Stocks To Focus: Telecom Stocks, Coforge, Mazagon Dock, ICICI Bank, CE Info System, Adani Ports

By siliconindia  |  Wednesday, 26 June 2024, 09:55:14 AM IST

Stocks To Focus: Telecom Stocks, Coforge, Mazagon Dock, ICICI Bank, CE Info System, Adani Ports
Stocks to watch on Wednesday, June 26, 2024: The Indian markets are expected to open on a slightly lower note as per GIFT Nifty futures, which are trading 30 points below Nifty50 futures at 23,701 levels. In the Asia-Pacific region, the Nikkei 225 in Japan rose by 0.58 percent, and the broader Topix index increased by 0.15 percent. South Korea's Kospi was flat, up by 0.09 percent, while the Kosdaq fell by 0.09 percent. Australia's S&P/ASX 200 declined by 0.78 percent. In addition, Hong Kong's Hang Seng index futures were down by 0.48 percent, trading at 17,986 levels.
Telecom Stocks: On Tuesday, telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea placed bids worth Rs 11,131 crore on the first day of the spectrum auctions. Airwaves worth Rs 96,000 crore are up for sale in the auction.
ICICI Bank: On Tuesday, ICICI Bank's market capitalization surpassed the $100 billion mark for the first time, making it the sixth company ever to achieve this milestone, as its shares reached an all-time high. After hitting a record high of Rs 1,207, shares of ICICI Bank closed at Rs 1,199, up 2.5 percent, valuing the firm at Rs 8.44 trillion ($101 billion).
Coforge: The Competition Commission of India approved the IT firm’s proposal to acquire a majority stake in Cigniti Technologies on Tuesday. In May, Coforge’s board of directors had given the green light to the acquisition of a 54 percent stake in Cigniti Technologies.
Mazagon Dock Shipbuilders: The Department of Public Enterprises has granted "Navratna" status to the public sector undertaking (PSU), as announced in an exchange filing. This recognition marks the 18th PSU in the country to receive this status.
UltraTech Cement: One month after initially offering to acquire a 31.6 percent stake in RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), which is based in the UAE, UltraTech Cement, a firm under the Aditya Birla group, announced on Tuesday that it has revised the deal to 25 percent. The initial offer, made on May 27, was for the acquisition of 15.80 crore shares of RAKWCT. The offer is being made by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE.
Yes Bank: The private lender announced its plan to raise funds via debt securities on August 23, 2024. Yes Bank’s share price closed at Rs 24.08 on Tuesday, June 25.
CE Info System: Rakesh Kumar Verma, the promoter of CE Info Systems, the parent company of MapMyIndia, is planning to sell a portion of his equity stake through a block deal. The deal involves 0.9 percent of the total equity of CE Info Systems, with a value of Rs 114.6 crore. The transaction is set at a floor price of Rs 2,293.20 per equity share, which represents a 5 percent discount to the stock's closing price of Rs 2,413 on the NSE. JM Financial is the broker for the deal.
NTPC: NTPC has announced its plan to raise up to Rs 1,200 crore through Non-Convertible Debentures (NCDs) on June 29, 2024. NCDs are financial instruments used by corporations to secure long-term funds from the public or institutional investors.
Sanghi Industries: Promoter Ambuja Cements and Ravi Sanghi plan to sell up to a 3.52 percent stake in Sanghi Industries through an offer for sale (OFS) on June 26-27. The minimum price for the OFS has been set at Rs 90 per share.
Mahindra & Mahindra Finance: Vivek Karve has resigned as the Chief Financial Officer of M&M Financial Services and the Financial Services Sector to pursue personal, social, and professional interests beyond full-time employment.
Adani Ports and SEZ: Sushant Kumar Mishra has stepped down from his role as CEO of Logistics due to internal restructuring, effective June 25th. Simultaneously, Divij Taneja has been appointed as the new CEO of Logistics, effective from the same date.
DEE Development Engineers: The company is scheduled to launch on the stock exchanges on June 26th with an issue price set at Rs 203 per share.

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