Benchmark indices ended higher on June 7 with Nifty above 15,751 supported by the IT, infra and energy names. The Sensex was up 228.46 points or 0.44% at 52328.51, and the Nifty was up 81.40 points or 0.52% at 15751.70.
Bajaj Finance | CMP: Rs 5,726 | The stock price was down over 4 percent after the company said it may see higher non-performing assets in the first six months of FY22 due to the Covid-induced lockdowns. The company has provided an update on estimated impact of the second wave of the pandemic on the company’s financials in FY22.
Reliance Infrastructure | CMP: Rs 73.25 | The scrip added 5 percent after the company's board approved a plan to raise Rs 550 crore via preferential issue. At the meeting of Board of Directors the proposal of preferential allotment of equity shares to promoters and Värde Investment Partners, LP, at a price of Rs 62 each based on SEBI (ICDR) regulations, was approved, RInfra said. "The Board of Directors of Reliance Infrastructure Limited at its meeting has approved raising of funds up to Rs 550.56 crore by preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings Pte Limited, an affiliate of Värde Investment Partners, LP," the statement issued by the company said.
TVS Motor Company | CMP: Rs 648.55 | The share price was up 4 percent on June 7. Sundaram Clayton, a Chennai based TVS Group company, is likely to have sold a 5 percent stake in the company via a block deal, CNBC-TV18 reported.
The New India Assurance Company | CMP: Rs 177.50 | The stock ended in the green on reports that the government is planning to divest its stake in the company by September 2021. The government is planning to divest approximately 10 percent stake in New India Assurance via OFS by September 2021 to comply with minimum public shareholding norms, reported CNBC-TV18 quoting Source.
Indian Overseas Bank, Central Bank | The stock prices jumped 12 percent and 8 percent respectively as these companies are the suitors for the privatization. IOB, Central Bank of India, Bank Of India are the suitors for the privatization and the government is not adhering to a PCA/non PCA criterion for public sector banks privatization, reported CNBC-TV18, quoting Sources. The government is open to options outside NITI recommendations on the bank, insurance companies privatization, it added.
Larsen & Toubro | CMP: Rs 1,555.20 | The share ended in the green on June 7. The construction arm of L&T has secured orders from prestigious clients for its various businesses. The Water & Effluent Treatment business of L&T Construction has bagged an order from Bangalore Water Supply & Sewerage Board (BWSSB). The Heavy Civil Infrastructure business has secured an order to construct various facilities within 42 Months for the Bhabha Atomic Research Centre (BARC) at Tarapur Maharashtra.
MRF | CMP: Rs 82,310 | The scrip was down 3 percent after the tyre maker reported 51.5 percent fall in its Q4FY21 net profit at Rs 332.2 crore against Rs 679 crore, while revenue was up 30.7% at Rs 4,816.5 crore versus Rs 3,685.2 crore, (YoY), reported CNBC-TV18.
Power Grid Corporation | CMP: Rs 237.45 | The scrip jumped 5 percent after the firm acquired Fatehgarh Bhadla Transco (FBTL) and Sikar New Transmission Limited (SNTL), the project SPVs to establish transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) on build, own, operate and maintain (BOOM) basis from the bid process coordinator - REC Power Distribution Company.
Punjab National Bank | CMP: Rs 42.15 | The stock shed 2 percent on June 7. The bank reported standalone profit at Rs 586.33 crore in Q4FY21 against profit of Rs 506.03 crore in Q3FY21, net interest income fell to Rs 6,937.55 crore from Rs 8,312.98 crore QoQ.
YES Bank | CMP: Rs 15.05 | The stock jumped over 9 percent after the lender said it is going to consider fundraising via debt on June 10. "A meeting of the Board of Directors of Yes Bank will be held on Thursday, June 10, 2021 to consider and approve, seek shareholders’ approval for borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN)," Yes Bank said in a press release.