Stocks to watch: Banks, Lupin, YES Bank, CG Electricals, Ujjivan SFB, Sugar

Stocks to watch today: The BSE Sensex and NSE Nifty are likely to extend losses in opening trades following the losses of global peers. At 07:15, SGX Nifty futures were quoted at 16,263, indicating an opening loss of around 90 points.

Looking ahead, the two successive rate hikes by the Reserve Bank of India (RBI), including the 50 basis point (bp) hike announced on Wednesday, and the resulting reversal in the interest rate cycle could affect corporate profitability in the coming quarters. READ MORE

Meanwhile, it is stocks that should see some action in trading on Thursday.

Banks: Among other key policy measures announced on Wednesday, the RBI allowed the linking of credit cards to the Unified Payment Interface (UPI), which until now has been used as an “immediate payment” feature, in which the money was debited directly from a customer’s bank account for any transaction. READ MORE

Bank of India: The bank raised its repo-based linked rate to 7.75% from 7.25% previously.

Lupine: The drugmaker has informed ESB that the company has received interim approval from the US health regulator to market ivacaftor tablets, used to treat cystic fibrosis, in America. The product is the generic equivalent of Kalydeco tablets from Vertex Pharmaceuticals.

Aunty Elxsi: The company has opened a new technology development center in Kozhikode, Kerala. The new center will house advanced technology and product development teams and facilities in EV, Connected Car, OTT, 5G and Digital technologies.

YES Bank: The bank’s board has recommended the formation of an alternative board on the back of the private sector bank which is achieving a turnaround and making significant progress after the implementation of the reconstruction program in March 2020 SBI, one of the major shareholders, has nominated Prashant Kumar for the post of Managing Director and CEO for a three-year term. READ MORE

Sugar: The industry has requested the government that the additional sugar export order MT be given only to sugar mills, instead of being given to traders or exporters, so that sugar mills can fulfill their export commitments during the current season.

Crompton Greaves Consumer Electricals (CG Electricals): The company’s board is due to meet on June 13 to consider a proposal to raise funds of up to Rs 925 crore through the issuance of shares through a private placement.

Ujjivan Small Finance Bank (Ujjivan SFB): The bank’s board has approved a proposal to raise up to Rs 1,500 crore through the issuance of non-convertible debt securities in one or more tranches over the next year.

ICT Developers: The company’s board of directors is due to meet on June 13 to consider the proposed delisting of shares, as well as set the floor price and indicative offer price for them.

Trust Capital: The company’s Committee of Creditors (CoC) is expected to further extend the date for submitting the resolution plan to August 10 after potential bidders requested additional time.

Hardwyn India: The company’s board of directors will meet on June 13 to examine a proposal for the free allocation of shares.

TTI companies: The company’s board of directors will meet on June 28 to consider a proposed stock split among other business activities.

Stocks under F&O prohibition: Delta Corporation is the only stock in the F&O blackout on Thursday.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Rachel J. Bradford