Stocks to Monitor: Union Bank, HCL Tech, IndiGo, SBI, Wipro, Tube Investments, TVS Supply Chain


Stocks to Monitor: Union Bank, HCL Tech, IndiGo, SBI, Wipro, Tube Investments, TVS Supply Chain
Stocks to Watch on Wednesday, June 12, 2024: The consumer price index (CPI)-based inflation and the US Fed's decision later tonight will be the key events for the Indian stock markets on Wednesday. At 7:40 AM, the GIFT Nifty was quoted at 23,307, down 3 points. Globally, Asian markets were mostly lower, with Hang Seng down by 1.5 percent, Nikkei down by 0.7 percent, and ASX200 down by 0.5 percent. On the other hand, Kospi was up by 0.4 percent. China's May inflation rate came in at 0.3 percent, missing expectations of 0.4 percent by economists polled by Reuters. The figure was unchanged from April.
Union Bank of India: The board of the state-owned bank has approved a proposal to raise Rs 10,000 crore to fund its business growth. This will include raising Rs 6,000 crore from a share sale. The board also approved raising equity capital of up to Rs 6,000 crore in tranches through a public issue, further public offer, rights issue, or QIP.
HCL Technologies: The IT company has expanded its partnership with Deutsche Apotheker- und Ärztebank eG (apoBank), Germany's largest cooperative primary bank. The new contract is valued at approximately USD 278 million and spans over 7.5 years.
Interglobe Aviation: Rahul Bhatia, the co-founder of IndiGo, has sold a 2 percent stake in InterGlobe Aviation, the parent company of IndiGo, in a block trade. This transaction involved the sale of 7.72 million shares of InterGlobe Aviation, which represents nearly 2 percent of IndiGo's total share capital. The block trade was conducted on behalf of Bhatia's InterGlobe Enterprises Pvt Ltd and the deal is estimated to be worth over Rs 3,360 crore.
State Bank of India: The board of the lending institution has approved a plan to raise $3 billion through debt in FY25. The funds will be raised in one or more installments through a public offer or a private placement of senior unsecured notes in US dollars or any other major foreign currency.
Tube Investments of India: The company and its subsidiary, TI Clean Mobility, have finalized agreements with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively known as GEF) to enable an additional subscription for compulsorily convertible preference shares totaling Rs 160 crore in TICMPL.
Wipro: The company has launched its Lab45 artificial intelligence (AI) platform. This platform uses generative AI (GenAI), machine learning (ML), and deep learning technologies to help companies increase efficiencies, transform business functions, and enable industry-specific solutions. Wipro's innovation lab, Lab45, makes the AI platform available to all Wipro employees and clients.
Tata Consultancy Service: The major IT company has introduced a new Gen AI platform named WisdomNext. This platform combines multiple generative artificial intelligence models into a single interface, allowing for real-time experimentation across vendor, internal, and open-source LLM models.
BL Kashyap and Sons: The company has received two major orders from DLF City and Sattva Homes, totaling around Rs 1,021 crore. This increases the company's order book, excluding GST, to Rs 3,545 crore.
TVS Supply Chain Solutions: The company has entered into a five-year contract with Daimler Truck South East Asia Pte. Ltd for Integrated Supply Chain Solutions (ISCS) services in Singapore. As part of the agreement, TVS SCS will develop a logistics solution for distributing spare parts and related items, streamline supply chain operations, manage 8,000 SKUs and 65,000 order lines annually, and ensure smooth transportation across multiple modes.
NHPC: The company announced that the board of its joint venture, National High Power Test Laboratory Pvt Ltd (NHPTL), has approved a proposal to transfer its 1.31 crore equity shares to Power Grid Corp. As a result of this transaction, NHPC's equity holding in NHPTL will decrease from 20 percent to 12.50 percent, leading to NHPTL no longer being considered an associate company of NHPC Ltd.