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Adani Stocks, Mazagon Dock, Torrent Power, BoM, GMR Airports are in Focus

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Action in specific stocks could dominate the trend on Dalal Street on Wednesday as investors await the RBI’s repo rate decision tomorrow.

At 7:30 am, the SGX Nifty was at 18,707, up 28 points. Meanwhile, Asia-Pacific markets were mixed as the region focused on China’s trade data for May and speeches from Reserve Bank of Australia Governor Philip Lowe.

In Australia, the S&P/ASX 200 rose 0.14%, Japan’s Nikkei fell 1.4%, and South Korea’s Kospi rose 0.3%.

Overnight, the S&P 500 hit its highest level in ten months, rising 0.2%. Meanwhile, the Dow Jones and Nasdaq Composite surged 0.3%.

Adani stocks: The exchanges have raised the circuit limit for three of the 10 companies in the Adani Group to 10% from an earlier 5% with immediate effect. These include Adani Green Energy, Adani Wilmar and Adani Transmission.

Apart from that, other notable stocks with a 10% circuit filter include Aditya Birla Sun Life AMC, Bikaji Foods International, Clean Science and Technology, G R Infraprojects, Keystone Realtors, Mankind Pharma, Shyaam Metals and Energy and Tega Industries.

In total, 20 stocks had corrections of 2%, 463 had corrections of 5%, and 333 had corrections of 10%.

Bank of Maharashtra: The lender has closed its QIP (Qualified Institutional Placement) issue period and has approved an issue price of Rs 28.50 per share, a 4.94% discount to the established floor price of Rs 29.98 per share.

Torrent Power: It has signed a Memorandum of Understanding (MoU) with the Maharashtra state government to develop three pumped storage hydropower projects with a capacity of 5,700 MW at an investment of approximately Rs 27,000 crore. The project will be completed within 5 years.

Star Health, ICICI Lombard, New India Assurance: The latest data released by the General Insurance Board showed that the non-insurance segment rose 18.06% year-on-year to Rs 18,031.48 crore in May (excluding specialised companies, Agricultural Credit Insurance Corporation of India and ECGC).

Tata Power, Uniparts India, Seshasayee Paper, Marksans Pharma: These companies will turn ex-dividend on Wednesday.  

Bartronics India: The company’s board of directors is scheduled to meet on Friday, June 9, 2023, to consider and approve the issue of equity in the company through a preferential allotment of up to 9% of the company’s paid-up share capital.

Deepak Fertilisers and Petrochemicals: Performance Chemiserve Limited, a wholly-owned subsidiary of the company, has raised Rs 900 crore through the issue and placement of non-convertible debentures (NCDs) to qualified institutional buyers (QIBs) on a private placement basis.

Bank of Baroda: Bondholders of Reliance Home Finance Ltd (RHFL) have reportedly served legal notices to the state-owned Bank of Baroda (BoB) alleging foul play and disregarding a recent order ruling issued by the Supreme Court.

JSW Ispat Special Products: Kiran Menon has resigned as the Company’s Chief Financial Officer (CFO), effective at the close of business on June 5, 2023.

GMR Airports and Infrastructure: GMR Hyderabad International Airport Limited, a subsidiary of GMR Airports Infrastructure, has sold approximately 8,18,000 sq. ft. of warehouse facilities at Hyderabad Airport to ILP Core Ventures I PTE Limited. GHIAL signed a definitive agreement and closed the transaction with ILP Core Ventures I PTE Limited for an enterprise value of Rs 188.1 crore.

Varun Beverages: The board of directors of Varun Beverages has set June 15 as the record date for determining eligible shareholders entitled to a stock split.

NDTV: New Delhi Television Limited (NDTV) will move out of the short-term additional surveillance framework from Wednesday.

Mazagon Dock Shipbuilders: Germany and India are close to an agreement to build diesel submarines for Indian waters. The naval arm of Thyssenkrupp AG and India’s Mazagon Dock Shipbuilders Limited are likely to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian Navy, Bloomberg reported.

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