Stocks to watch: SBI, IDBI Bank, Hero Moto, Bajaj Electricals, NTPC, Cipla

Stocks to watch today: SBI and IDBI Bank have raised their interest rates on retail term deposits, subject to different tenors; LIC hiked stake in Hero MotoCorp to 11.2 per cent from 9.1 per cent.

Stocks to watch today: The Indian equity markets are likely to start trade on a muted note ahead of the US Federal Reserve’s (US Fed) rate decision following the 2-day June meet. As of 7:15 AM, the SGX Nifty Futures quoted 15,714 levels, indicating a minor gap-down of 18-odd points. The US Fed is likely to raise interest rates by at least 50 basis points in order to tame elevated inflationary pressures.
 

Meanwhile, here is a list of stocks that are likely to see some action in trade on Wednesday:
 

Banks in focus: India’s largest lender, State Bank of India (SBI), raised interest rates on retail term deposits by 15-20 basis points (bps) on some tenors. Besides that, private sector lender IDBI Bank joined SBI and hiked interest rate on retail term deposit of less than Rs 2 crore by 10 - 25 bps, with differing tenor. The deposit rate hike follows the Reserve Bank of India’s (RBI) recent rate hike action post their June meet. READ HERE

Ashok Leyland: The company’s electric vehicle arm, Switch Mobility plans to raise about Rs $200 million to $300 million for capital expenditure requirements. It also plans to raise $100 million for Switch subsidiary, Ohm Global Mobility, for new acquisitions. Both Ashok Leyland and Switch plan to invest over Rs 2,000 crore, as part of India’s production-linked-incentive scheme. READ HERE

Hero MotoCorp: Life Insurance Corporation (LIC), touted to be one of India’s largest domestic institutional investor, increased stake in Capri Global Capital to 7.06 per cent from 5.04 per cent. Not only this, but the insurance behemoth also hiked stake in Hero MotoCorp to 11.2 per cent from 9.1 per cent and Hindustan Unilever to 5 per cent from 4.9 per cent. READ HERE

Sugar stocks in focus: The sugar industry has urged the government to revisit the ongoing export policy and allow exports of about 8 million tones of the sweetener under Open General License (OGL) to maintain stable domestic market conditions. They believe that an announcement now will enable them to sign future contracts at good prices. This, in turn, will allow millers to plan their season in advance. READ HERE

PNB Housing Finance: The housing finance company approved fund raises of up to Rs 2,000 crore via bond issue through a private placement basis. The company also approved ESOP – 3 scheme and restricted stock unit scheme 2022 to raise funds subject to shareholder approval.
 

NTPC: The state-owned firm will commence commercial operations of its 15 megawatt (MW) solar capacity project at Kawas Solar Project in Gujarat. While the capacity is part of 56 MW Kawas Solar Project located near the district of Surat, the reopening of new capacity project would bring the standalone installed and commercial capacity of NTPC to 54,666.68 MW, and group installed commercial capacity of NTPC to 69,031.68 MW.
 

Bajaj Electricals: The company’s chairman and managing director, Shekhar Bajaj tendered his resignation. That apart, he also resigned as a non-executive director from the company’s board due to health reasons. He had been serving the company since 1994. 
 

Cipla: The pharma major along with its partner Drugs for Neglected Diseases initiative announced the launch of a 4-in-1 antiretroviral treatment for children living with HIV in South Africa. The company said that the new formulation is easy to administer to infants and children due to the drug’s sweet taste, giving an edge against previous formulations.
 

Shriram City: The company plans to raise up to Rs 300 crore via debt securities on a private placement basis. The bond issue is likely to be in one or more tranches as fully paid-up or partially paid-up on a private placement basis.
 

Bajaj Auto: The auto major deferred its share buyback proposal, saying it needs ‘further deliberation.’ Earlier, it had announced plans buyback shares after more than two decades.
 

Stocks in F&O ban: Delta Corporation, Indiabulls Housing Finance, and RBL Bank are stocks that are banned in the F&O ban period on Wednesday, June 15.