Stocks to watch on June 16: The Nifty futures contract trading on the Singapore Exchange signals a positive start for domestic stocks. The contract traded at 18,810.50, up 50.5 points or 0.27% from the previous close.
IKIO lighting: The stock is likely to debut today with a gain of 30-35 percent, according to gray market signals. The Rs 607 crore IPO was subscribed to almost 66 times, with 63 times subscribed to high-net individuals and 14 times in retail.
Confidence (RIL): The company is in talks with lenders for a foreign currency loan of up to $2 billion to fuel the continued expansion of its oil-to-telecom business, according to people familiar with the matter. Lenders involved in the talks include Bank of America, Citigroup and Standard Chartered.
Hero MotoCorp: The Department of Corporate Affairs has ordered an investigation to assess the two-wheeler major’s relationship with a third-party supplier in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.
IndiGo, SpiceJet: IndiGo recorded its highest-ever domestic market share of 61.4 percent in May, benefiting from Go First’s suspension of flights. Domestic airlines carried more than 13.2 million passengers in May, up more than 3 percent sequentially. However, SpiceJet’s market share fell from 5.8 percent in the previous month to 5.4 percent.
Ramkrishna Forgings, Titagarh: A consortium between Ramkrishna Forgings and Titagarh Rail Systems has been awarded the contract to manufacture and supply 15,40,000 forged wheels over a period of 20 years, under the AatmaNirbhar Bharat Initiative of the Ministry of Railways, Government of India. Under the contract, the consortium will provide 40,000 forged wheels during the first year, 60,000 wheels in the second year and 80,000 wheels each subsequent year thereafter, with a total contract value of Rs 12,226.5 crore.
UTI-AMC: UTI Mutual Fund sponsors including State Bank of India (SBI), Punjab National Bank (PNB) and Life Insurance Corporation of India (LIC) have initiated the process of diluting their stake in India’s oldest fund house. The three together hold 45.21 of the paid-up capital in UTI.
Ashok Leyland: The commercial vehicle manufacturer, in partnership with Aidrivers, a specialist in AI-assisted autonomous solutions, will produce autonomous electric terminal trucks to meet the port industry’s net zero emissions needs.
Glenmark Medicines: The drug maker has slashed the price of Trastuzumab against breast cancer by bringing its brand Trumab to Rs 15,749 for a 440mg vial from Rs 54,000 previously. This price cut brings the cost per mg of Trumab to about Rs 35, making it the most affordable treatment option for HER2-positive breast cancer, Glenmark said in a statement.
Axle bank: Private investment firm Bain Capital on Thursday sold a partial stake in private lender Axis Bank in a block deal, as many domestic and foreign funds snapped up the shares.
GAIL: Sanjay Kumar has taken the lead as Director (Marketing) of GAIL (India). Prior to his new role, Kumar was Indraprastha Gas’s MD.
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