Stocks to Watch on Monday, June 5: SBI Life, Hero Moto, Bajaj Finserv, NTPC

Stocks to Watch today, June 5, 2023: Brent crude related stocks could see considerable action today as oil prices jumped over 2 per cent overnight, and another 2 per cent Monday morning

Stocks to Watch on Monday, June 5: Equity markets are preparing for a gap-up start on Monday as global markets cheered the last minute deal on the US debt ceiling.

US president Joe Biden, last Friday, signed the dotted line to raise debt ceiling for two years, averting a last minute default by the world's biggest economy.

Consequently, Wall Street indices jumped up to 2.12 per cent overnight on Friday, while indices in Asia Pacific, including Nikkei, Kospi, Hang Seng, and S&P/ASX 200 climbed in the range of 0.4 per cent to 1.5 per cent this morning.

At 7:35 AM, SGX Nifty was ruling at 86 points higher at 18,715.

Back home, these stocks will be in focus today:

Oil-linked stocks: Brent crude related stocks could see considerable action today as oil prices jumped over 2 per cent overnight, and another 2 per cent Monday morning, following OPEC kingpin Saudi Arabia's decision to cut production by another million barrels per day.

Paints, tyres, ceramics, and oil marketing companies may see some pressure as they use oil as their raw material, while Oil India, Hindustan Oil Exploration, Reliance Industries, etc could see upward movement.

SBI Life Insurance: Insurance regulator IRDAI approved transfer of life insurance business of Sahara India Life Insurance Co. to SBI Life, with immediate effect.

NTPC: NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited has incorporated a new company, in 50:50 joint venture with Indian Oil Corporation Limited, in the name of India Oil NTPC Green Energy Private Limited. The incorporation date of joint venture company is 2 June 2023. The JV will develop renewable energy-based power projects (viz. Solar PV, Wind, any other RE, Energy Storage or any combination of same), to supply 650 MW or more renewable power on round the clock basis, to cater to the requirement of Indian Oil Corporation Limited.

Wipro: IT major Wipro Ltd has set June 16, 2023, as the record date for the whopping Rs 12,000 crore buyback plan.

Ipca Lab: The Income Tax Department carried out survey proceedings at the company's offices in Mumbai and at Sikkim manufacturing plants between May 30, 2023 and June 3, 2023.

Lupin: The pharma major has announced the launch of Darunavir tablets (600 mg and 800 mg), to market a generic equivalent of Prezista tablets of Janssen Products, LP, in the United States. Darunavir Tablets had estimated annual sales of $308 million in the US in March 2023.

Bajaj Finserv: Bajaj Finserv Ltd on Saturday signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, to develop Rs 5,000 crore projects in Pune. 

Tech Mahindra: The company's subsidiary Comviva Technologies and step-down subsidiary Comviva Technologies B.V. have agreed to sell 0.04 per cent and 99.96 per cent stake, respectively, in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação to Druid Internet Systems Comércio E Serviços for an upfront payment of $20,000 and deferred payment of $1.42 million.

Indo Rama: lndorama Yarns Private Limited, a wholly-owned subsidiary company of Inda Rama Synthetics (India) Limited, has successfully started commercial production of Bottle grade PET resins from its newly constructed Solid-State Polymerisation (SSP) Plant at Butibori, Nagpur, Maharashtra, on June 2, 2023. 

Wonderla Holidays: The government of Tamil Nadu has granted the company a waiver of Local Body Tax (LBT) of 10 per cent for a period of 10 years from the commencement of commercial operations.

Hero MotoCorp: The two-wheeler maker has increased the price of its electric scooter VIDA V1 Pro by around Rs 6,000 in order to offset the impact of curtailed subsidy structure on electric two-wheelers coming into effect from June 1.

Vedanta: Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Limited has entered into a Power Delivery Agreement to source 200 MW solar renewable power for its aluminium operations at BALCO, Chhattisgarh, through Special Purpose Vehicle.

Godrej Properties: The company bought the remaining 26 per cent stake in Godrej Home Constructions for Rs 14.99 crore, taking its total shareholding to 100 per cent.

Indoco Remedies:The company’s Clinical Research Organisation, AnaCipher, located in Hyderabad, was inspected by the United States Food and Drug Administration (USFDA) in July 2022. The USFDA has confirmed that no objectionable conditions were observed during their remote assessment.

Brigade Enterprises: The realty firm will launch 10 housing projects this financial year across Bengaluru and Chennai at a cost of Rs 3,000 crore, MD Pavitra Shankar told PTI.

Minda Corp: The company's Board has approved the proposal of raising of funds by way of public and/or private offerings including preferential issue, qualified institutions placement, further public offer or any of the permissible modes (in one or more tranches), for an aggregate amount of up to Rs 600 crores.

Greenply Industries: The Baord has approved the disposal and/or discardment of properties, plant & equipment and other current assets of Greenply Industries (Myanmar) Private Limited, a subsidiary of Greenply Alkemal (Singapore) Pte. Ltd. due to difficulty in continuing its operation on account of political developments resulting in adverse business environment in Myanmar. This resulted in share of loss from Joint venture of Rs 20.75 crore during the year. Consequently, the management has estimated and recognized an impairment loss of Rs16.39 crore during the quarter and year ended March 31, 2023 in the books of Greenply Industries Limited. 

Dish TV: The company cancelled the extraordinary general meeting scheduled on June 9 after the resignation of Zohra Chatterji from the position of non-executive independent director.

Indian Overseas Bank: The Reserve Bank of India imposed a monetary penalty pf Rs 2.20 crore on the bank over regulatory non-compliance.