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Stocks in Focus: ICICI Life, Airtel and Others

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Benchmark indices NSE Nifty 50 and S&P BSE Sensex ended the session mainly flat after a volatile trading session. The Nifty 50 rose 25.70 points or 0.14% to 18,691.20, while Sensex lost 9 points to settle at 62,970. 

During the early trading hours on Tuesday, the Nifty Derivative contracts trading on the SGX recorded a 0.2% gain indicating a positive opening for the domestic indices. 

Meanwhile, take a look at some stocks that might remain in focus today: 

Shree Cement: Media sources reported on Monday that income tax department officials had searched the offices of Shree Cement in Rajashan’s Jaipur, Ajmer, Chittorgarh and Beawar and revealed a Rs 23,000 crore tax evasion, what is said to be one of the biggest. The company has refuted the reports and is extending full cooperation to the IT officials.

ICICI Prudential Life Insurance: In an industry-wide issue of input tax credit, the private sector life insurance provider has received a GST demand notice of Rs 492.06 crore between July 2017 and July 2022 from the tax authorities. Although, the company believes that it has availed eligible input GST credit in compliance with the provisions and has submitted Rs 190 crore without accepting liability. 

Bharti Airtel: Bharti Airtel has announced a restructuring of its enterprise arm, Airtel Business. Airtel Business Chief Executive Officer Ajay Chitkara has decided to move on and will continue until the third week of August 2023. Airtel Business will operate as three business and channel segments – Global business (led by Vani Venkatesh), Domestic business (led by Ganesh Lakshminarayanan) and Nxtra Data Centers (led by Ashish Arora). 

BLS International Services: The board members of BLS E-Services, a subsidiary of the outsourcing service provider, have approved fundraising via an initial public offering (IPO). The price and size of the offer and other details of the proposed IPO are yet to be determined.

City Union Bank: The board of directors of the bank have approved fundraising up to Rs 500 crore through the Qualified Institutional Placement (QIP) route in a recent meeting, City Union Bank said in a regulatory filing.

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