Indian stock markets may open lower on Wednesday amid mixed global cues and investors await the interest rates decision to be announced by the US Federal Reserve. In the interim, the SGX Nifty was trading 25.50 points or 0.16 percent lower at 15,828.50, at 7:10 am.
Top stock to look for the day:
LIC Housing Finance
The company’s Q4FY21 standalone profit fell 5 percent to Rs 398.92 crore from Rs 421.43 crore in the corresponding year last year. While revenue increased to Rs 4,967.69 crore from Rs 4,920.17 crore, YoY.
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The IT major has collaborated with Aachen-headquartered FEV to open Innovation Lab for developing Software Defined Vehicles. The company has also expanded its partnership with Levi Strauss & Co. to support digital commerce.
The bank on Tuesday said it has raised over Rs 2,827 crore by issuing bonds on a private placement basis.
Dr Reddy’s Laboratories
The multinational pharma company has been asked to shell out USD 46.25 million (approx. Rs 339 crore) to Australia-based Hatchtech Pty Ltd as part of an 2015 asset purchase agreement between the two parties. The company has received an arbitration award from the US-based International Center for Dispute Resolution, whereby a subsidiary has been asked to pay an amount of USD 46.25 million towards milestones, interest and fees to Hatchtech.
The company has won three contracts worth Rs 384.7 crore from Sheth Developers, Raymond Realty and a few others.
TVS Motor Company
The company has reduced the price of its iQube electric scooter by Rs 11,250 in line with the revision in subsidy under the FAME II Scheme.
The drug maker’s subsidiary has signed a pact with US-based Ocugen Inc to manufacture COVID-19 vaccine Covaxin for the US and Canadian markets.
Life Insurance Corporation of India (LIC) acquired a 2.019 percent stake in the company via open market transaction, raising stake to 6.629 percent from 4.61 percent.
The company has acquired an additional 25.10 percent stake in Godrej Maxximilk Pvt Ltd (GMPL) for Rs 10 crore, thus making GMPL its wholly-owned subsidiary.
Hindustan Organic Chemicals
The company reported consolidated profit at Rs 7.5 crore in Q4FY21 against a loss of Rs 20.39 crore in the same period a year ago. Revenue jumped to Rs 110.55 crore from Rs 92.75 crore, YoY.
The company has secured new orders worth Rs 937 crore from its various businesses.
PNB Housing Finance
National Housing Bank has imposed a penalty of Rs 80,000 on the company for not acting in accordance with loan disbursement norms in 2015.
The company’s board of directors will meet on June 21 to consider raising up to Rs 1,000 crore by issue of permissible securities.
KPI Global Infrastructure
The company signed a new long term Power Purchase Agreement (PPA) with Polycab India, in Vadodara for sale of 5.70 MW solar power for their different units. The PPA will be for 20 years under the Independent Power Producer business vertical.
India Ratings & Research has upgraded the ratings of the real estate company by two notches to BBB+.
List of companies which are going to declare their quarterly results:
Asahi India Glass, CESC, Kakatiya Cement Sugar, Manaksia Steels, Nureca, Pritika Auto Industries, RITES, Somany Ceramics and Welspun Enterprises among others will release their quarterly results on June 16.