Domestic equity market indices BSE Sensex and Nifty 50 were likely to open flat on Wednesday, as suggested by trends on SGX Nifty in the early trade. In the previous session, Sensex closed flat at 52,275, while the Nifty 40 index ended 11.55 points lower at 15,740. Analysts say that the advance-decline ratio though in positive is falling and hence showing signs of profit-taking across the markets. “Sector rotation continues as does some specific stock rotation based on news and developments. 15630-15840 remains the band for the Nifty for the near term,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
Stocks in focus
GAIL, Bajaj Healthcare: BSE-listed companies including GAIL India, Bata India, Bajaj Healthcare, BCL Industries, Dynamic Cables, Gayatri Highways, GSS Infotech, Indian Metals & Ferro Alloys, Indraprastha Medical Corporation, Munjal Auto Industries, Shivam Autotech, Star Cement, Taneja Aerospace, and TeamLease Services, are scheduled to announce January-March quarter earnings on June 9.
DHFL: Though the National Company Law Tribunal (NCLT) has approved the resolution plan of Piramal Capital and Housing Finance (PCHFL) for Dewan Housing Finance (DHFL), some stakeholders are preparing to move higher courts to challenge the order. 63 Moons Technologies on Tuesday said it is going to challenge NCLT’s approval of the DHFL resolution plan.
PNB Housing Finance: Proxy advisory firm Stakeholders Empowerment Services (SES) said on Tuesday that the proposed preferential issue by PNB Housing Finance is against the interest of public shareholders, PNB shareholders and the government.
Bandhan Bank: The Reserve Bank of India has granted approval for re-appointment of Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank, for a period of three years. The RBI vide its communication dated June 8 has granted approval for re-appointment of Ghosh for a period of three years, with effect from July 10, 2021.
Tata Motors: The company said that it has incorporated a new subsidiary named TML CV Mobility Solutions Limited to provide end-to-end services of operating, repair, annual maintenance contracts (AMC) and fleet management services (FMS) for its product range, including electric vehicles.
Adani Enterprises: Adani Enterprises Ltd has incorporated a wholly-owned subsidiary namely, Mundra Windtech Limited for manufacturing wind turbine generators and other auxiliaries.