Infosys, Fortis Healthcare and SBI among top stocks to track today

NEW DELHI: The domestic equity market is likely to see a flat to negative start on Tuesday, tracking Nifty futures on the Singapore Stock Exchange (SGX). At 08:04 am, Nifty futures on the Singapore Stock Exchange were trading 17 points, or 0.16 per cent, lower at 10,774.50.

Here is a list of stocks that are likely to be in focus in today’s trading session:

Infosys: IT major Infosys on Monday said its proposal for voluntary delisting of its American Depositary Shares (ADSs) from Euronext‘s Paris and London exchanges has been approved by the Board of Directors of the two bourses. In March this year, Infosys had announced its intention to delist the ADSs on account of the “low average daily trading volume of Infosys ADS on these exchanges, which is not commensurate with the related administrative requirements”.

Fortis Healthcare: The board of Fortis Healthcare has decided to defer to June 25 the approval of the company’s financial results following the submission of a report by an external law firm appointed to investigate potentially fraudulent related party transactions in the group. The company told stock exchanges it required more time to consider aspects of the report in its financial accounts.

Usha Martin: The Usha Martin board on Monday formally initiated the sale of its steel business to help reduce the company’s Rs 3,700-crore debt burden, seeking to unlock value in the unit as the global steel cycle clambers out of pricing stagnation.

Hotel Leelaventure: Hotel Leelaventure’s board approved an enabling resolution that will allow it to transfer a majority stake to JM Financial Asset Reconstruction Company, even as the hotel chain’s co-chairman hinted at a possible deal with a consortium of three foreign entities to find a solution to its debt problem. The Mumbai-based company on Monday said its board approved the enabling resolution to issue up to 125 crore equity shares in one or more tranches to JM Financial ARC, which currently holds most of its debt, ET reported.

SBI: State Bank of India, the country’s largest lender, is aiming to recover Rs 50,000 crore this fiscal year, and is strengthening its recovery team for better collections from NCLT accounts, sale of loan to ARCs, one-time settlement and recovery through loan camps for retail defaulters. The bank hopes to recover more than Rs 30,000 crore from NCLT cases alone.

DCB Bank: DCB Bank has increased MCLR by 10 basis points across all tenures with effect from June 12, 2018.

GAIL: Fitch Ratings on Monday assigned ‘BBB-‘ rating with stable outlook to state-owned gas utility GAIL India saying its dominant market position is complemented by its diversification into other business segments. “GAIL’s ratings are capped at ‘BBB-‘, which is the rating of its parent, the state of India,” it said in a statement.

DCM Shriram: The company informed BSE that a meeting of the Board of Directors of the company will be held on June 18, 2018, inter-alia, to consider the proposal to Buy-Back the fully paid up equity shares of the Company.

Strides Shasun: Strides Shasun announced that its wholly-owned subsidiary Strides Pharma Global has received final approval for Oseltamivir Phosphate Capsules USP, 30 mg (base), 45 mg (base), and 75 mg (base) from the United States Food & Drug Administration (USFDA).

ICICI Bank: With reference to the news item titled, “ICICI Bank, Kochhar under SEC lens,” the bank clarified to the bourses after market hours yesterday, 11 June 2018, that as a large and internationally active bank with operations and listing of its equity and debt instruments in multiple jurisdictions, the bank is regularly engaged with regulators, including the US SEC, on a range of matters. However, the bank has so far not received any specific communication from the US SEC in relation to the allegations in respect of the managing director & CEO of the bank.

KDDL: KDDL announced that its board approved increasing the investment limit to permit foreign portfolio investors (FPIs)/the foreign institutional investors (FIIs), registered with the Securities Exchange Board of India (Sebi), to acquire and hold in aggregate upto 49% of equity paid up capital of the company.

This post was originally published here via Google News