 "Stocks to Watch, June 10: Mphasis, Tata Motors, Adani Green, Samvardhana")
Stocks to Watch on June 10, 2024: Equity markets may begin the week on a tepid note on Monday after a healthy run-up during the second half of the previous week.
At 7:40 AM, GIFT Nifty was quoting 30 points lower at 23,295 levels.
Investors' anxiety is likely to subside with Prime Minister Narendra Modi taking the oath of office as the head of a 72-member Council of Ministers for a third successive term. With this, the next big trigger for the markets will be the full Union Budget for 2024-25, to be presented in less than a month, under the new coalition government.
Globally, sentiment remains mixed in Asia with Kospi down 0.8 per cent, but Nikkei up 0.5 per cent. Markets across Australia, Hong Kong, and China are shut today.
Here is a list of stocks to watch today:
Adani Green Energy: A Bloomberg report has said that Adani Group plans to invest over $1 billion in setting up projects in Sri Lanka to generate electricity from wind.
More From This Section
Tata Motors: The auto-arm of Tata Group has launched Altroz Racer, a sporty version of its Altroz hatchback. The Racer is available in three variants at a starting ex-showroom price of Rs 9.49 lakh.
Tata Motors has also bolstered the standard Altroz lineup with the introduction of two new variants, XZ LUX and XZ+S LUX, and an upgrade to the existing XZ+OS variant. These new variants offer a wider range of powertrain options, including petrol manual, petrol DCA, diesel, and CNG.
Mphasis: Reports suggest BCP Topco IX Pte, an affiliate firm of Blackstone Group, will likely sell a minimum 10 per cent stake in the IT company through block deal on Monday, at a base price of Rs 2,350 per share.
It has an option to expand the stake sale to 15.1 per cent, leading to a block deal size of roughly Rs 6,697 crore.
Samvardhana Motherson International: Moody's Rating (Moody's) has upgraded the credit rating of Samvardhana Motherson International (SAMIL) and Samvardhana Motherson Automotive Systems Group B.V (SMRP B.V), a wholly owned subsidiary of SAMIL.
The long term rating for both the companies has been upgraded from Ba1 (under review for upgrade) to Baa3 (Outlook Stable).
Gland Pharma: The company appointed Srinivas Sadu as Executive Chairman and CEO of the company.
Magnum Ventures : The Board of Directors have decided to shut down the operations of Paper Mill for a period of one month starting from June 08, 2024, for the purpose of repair, restoration, upgradation, modification of existing machineries, annual maintenance of Paper Unit to improve the quality and quantity of the product.
Gulshan Polyols: The company's Grain-based Ethanol Plant has passed all the quality control parameters while conducting trial run for production of Ethanol from its plant of 250 KLPD capacity at Goalpara, Distt. Assam.
The commercial production/operations of Ethanol shall commence after completion of few procedures/compliances with oil marketing companies, the company said.