Stocks to Watch June 5: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,725, up 96 points or 0.52% from the previous close.
Tata Motors: Tata Motors is working on several CNG and electric cars even as the automaker expects the passenger vehicle industry growth to moderate to 5-7% in the current financial year.
Oil-linked stocks: Brent crude-related stocks could see considerable action today as oil prices jumped over 2 per cent overnight, and another 2 per cent Monday morning, following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.
Paints, tyres, ceramics, and oil marketing companies may see some pressure as they use oil as their raw material, while Oil India, Hindustan Oil Exploration, Reliance Industries, etc could see upward movement.
SBI Life Insurance: Insurance regulator IRDAI approved transfer of life insurance business of Sahara India Life Insurance Co. to SBI Life, with immediate effect.
NTPC: NTPC Green Energy Limited, a wholly-owned subsidiary of NTPC Limited has incorporated a new company, in 50:50 joint venture with Indian Oil Corporation Limited, in the name of India Oil NTPC Green Energy Private Limited. The incorporation date of the joint venture company is 2 June 2023. The JV will develop renewable energy-based power projects (viz. Solar PV, Wind, any other RE, Energy Storage or any combination of same), to supply 650 MW or more renewable power on round a clock basis, to cater to the requirement of Indian Oil Corporation Limited.
Wipro: IT major Wipro Ltd has set June 16, 2023, as the record date for the whopping Rs 12,000 crore buyback plan.
Ipca Lab: The Income Tax Department carried out survey proceedings at the company’s offices in Mumbai and at Sikkim manufacturing plants between May 30, 2023 and June 3, 2023.
Lupin: The pharma major has announced the launch of Darunavir tablets (600 mg and 800 mg), to market a generic equivalent of Prezista tablets of Janssen Products, LP, in the United States. Darunavir Tablets had estimated annual sales of $308 million in the US in March 2023.
Bajaj Finserv: Bajaj Finserv Ltd on Saturday signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, to develop Rs 5,000 crore projects in Pune.
Tech Mahindra: The company’s subsidiary Comviva Technologies and step-down subsidiary Comviva Technologies B.V. have agreed to sell 0.04 per cent and 99.96 per cent stake, respectively, in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação to Druid Internet Systems Comércio E Serviços for an upfront payment of $20,000 and deferred payment of $1.42 million.
Hero MotoCorp: The two-wheeler maker has increased the price of its electric scooter VIDA V1 Pro by around Rs 6,000 in order to offset the impact of curtailed subsidy structure on electric two-wheelers coming into effect from June 1.
Vedanta: Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Limited has entered into a Power Delivery Agreement to source 200 MW solar renewable power for its aluminium operations at BALCO, Chhattisgarh, through Special Purpose Vehicle.
Godrej Properties: The company bought the remaining 26 per cent stake in Godrej Home Constructions for Rs 14.99 crore, taking its total shareholding to 100 per cent.
Dish TV: The company cancelled the extraordinary general meeting scheduled on June 9 after the resignation of Zohra Chatterji from the position of non-executive independent director.
Indian Overseas Bank: The Reserve Bank of India imposed a monetary penalty pf Rs 2.20 crore on the bank over regulatory non-compliance.
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