Stocks to Watch: SBI, HDFC Bk, RITES, Reliance, PNB, Mining, South India Bk

Stocks to Watch Today: Banks and rate sensitive related shares are likely to be in focus today as RBI announces the outcome of its three-day policy meet this morning.

Stocks to Watch Today: The BSE Sensex and the NSE Nifty are likely to start trade with notable gains as global markets staged a pullback. As of 07:15 AM, the SGX Nifty futures quoted at 16,500 as against the spot Nifty close of 16,416 on Tuesday.

Thereafter, the RBI policy meet outcome is likely to dictate the market trend for the remainder of the day. Market participants will also take note of the second cut in India’s GDP forecast by World Bank this fiscal year. The World Bank has now lowered its FY23 GDP growth forecast for India to 7.5 per cent.

Meanwhile, these are the stocks that are likely to see some action in trades on Wednesday.

Banks: Shares of banks, NBFCs and other lenders are likely to be in focus today owing to the RBI policy review meet. The Central Banker is expected to hike rates up to 50 bps. Further, as per the RBI data, bank credit grew by 11.04 per cent to Rs 120.27 lakh crore and deposits by 9.27 per cent to Rs 165.74 lakh crore in the fortnight ended May 20.

HDFC Bank: The private lender hiked its marginal cost of funds based lending rate (MCLR) by 35 bps across all tenures, effective June 7. HDFC Bank has hiked its MCLR by 60 bps since the off-cycle 40 bps rate hike by the Monetary Policy Committee (MPC) in early May.

SBI: The government has appointed Alok Kumar Choudhary as the managing director of the state-run bank for a period of two years. Choudhary, who was deputy managing director (finance) until this appointment, had started his career at SBI as a probationary officer.

Reliance: The company’s retail arm is still in the process of opening the stores it took over from Future Group towards the end of February. The company had taken control of 947 stores and planned to open them within 45 days. READ MORE

Meanwhile, the Mukesh Ambani-led firm’s telecom arm Reliance Jio has expanded the reach of its 4G services in Ladakh region to a village close to Pangong lake, an area which has been a friction point between India and China in recent years.

Mining: The government plans to monetise assets worth Rs 75,200 crore in the coal mining sector in FY23. According to the National Monetisation Pipeline, 160 coal mining assets worth of Rs 28,747 crore have been identified for monetisation during FY22-25.  The asset monetisation target of NITI Aayog for the coal ministry for FY23 is Rs 6,060 crore.

RITES: The company has signed a MoU with Grands Trains DU Senegal, a railroad company of Senegal, on technical cooperation in the railway sector. 

Punjab National Bank (PNB): The state-run bank’s board has approved an investment of Rs 500 crore by participating in the rights issue of PNB Housing Finance. The latter is also looking to raise Rs 2,000 crore by issuing non convertible debentures (NCD) on a private placement basis. 

South India Bank: The bank’s board has approved a proposal to raise up to Rs 2,000 crore in foreign currencies via public of private issue including GDRs.

India Pesticides: The company informed BSE, that it successfully commissioned the first phase of Backward Integration of Pretilachlor Technical 2000 TPA, based on In-House Indigenous R&D Technology and such intermediate was largely imported by the company. The second phase of similar expansion shall start soon.