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Banks, Auto, Lemon Tree, Adani Enterprises, Titagarh Wagons are in Focus

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All eyes will be on the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), which will announce its interest rate decision at 10 am on Thursday. Markets expect the six-member Monetary Policy Committee to keep the policy repo rate unchanged at 6.5% for the second straight time. The SGX Nifty edged up to 18,825 at 7:45 am.

In Asia, trends were mixed, mainly following a similar handover in the US market. Japan’s Nikkei was flat to positive, South Korea’s Kospi fell 0.22%, and Australia’s ASX200 rose 0.04%.

Rate sensitives: Financial stocks, including banks, NBFCs and MFIs, and the auto and real estate sectors are likely to see considerable volatility in Thursday’s trade, as the Reserve Bank of India (RBI) is due to announce its interest rate decision today.

Adani Enterprises: Adani Group said its pace of acquisitions would slow this year due to higher global capital costs, Reuters reported, pointing to fewer deals at the conglomerate, which has grown rapidly by acquiring assets.

Tech Mahindra: Life Insurance Corporation of India (LIC) has bought an additional 1.9 crore shares, or 2% of the company’s stake, at an average price of Rs 1,050.77 per share in the last seven months. The insurer now holds an 8.84% stake in Tech Mahindra.

Zydus Lifesciences: The company has received final approval from the US Food and Drug Administration (USFDA) for tadalafil 20 mg tablets USP. Tadalafil Tablets USP, 20 mg, has annual sales in the US of $61 million (April 2023).

Titagarh Wagons: The board of directors of the company is scheduled to consider on Saturday, June 10, 2023, the mode of approval of the proposal to raise capital through an issue of stock or other securities, including a preferred offering, a qualified institutional placement, a rights issue or any other means permitted.

Hero MotoCorp: Chief executive officer (CEO) Niranjan Gupta said on Wednesday that the two-wheeler is mainly planning to launch mid- and budget-segment electric scooters in FY25.

Punjab Sind Bank: The board of directors meeting of the bank is scheduled to be held on Monday, June 12, 2023, to consider and approve the proposal to raise funds by issuing additional primary or secondary bonds, Rs 750 crore. This amount will be raised within 12 months from the date of approval.

Tata Elxsi: The company has partnered with the Indian Space Research Organization (ISRO) to support the upcoming Gaganyaan mission. Tata Elxsi designed and developed the Crew Module Recovery Model (CMRM) for space mission recovery team training through this association.

Satin CreditCare Network: The company’s board of directors intends to consider and approve the proposal to raise funds in one or more tranches through the issuance of securities on a private placement basis on June 12, 2023.

Lemon Tree Hotels: The company has signed a licensing agreement for a 60-room property in Rajamundry, Andhra Pradesh. The hotel is expected to be operational in Q3FY25.

Timex Group India: The company has reportedly experienced a cyber incident affecting the company’s data servers, resulting in operational disruption. The affected area has been quarantined, the company said. It added that the company reviewed the systems and affected servers to confirm the ability to recover data and resume normal operations.

Torrent Power: The company has issued and allotted Rs 600 crore worth of non-cumulative, redeemable and non-convertible debentures (NCDs) at a coupon rate of 8.50% per annum on a private placement basis.

Avantel: The company’s board meeting is scheduled for June 23, 2023 (Friday), and the proposal for the shareholding sub-division/split proposal was reviewed and approved.

Stove Kraft: The company’s chief financial officer, Balaji A S, resigned from the company due to personal reasons. The company hires a new CFO and CIO (Chief Information Officer).

Sula Vineyards: The company notified exchanges that it had identified a new chief financial officer, who will take over in August.

Haldyn Glass: The company has informed the exchange that one of the furnaces at a plant in Gavasad village, Vadodara, will be shut down for 90 days from June 8, 2023, for relining. This will affect production and profitability in the next quarter, it said.

Hatsun Agro Products: The company’s board of directors will hold a meeting on July 5, 2023, to consider and approve the proposal to transfer all assets and liabilities of the company’s wind power business unit to prospective buyers through “slump sale”.

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