Stocks to watch: Shares of firms like TCS, Vedanta, Bharti Airtel, PNB, Delhivery, LTIMindtree, and others will be in focus on Thursday’s trade.
Stocks to Watch on June 22: The Nifty futures contract traded on the Singapore Exchange indicates a positive/negative start to domestic equities. The contract was trading at 18,884.50, down 24.5 points or 0.13% from the previous close.
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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.
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.
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.
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.
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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.
Delhivery: Carlyle to offload its entire stake in internet logistics firm Delhivery through a block deal.
NTPC: The Board of NTPC is scheduled to meet on June 24 to consider and approve the issue of bonds up to Rs 12,000 crore.
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