Stocks in the news: GE Power\, LTTS\, ICICI Bank\, Wipro\, Axis Bank and Dr Reddy\'s Labs
NEW DELHI: Nifty futures on the Singapore Exchange were trading 39.50 points, or 0.33 per cent, higher at 12,078, indicating a negative start for the Nifty50. Here are a few stocks which may buzz the most in today’s session:
GE Power India: The company said it has bagged a contract worth Rs 738 crore from Aravali Power Company.
Larsen & Toubro Technology Services (LTTS): The company said its promoter L&T plans to sell 40.34 lakh shares on June 4 and 6. L&T will sell up to 40,34,399 equity shares of face value of Rs 2 each that represent 3.88 per cent of the total paid up equity share capital.
ICICI, Axis Bank: Global rating agency Fitch said it has downgraded two leading private sector lenders ICICI Bank and Axis Bank as the banking sector of the country remains under stress.
Wipro: The IT firm has received shareholders nod for buyback of shares. The company has fixed June 21 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.
Dr Reddy’s Labs: The drug firm said it has re-launched its generic Zenatane capsules in the US market.The product is a generic version of Hoffman LaRoche's Accutane capsules.
Fortis Healthcare: The company said it has received approval from both bourses BSE and NSE for reclassification of its promoters including Singh brothers -- Malvinder Mohan Singh and Shivinder Mohan Singh.
Ashok Leyland: The Hinduja Group flagship firm reported a four per cent decline in total sales to 13,172. The company had sold 13,659 units during the corresponding month last year, Ashok Leyland said in a statement.
HUL: FMCG major Hindustan Unilever (HUL) sees stable demand in this fiscal helped by government initiatives such as increases in minimum support prices but the challenge of an expected below-normal monsoon will have to be navigated.
Kotak Mahindra Bank: Billionaire banker Uday Kotak has told the Bombay High Court that he differs with the regulator’s interpretation of promoter holding in banks, and that the owners’ stake in Kotak Mahindra Bank as a percentage of paid-up capital was in line with rules.
BOARD MEETINGS
ANALYST CALLS • CLSA has maintained buy rating on J Kumar Infraprojects with a target price of ₹315. The key message from J Kumar Infra’s fourth quarter was its pick-up in new orders despite election-led, slowdown fears and robust execution, said CLSA.
• HSBC has maintained buy rating on Finolex Industries and revised target price to ₹680 from ₹750. The stock is currently trading at a consensus FY20 PE of 15.1 times, a 30% discount to historical levels, said HSBC. The market is not appreciating the prospects of a better PVC resin cycle and the scope for a re-rating given earnings growth from the pipes segment.
• Citigroup has maintained buy rating on Apollo Hospitals and revised target price from ₹1,800 from ₹1,640. Apollo Hospitals is now well into a consolidation phase, with mature beds, new beds as well as AHLL and retail pharmacies seeing steady topline growth and healthy margin improvement - translating into higher cash generation and return ratios, said Citi.
• CLSA has maintained buy rating on ITC with a target price of ₹400. The appointment of Dr Vardhan as health minister brings back the memories from 2014 and also brings about uncertainties, said CLSA. Efforts to implement past unfinished agenda (eg, plain packaging, restrictions on point-of-sale ads) could impact the industry, though implementation remains the key, it added.
• ICICI Securities has maintained add rating on Repco Home Finance and revised target price to ₹430 from ₹385. Valuations at 1.4 times FY20 estimated P/BVPV might appear attractive but given the growth impediments and the concentration in Tamil Nadu, should be looked upon with caution, said ICICI Securities.
Insider Buys:
ADF Foods Limited: H J Thakkar Property Investment Limited has bought 3,61,000 shares through Market Purchase from May 29, 2019 to May 30, 2019.
Atlas Cycles (Haryana) Limited: Gautam Kapur has bought 17,442 shares through Inter-se-Transfer on May 30, 2019.
Atlas Cycles (Haryana) Limited: Girish Kapur has bought 17,442 shares through Inter-se-Transfer on May 30, 2019.
Coffee Day Enterprises Limited: Shree Stock Vision Securities Limited has bought 50,000 shares through Market Purchase on May 30, 2019.
Jindal Stainless Limited: Abhyuday Jindal has bought 1,32,997 shares through Market Purchase from May 29, 2019 to May 30, 2019.
Jubilant Life Sciences Limited: Miller Holdings Pte Ltd has bought 6,50,000 shares through Market Purchase on May 30, 2019.
Madhya Bharat Agro Products Limited: Ostwal Phoschem (India) Limited has bought 75,000 shares through Market Purchase from May 28, 2019 to May 30, 2019.
Mukand Limited: Bachhraj Factories Pvt Ltd has bought 1,89,014 shares through Market Purchase on May 30, 2019.
Setco Automotive Limited: Setco Engineering Private Limited has bought 24,00,000 shares through Inter-se-Transfer from Feb 6, 2019 to Feb 18, 2019.
Tanla Solutions Limited: D. Tanuja Reddy has bought 33,000 shares through Market Purchase on May 29, 2019.
Texmaco Infrastructure & Holdings Limited: Jyotsna Poddar has bought 5,00,000 shares through Market Purchase on May 29, 2019.
Texmaco Infrastructure & Holdings Limited: Saroj Kumar Poddar has bought 4,50,000 shares through Market Purchase on May 28, 2019.
Insider Sells:
Arvind Limited: Susheel Kaul has sold 2,00,000 shares through Market Sale from May 27, 2019 to May 30, 2019.
Atlas Cycles (Haryana) Limited: Jaidev Kapur has sold 34,884 shares through Inter-se-Transfer on May 30, 2019.
Axis Bank Limited: L. J. Nawani has sold 25,000 shares through Market Sale on May 27, 2019.
Axis Bank Limited: Sanjay Silas has sold 20,000 shares through Market Sale on May 29, 2019.
Bharti Airtel Limited: Ajay Chitkara has sold 17,427 shares through Market Sale on May 23, 2019.
California Software Company Limited: Vasudevan M has sold 2,00,000 shares through Off Market on May 30, 2019.
Future Consumer Limited: Samir Kedia has sold 50,000 shares through Market Sale on May 27, 2019.
Indiabulls Housing Finance Limited: Manvinder Singh Walia has sold 30,000 shares through Market Sale on May 28, 2019.
Indiabulls Real Estate Limited: Meetu Mathur has sold 15,000 shares through Market Sale from May 23, 2019 to May 27, 2019.
International Paper APPM Limited: Dilipkumar Lakhi has sold 47,795 shares through Market Sale on May 30, 2019.
JSW Steel Limited: Jsw Steel Employees Welfare Trust - Esop Plan 2016 A\/C has sold 52,080 shares through Market Sale on May 27, 2019.
Jubilant Life Sciences Limited: Cumin Investments Limited has sold 6,50,000 shares through Market Sale on May 30, 2019.
L&T Finance Holdings Limited: Virender Pankaj has sold 25,000 shares through Market Sale on May 28, 2019.
RBL Bank Limited: Vishwavir Ahuja has sold 50,000 shares through Market Sale on May 28, 2019.
RBL Bank Limited: Andrew Gracias has sold 20,000 shares through Market Sale on May 31, 2019.
RBL Bank Limited: Neeta Mukerji has sold 20,000 shares through Market Sale on May 27, 2019.
Setco Automotive Limited: Harish Sheth has sold 10,00,000 shares through Inter-se-Transfer on Feb 6, 2019.
Setco Automotive Limited: Udit Sheth has sold 14,00,000 shares through Inter-se-Transfer on Feb 18, 2019.
Yes Bank Limited: Sumit Gupta has sold 25,000 shares through Market Sale on May 28, 2019.
Note: Disclosure made under Reg 13(4), 13(4a) of SEBI (IT) regulations 1992.
