Stocks in focus: The SGX Nifty recorded a gain of 0.17% during Friday’s early trading session, with a value of 18,753, indicating a mildly positive opening for the domestic indices NSE Nifty 50 and BSE Sensex. The equity indices snapped a four-day winning streak to settle in the red, with Nifty sliding 0.49% to 18,753 while Sensex was down almost 300 points to 62,848.
“Indian equities witnessed profit booking on the day of the RBI policy meeting outcome, which was on expected lines. Nifty opened higher and remained strong for the first hour of trade. However, post the RBI policy outcome; markets saw some profit booking in the interest rate-sensitive sectors, which dragged the indices down,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks to Watch on 9 June, 2023
Tata Steel, Tata Power
Tata Power Renewable Energy, through its subsidiary TP Vardhaman Surya, received a contract to set up a 966 MW round-the-clock hybrid renewable power project for Tata Steel. Tata Steel will invest 26 per cent equity in the said project.
Vedanta parent Vedanta Resources’ gross debt has fallen to $6.4 billion as of May due to continued deleveraging and “significant” improvement in balance sheet position.
Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis. The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore.
Kotak Mahindra Bank
Canada Pension Fund may offload 3.3 crore shares or 1.6% equity stake in Kotak Mahindra Bank through block deals. The sale is likely to happen between a price-range of Rs 1,792-1,886 apiece, which at the lower end, comes at a 5.1% discount to yesterday’s closing price of Rs 1,888 per share.
CEAT increased its holding in Tyresnmore, investing an additional Rs 9 crore for a 10.89% stake, taking its total shareholding in the company to investment, Tyresnmore shall become 56.9%, making Tyresnmore a subsidiary of the company.
The toll collection for IRB Infrastructure Trust grew 24% on-year to Rs 201.18 crore, up from Rs 162.64 crore in the previous year.
GAIL (India) released payment to all stakeholders of insolvent private sector chemical company JBF Petrochemicals, completing the corporate insolvency resolution process in 15 months. Additionally, the acquisition of JBFPL offers GAIL an opportunity to add a new product Purified Terephthalic Acid (PTA) to GAIL’s existing petrochemical portfolio.