Stocks to Watch on Wednesday: Nifty futures on the Singapore Exchange traded 58 points, or 0.35 per cent, higher at 16,482.50, signaling that Dalal Street was headed for a positive start on Wednesday. The market fell sharply by 1 per cent on June 7, after consolidation in the previous two sessions, as traders seem to be cautious ahead of the interest rate decision by the Monetary Policy Committee and commentary by the Reserve Bank of India. All sectors, barring oil and gas and auto, closed in the red. The BSE Sensex plunged 568 points or 1.02 per cent to 55,107, while the Nifty50 declined 153 points or 0.92 per cent to 16,416.
Rate sensitive stocks
Rate sensitive stocks including banks, financial services, auto, and realty will be in focus on June 8 ahead of the interest rate decision by Monetary Policy Committee. Experts largely expect a 40-50 basis points hike in repo rate, while the commentary by the Reserve Bank of India will also be closely watched by the Street.
The company resumed mining operations at the Surda mine in Ghatshila, Jharkhand on June 7. The resumption of operations is after the renewal of the lease by the Government of Jharkhand and obtaining the required Environment Clearance from the Ministry of Environment.
The pharma company has appointed Deepak Madnani as the Chief Financial Officer with immediate effect on June 7. The company has taken this decision after Pramod Gupta has conveyed that on account of his health reasons he will not be able to continue as the chief financial officer.
Zee Entertainment Enterprises
Life Insurance Corporation of India bought additional two lakh equity shares in the company via open market transactions on June 6. With this, LIC’s stake in the company stands increased to 5.008 per cent, up from 4.988 per cent earlier.
The company has received a purchase order from Voith Hydro Private Limited. The company will supply 220KV XLPE cable package for Voith Hydro Naitwar Mori project for a total value of Rs 4.6 crore.
The transport infrastructure consultancy and engineering company signed a memorandum of understanding (MoU) with Grands Trains
DU Senegal (GTS-S.A), a railroad company of Senegal, for technical cooperation in the railway sector including rail transportation, supply of rolling stock, railway infrastructure development, modernization of workshops, IT solutions for railway operations, and upgradation of signalling, telecommunication, and rail monitoring systems.
The company informed exchanges that the board of directors approved the issuance of up to 27 lakh warrants for Rs 35.10 crore to promoters by way of a preferential issue. These warrants are convertible into equity shares within 18 months at a price of Rs 130 per share. The company will also monetise property – Eternity Mall, at Nagpur for Rs 60 crore.
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