Here are the top 10 stocks that could be in focus in today’s trade:
Tech Mahindra: Since November, India’s largest institutional investor and insurer LIC has increased its stake in IT giant Tech Mahindra Ltd. to 8.88% from 6.87%, highlighting domestic fund managers’ growing interest in Indian tech equities despite a weak dollar and lower-than-expected market valuation. The current value of LIC’s increased stake in Tech Mahindra is Rs 9,484.2 crore. LIC disclosed in a filing on Wednesday that it purchased 19.6 million Tech Mahindra shares worth Rs 2,063 crore between November 21 and June 6 at an average price of Rs 1,050.77 per share.
Hero MotoCorp: According to its newly appointed CEO, Niranjan Gupta, Hero MotoCorp is preparing to expand its electric two-wheeler lineup while enhancing its existing sales infrastructure to enhance premium play as part of its future development plans. Outlining the company’s three midterm priorities, he stated that the company would concentrate on strengthening its presence in the premium segment, expanding the commuter segment, and attaining leadership in the electric two-wheeler segment. The company intends to launch new entry-level models in the electric two-wheeler market.
TCS: Tata Consultancy Services Ltd. reported that during the fiscal year ending March 31, 2023, more women than men departed India’s leading software services company due to the company’s return-to-office policy, which led to a “reset of domestic arrangements.” Milind Lakkad, the chief human resources officer, emphasised, however, that employees will be required to work from the office following the end of the COVID-19 contagion in order to better comprehend the company’s culture and enhance collaboration. In FY23, the attrition rate for female employees was higher than for male employees, which he described as “unusual.”
Nelco: On Wednesday, Tata Group subsidiary Nelco Limited announced a strategic investment in satellite network software provider Piscis Networks, based in Mumbai. Nelco, which provides satellite communications services to businesses, disclosed in exchange filings that it has acquired a 9.09% stake in Piscis for a total investment of Rs 99,99,100, or 1,111 equity shares. Nelco disclosed further that the company may acquire up to 30 percent of Piscis Networks, pending regulatory approval of the acquisition.
IOC, HPCL, and BPCL: Officials expect public-sector oil marketing companies (OMC) to reduce retail prices for unleaded and diesel if they experience another quarter of strong financial performance. The official added that OMCs have largely recovered from the high underrecoveries observed over the past year as a result of high crude oil prices and stable retail fuel prices. Since May of last year, when the federal government announced a reduction in excise duty, gasoline prices have remained essentially stable.
Bank of Maharashtra: On Wednesday, the Bank of Maharashtra (BoM) announced that it had raised Rs 1,000 crore through qualified institutional placement (QIP). The QIP, which began trading on June 1, ended yesterday. In a statement, the bank stated, “The Board of Directors of the Bank approved the allotment of 350,877,192 equity shares to eligible qualified institutional buyers at an issue price of Rs 28.50 per equity share (including a premium of Rs. 18.50 per share), totaling Rs 10,000 million in accordance with the SEBI ICDR Regulations.”
Tata Elxsi is collaborating with the Indian Space Research Organisation (ISRO) on the impending Gaganyaan Mission. The world’s foremost engineering firm has devised and developed crew module recovery models (CMRM) for the instruction of the space mission’s recovery team. Tata Elxsi’s first excursion into space mechanical design, as this is the first time ISRO has delegated the mechanical design and development of a mission-critical system to an external partner.
Deepak Fertilisers: On Wednesday, two entities sold Deepak Fertilisers and Petrochemicals shares on the open market for Rs 131 crore. SmallCap World Fund Inc. and Anirudh Damani are the two entities involved. SmallCap World Fund Inc. sold 23,54,000 shares of Deepak Fertilisers and Petrochemicals, representing a 1.86 percent stake, according to the NSE’s aggregate transaction records. Also, Damani sold 42,943 shares of the company, according to the data.
Aruna Hotels: On Wednesday, the promoters of Aruna Hotels resolved with the markets regulator Sebi a case involving an alleged violation of SAST regulations. Balasubramania Aruna Hotels Ltd. is promoted by Sivanthi Adityan, Sri Devi Agencies Pvt. Ltd., Chandramohan R., Anita Kumaran, Jayanthi Natarajan, Gay Travels, Subasri Realty, Rani Printers, Sovereign Media Marketing Pvt. Ltd., and Chithan V. The promoters and promoter organisations contributed a total of Rs 2.32 crore to the settlement fees.
According to reports, Jindal Poly Films (JPF, which specialises in polyester and polypropylene films, recently inked an agreement to acquire the entire ownership of JPF Netherlands Investment BV, a prominent Dutch company. JPF operates three wholly-owned subsidiaries in France, Italy, and the United Kingdom. This acquisition represents a strategic move by the manufacturer, expanding its presence and capabilities in the packaging film industry.
