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Stocks to watch on June 22, 2023: A day after the benchmark index the S&P BSE Sensex touched an all-time high, while Nifty50 flirted with record high levels, the SGX Nifty, on Thursday, signaled a muted open.
At 7:35 am, it declined 37-odd points to 18,871 levels.
Globally, the US markets inched lower overnight as Fed Chair Jerome Powell hinted at further rate increases until inflation was tamed. Dow Jones, NASDAQ Composite, and the S&P 500 indices skid up to 1 per cent.
Asia-Pacific markets, however, traded mixed in Thursday's early deals. While Nikkei 225, Topix, Kospi indices gained up to 0.2 per cent; the S&P 200 index lost 0.6 per cent.
Meanwhile, back home, here are few stocks to watch out in Thursday's trade:
Reliance Industries: According to reports, the Reserve Bank of India (RBI) approved the oil-to-telecom major to retain $2 billion over and above the $3 billion loan it had raised during the last financial year. Besides expansion, the funds will be used to meet working capital needs of the company. READ MORE
TCS: The IT services major signed contract worth $1.1 billion with British pension scheme Nest for an initial tenure of 10 years. The management said that the contract would help Nest transform its administrative services. READ MORE
NMDC: Life Insurance Corporation (LIC) has reduced its stake in the iron ore producer to 9.62 per cent by selling a little over 2 per cent stake for about Rs 649 crore. Over 6.06 crore shares was sold by LIC at an average price of Rs 107.59 a share via open market sale. READ MORE
Vedanta: The company, which was planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, suggested reports. Earlier, the company sought expression of interest (EOIs) for the same plant last year but did not get a good response. READ MORE
Bharti Airtel: The company entered into an agreement to acquire 12.07 per cent equity shares in Egan Solar Power, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant.
Punjab National Bank: Credit rating agency India Ratings and Research affirmed fixed deposits, AT-1 bonds, long-term issue as 'stable' due to third-largest deposit market share, and sixth-largest in terms of net advances market share.
LTIMindtree: The company launched Canvas.ai, an enterprise-ready generative AI platform designed to accelerate the concept-to-value journey for businesses using mindful AI principles. The platform would reduce 40-50 per cent time and effort for app modernisation.
JK Tyre: India Ratings and Research revised rating outlook for the company to stable from negative due to their strong operational and financial performance. The upgrade highlights improvement in the company's credit metrics, said the ratings agency.
Shyam Metalics: The company announced the commissioning of production capacities at their manufacturing facility at Jamuria, West Bengal. The capacity of the captive power plant will increase by 90 megawatt (MW), from 267 MW to 357 MW.
Great Eastern Shipping: Credit rating agency CARE Ratings revised long-term or short-term bank facilities of the company to Triple A, with a stable outlook, while non-convertible debentures, too, was revised the same from Double A plus.
