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Stocks in Focus: Reliance Industries, L&T, ICICI Bank and Others

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The GIFTY Nifty futures were trading in the green during the early hours before the opening of the markets on Monday. Still, the Domestic Indices are expected to open in a flat-to-negative range as the market participants will book profit.

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, extended their winning streak for the seventh straight session on September 11 after the successful completion of the G20 Summit. The Nifty settled at 19,996.35 after crossing the 20,000 mark during the day, gaining 0.89% or 176.40 points, while the Sensex gained 528.17 points or 0.79% to close at 67,571.90 points. 

Here are some stocks likely to be in focus on September 12.

ICICI Bank: The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Bakshi as the bank’s managing director (MD) and chief executive officer (CEO) effective from October 4 for 3 years till October 3, 2026.

IDFC First Bank: GQG Partners acquired nearly 5.08 crore shares amounting to a 0.76% stake in IDFC First Bank through a block deal from MD and CEO V Vaidyanathan at an average floor price of Rs 94.50 for a total deal consideration of Rs 478.7 crore. 

Larsen & Toubro (L&T): L&T has raised its proposed share buyback price by Rs 200 to Rs 3,200 from Rs 3,000 earlier and reduced the number of shares to be bought back to 31.25 million from 33.33 million. The record date for the buyback has been set at September 12.

Power Grid Corporation: The company has received a Letter of Intent (LoI) to set up a 20 GW Inter-State Transmission System Project to evacuate power from a renewable energy zone (REZ) in Rajasthan. Power Grid has won the order after competitive bidding on a Build Own Operate and Transfer (BOOT) basis.

Reliance (RIL): Private equity firm KKR & Co Ltd will buy an additional 0.25% stake in RIL’s retail arm, Reliance Retail Ventures, at a pre-money equity value of Rs 8.361 lakh crore for Rs 2,069.5 crore, increasing its overall stake in the retail company from 1.17% to 1.42%.

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