Stocks To Watch: Reliance Industries, State Bank Of India, IIFL Securities, Raymond, Bharti Airtel

By siliconindia  |  Thursday, 27 June 2024, 10:00:51 AM IST

Stocks To Watch: Reliance Industries, State Bank Of India, IIFL Securities, Raymond, Bharti Airtel
Stocks to watch on June 27, 2024: Indian stocks are expected to open lower today following a global trend of decline. The Nifty futures are indicating a negative start, trading 64 points lower at 23,803. In Asia, Japan's Nikkei 225 is down by 1.13 percent, and the Topix index has decreased by 0.69 percent. South Korea’s Kospi has shed 0.69 percent, while the small-cap Kosdaq is up by 0.07 percent. Additionally, Hong Kong’s Hang Seng futures are down 1.22 percent.
Reliance Industries: Jio has strengthened its position by acquiring the right to use spectrum in the 1,800MHz band in two circles for a provisional cost of Rs 973.63 crore.
State Bank of India: On Wednesday, June 26, the country's largest bank, SBI, announced that it had raised Rs 10,000 crore through its fifth infrastructure bond issuance at a coupon rate of 7.36%. The issuance received an overwhelming response, with bids exceeding Rs 19,884 crore, surpassing the base issue size of Rs 5,000 crore by nearly four times. A total of 143 bids were received, indicating broad participation and a diverse range of investors.
IIFL Securities: The Securities and Exchange Board of India (SEBI) has initiated an investigation into Sanjiv Bhasin, who is associated with IIFL Securities. SEBI officials have reportedly examined Bhasin’s digital devices and collected evidence as part of the probe. The investigation is focused on allegations of market manipulation and front-running against Bhasin.
Raymond: The company will hold its annual general meeting (AGM) on June 27. At the meeting, the reappointment of Gautam Singhania to the board for a five-year term, from July 1, 2024, to June 20, 2029, will be proposed. The meeting will also address his remuneration for the next three years as CMD.
Bharti Airtel and Vodafone Idea: A total of 141.4 MHz of spectrum was sold for Rs 11,340 crore. Bharti Airtel acquired 97 MHz of spectrum, Reliance Jio acquired 14.4 MHz, and Vodafone Idea acquired 30 MHz.
RBL Bank: Board of directors' meeting is scheduled for June 27, 2024, ahead of the annual general meeting (AGM) on the same day. The purpose is to discuss raising funds through a Qualified Institutional Placement (QIP).
PI Industries: A company's wholly-owned subsidiary is planning to purchase all the shares of Plant Health Care Plc, a UK-based company that specializes in agricultural biological inputs. The acquisition is valued at £32.78 million and will include the entire 100% stake of Plant Health Care Plc, which is listed in the UK and has subsidiaries in the US, Brazil, Mexico, and other countries. Plant Health Care Plc is well-known for its patented peptide-based biological products and is a significant player in the global agricultural market. The transaction is expected to be completed within three months.
LTIMindtree: The L&T Group announced that SN Subrahmanyan, vice chairman of its IT firm, will take over as chairman following AM Naik’s resignation from the board on June 26th. Subrahmanyan, popularly known as SNS, joined the board of L&T Infotech on January 10th, 2015, and was appointed vice chairman on May 4th, 2017.
KEC International: The infrastructure company has announced securing new orders worth Rs 1,025 crore in its transmission and distribution (T&D) and cables businesses.
Dr Reddy’s Lab: The pharmaceutical company announced that its subsidiary, Dr. Reddy’s Laboratories SA, has signed a definitive agreement with Haleon plc and its associate companies to acquire their global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category, excluding the United States.
AU Small Finance Bank: The lender’s board will consider a proposal to raise funds through the issuance of equity shares.

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