Stocks To Watch on 12 June, 2023: TVS Motors, Vedanta, LIC, SAIL, Info Edge, Dmart, Indian Oil, IIFL Finance, Cochin Shipyard

Stocks in focus: The SGX Nifty recorded a gain of 0.28% during Monday’s early trading session, with a value of 18,662, indicating a positive opening for the domestic indices NSE Nifty 50 and BSE Sensex. On Friday, domestic indices closed in the red, after opening in the positive territory on Friday. The market gave up its gains in early trade and ended near the day’s low. The NSE Nifty 50 tanked 66 points to 18,568 and BSE Sensex slipped 0.33% to 62,641. 

“Investors in the domestic market were cautious as they awaited the release of domestic inflation data on Monday. The Reserve Bank of India’s conservative inflation forecast contributed to the selling pressure. Market participants hope that the Consumer Price Index (CPI) inflation for May will decrease from its current level of 4.7%. Global cues also failed to provide support, with the US reporting high unemployment claims,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.

Stocks to Watch on 12 June, 2023

IIFL Finance

IIFL Finance is looking to raise around Rs 20,000 crore in FY24 through various routes, including bank loans, bonds and external commercial borrowings, said Managing Director, Nirmal Jain.

Indian Oil

Indian Oil Corporation (IOC) purchased half of the natural gas that Reliance Industries and partner, bp offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes.

DMart

DMart Ready, the online platform of Avenue Supermarts-owned grocery retail chain DMart, has intensified its discount strategy, cutting prices by at least 20-30% in June. 

Vedanta

Vedanta has emerged as the preferred bidder in respect of the electronic auction of ‘Block VII – Cudnem Mineral Block’ based on the highest final price offer of 93.15% submitted. The company will be granted the mining lease for iron ore mines in Goa upon completion of the approval process. 

Titagarh Wagons

Titagarh Wagons’ board of directors approved a fundraise of Rs 288.8 crore via preferential allotment of equity shares to Smallcap World Fund.

LIC, SAIL

Life Insurance Corporation of India bought stakes in state-owned steel production firm Steel Authority of India by nearly 2% through an open market acquisition.

Cochin Shipyard

Cochin Shipyard has been awarded a contract by the Indian Navy to carry out the MR/Mid Life Upgrade of an Indian naval ship. The contract is valued at approximately Rs 300 crore, and it is expected to span a duration of around 24 months.

TVS Motors

TVS Motor Company’s subsidiary, TVS Credit Services, has achieved a successful equity capital raise of Rs 480 crore from Premji Invest. As part of the deal, Premji Invest will acquire additional equity shares worth Rs 257 crore. Following the completion of both primary and secondary investments, Premji Invest will possess a 9.7% equity stake in TVS Credit.

Jupiter Wagons

Jupiter Wagons has received approval from NCLT, Kolkata for its resolution plan to acquire a controlling stake in Stone India under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016. Upon the implementation of the resolution plan, Stone India will become a subsidiary of Jupiter Wagons.

Info Edge

Info Edge India will sell its entire shareholding in Happily Unmarried Marketing (HUM) to VLCC Health Care (VLCC) for Rs 61 crore. The sale will involve a mix of cash and share swap and is expected to be completed within two months, unless mutually extended.