Stocks To Watch: Axis Bank, Dilip Buildcon, Mahindra & Mahindra, SJVN, Indian Overseas Bank

Stocks in focus: The SGX Nifty recorded a loss of 0.05% during Thursday’s early trading session, with a value of 18,826 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, continuing their upward momentum for the third day, the domestic indices NSE Nifty 50 and BSE Sensex recorded gains, ending the day in positive territory. Nifty 50 rose 0.21% to 18,756 and BSE Sensex gained 85 points to 63,228.

“The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks to Watch on 15 June, 2023

Axis Bank

Reports suggested that private equity major Bain will offload its stake in Axis Bank, garnering around $267 million for their 1.3% stake. 

SJVN

SJVN signed a memorandum of understanding (MoU) with the  Maharashtra State Power Generation Company for the development of 5,000 MW of renewable energy projects in the state. 

Indian Overseas Bank

The lender’s Asset Liability Management Committee reviewed the base rate workings, following which they decided to increase the base rate by 20 bps to 9.10% from the existing 8.90%. This new rate will come into effect from 15 June..

Mahindra & Mahindra

Furies Solren has been incorporated by Mahindra Susten, which is a subsidiary of Mahindra Holdings, which in turn is a subsidiary of M&M. MSPL has incorporated Furies for production and sale of Power and Generating Electricity, Distributed Energy including rooftop solar installation for commercial, industrial, institutional and residential segment.

Dilip Buildcon

Dilip Buildcon announced that its subsidiary DBL Chandikhole Bhadrak Highways completed the project “Rehabilitation and Up-gradation to Six-Laning of Chandikhole-Bhadrak. The company has received the letter of Completion Certificate from the authority for the project worth Rs 1,522 crore.

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