Bears are likely to make a comeback on Dalal Street as SGX Nifty hinted at a negative start for benchmark indices. Nifty futures traded 160.5 points, or 1.01% lower at 15,681.50 on the Singapore Exchange, signaling that domestic equities are headed for a gap-down start. In the previous session, Indian shares ended flat with Sensex closing 0.03% higher at 53,177.45 and the Nifty ending 0.11% at 15,850.20. “Markets are trading largely in sync with their global peers and seeing selective participation so far. Auto pack tops our list of preferred sectors followed by select stocks from FMCG, pharma and IT pack. Participants should align their positions accordingly,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 29 June, Wednesday
Reliance Industries: The board of Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman, a regulatory filing stated on June 28. Akash Ambani, the son of RIL chief Mukesh Ambani, had joined Jio in 2014. His elevation as the board chairman was announced along with the news of Mukesh Ambani stepping down as the director of Jio.
SBI, ICICI Bank: State Bank of India NSE (SBI), and ICICI Bank on Tuesday acquired a 9.54 per cent stake each in Perfios Account Aggregation Services Private Limited (Perfios AA). Both the banks acquired 8,05,520 equity shares each by paying Rs 4.03 crore each for the stakes. The lenders bought the shares at a price of Rs 50 apiece, according to regulatory filings. The investments will be subject to the approval of the RBI.
Route Mobile: The board of Route Mobile approved the buyback of shares in the open market in a meeting on Tuesday. In a filing on the Bombay Stock Exchange, the company informed that its board had approved Rs 120 crore spending to buyback share from shareholders barring promoter, promoter group, and persons in control of the company. The board approved the buyback by the “Company of its fully paid-up equity shares having face value of Rs 10 each (“Equity Shares”) at a price not exceeding Rs 1,700.
Ruchi Soya: Edible oil manufacturing company Ruchi Soya Industries has changed its name to Patanjali Foods Ltd, effective June 24. Ruchi Soya was purchased by Baba Ramdev-led Patanjali Ayurved for Rs 4,350 crore through an insolvency process in 2019. Ruchi Soya has “received an e-mail dated June 27, 2022, from the Ministry of Corporate Affairs mentioning that a fresh ‘Certificate of Incorporation pursuant to change of name’, was issued by the Registrar of Companies, Maharashtra, Mumbai”, Ruchi Soya said in a regulatory filing.
Tata Steel: Tata Steel Chairman N Chandrasekaran on Tuesday said the company, after completing acquisition, will boost the operation of Neelachal Ispat Nigam Ltd to rated capacity of 1.1 million tonne per annum within the next one year. However, the ramping up of the operations of Neelachal Ispat Nigam Ltd (NINL) would be subject to obtaining statutory clearances.