Life has been advised by its legal and tax counsel that it has a good contestable case. The company will be taking appropriate steps in due course to reply to the show cause notice and contest the matter, it said in a regulatory filing.
Zydus Lifesciences: Zydus Lifesciences announced on June 23 that it will acquire a 6.5 per cent equity stake in Mylab Discovery Solutions Limited for ₹106 crore. The deal is a share purchase agreement of Zydus Animal Health and Investments, a wholly-owned subsidiary of Zydus Lifesciences with Rising Sun Holdings and Mylab Discovery Solutions. The indicative time period for the completion of the acquisition will be two months from the date of signing the share purchase agreement for acquiring 65,06,500 equity shares of Mylab from the existing shareholder.
NTPC: NTPC's board of directors on Saturday approved the issuance of secured, redeemable, non-convertible debentures up to ₹12,000 crore in one or more tranches not exceeding twelve months through private placement in the domestic market. NTPC announced in a statement that its Board of Directors, during a meeting on Saturday, June 24th, 2023, has approved the issuance of Bonds/NCDs. The debentures can be taxable or tax-free, cumulative or non-cumulative, and non-convertible. The total amount to be issued is up to ₹12,000 Crore, which can be done in one or more tranches/series not exceeding 12.
RVNL: The Maharashtra Metro Rail Corporation (MMRCL) selected Rail Vikas Nigam (RVNL) as the lowest bidder (L1) for a project valued ₹394.89 crore. The first order calls for the provision of new 11 KV lines, low tension lines on AB cable, testing, commissioning, and other services in MPPKVVCL's Chhatarpur circle. The order is worth 126.8 crore rupees. Similar in nature, the second order must be carried out in the Seoni and Narsinghpur circle. The cost of this order is Rs. 154.23 crore.
RattanIndia Power: RattanIndia Power Limited has raised a loan of ₹1,114 crore in a transaction led by Kotak Mahindra Bank, said the leading thermal power company in a regulatory filing to the stock exchanges on June 25. In its statement, the company said that in December 2019, it had reached a resolution with its previous lenders regarding the 1,350 MW Amravati Thermal Power Plant. The loans from Indian banks and financial institutions were taken over by international financial institutions, including Goldman Sachs and Varde Partners, through Aditya Birla ARC.
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Updated: 26 Jun 2023, 07:19 AM IST
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Stocks to Watch: RIL, IndusInd Bank, Asian Paints, Infosys, Yes Bank | Mint - Mint
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