Stocks to watch on Thursday: Handy futures on the Singapore Exchange were down 51.5 points, or 0.32 percent, at 16,297.50, indicating Dalal Street was off to a negative start on Thursday. Ratcheted by inflation and fears of tightening, the 30-stock package closed 214.85 points lower at 54,892.49. Its wider peer, Nifty50, also struggled, but managed to hold the 16,350 mark in the previous session. While this rate hike is coming along as expected, benchmark indices still struggled in a certain direction and fluctuated between gains and losses, eventually settling down for the fourth straight session.
Bank of India
The public sector bank has changed its Repo-Based Lending Rate (RBLR) to 7.75 percent with immediate effect, up from 7.25 percent earlier. The revision follows the upward revision of the repo rate announced by the RBI on June 8 in its monetary policy.
Punjab National Bank
The state-run lender has revised its Repo-Linked Lending Rate (RLLR) to 7.40 percent on June 9, from 6.90 percent earlier. The bank made this decision, especially after the RBI raised the repo rate.
wipro
The IT services company and ServiceNow will help Petrobras, the largest publicly traded company in Brazil, advance its digital journey. The project aims to increase service levels for internal users and reduce costs by modernizing IT infrastructure processes and aligning them with the business through a modern cloud solution focused on automation and integration.
Tata Power Company
Subsidiary Tata Power Solar has commissioned a 450 MWDC EPC project for Brookfield Renewable India in Rajasthan. The company has set up and completed more than 8 lakh modules in a record time of 7 months. The project will produce more than 800 GWh of clean energy annually and will help prevent up to 600,000 tons of annual CO2 emissions.
Rail Vikas Nigam
Rail Vikas Nigam (RVNL) has signed an agreement with “Kyrgyzindustry” for the implementation of infrastructure projects in Kyrgyzstan. In particular, the company will build a rail network on mutually agreed terms in Kyrgyzstan.
BLS International Services
The company has acquired Zero Mass Private (ZMPL) headquartered in Mumbai – the largest corporate correspondent in the country – for Rs 120 crore. With this cash acquisition from the company’s internal accruals, BLS International becomes the largest network of business correspondents (BC) in India. BLS International now owns an 88.26 percent equity stake in ZMPL and State Bank of India remains 6.83 percent equity stake in ZMPL. ZMPL operates the largest BC network for State Bank of India (SBI) with approximately 11,500 active CSPs (approximately 15 percent of all SBI BCs). The company has a pan-Indian presence with CSPs in all states and union territories of India. Besides SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.
Crompton Greaves Consumer Electronics
The board of directors of the company will consider a proposal on June 13 to raise funds through the issuance of private placement debt securities up to a maximum of Rs 925 crore.
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