New Delhi: Indian indices closed lower on Tuesday despite the Nifty hitting new highs during intra-day trade. Kotak Mahindra Bank’s stock led a broader decline in baking stocks after a SEBI show cause notice seeking clarity on allegations related to short selling against Adani Group stocks. US Federal Reserve Chair Jerome Powell stated that the US central bank is unlikely to cut rates any time soon despite disinflationary indications from April-May economic data.
The following stocks are likely to be in focus on Wednesday:
Kotak Mahindra Bank: The lender has issued a clarification after SEBI issued a show cause notice to the bank over alleged short-selling of AdaninGroup shares. The bank said the transactions were carried out on the advice and for the benefit of Kingdon, an investor in its K India Opportunities Fund. It said Kingdon never disclosed its relationship with US-based short seller Hindenburg Research.
HDFC Bank: India’s largest private lender is expected to witness inflows worth nearly $4 billion once its weightage on the MSCI index increases once the index operator raises the adjustment factor for the stock.
YES Bank: The lender in its Q1 business update shared that loans were up 0.9 per cent on a quarterly basis, while deposits were down 0.5 per cent quarter-on-quarter. The bank’s CASA ratio stood at 30.7 per cent during Q1FY25.
Avenue Supermarts: The DMart owner reported a year-on-year jump in standalone revenues to Rs 13,711.87 crore in Q1FY24 from Rs 11,584.44 crore in the year-ago period.
RVNL: The railways OSU comoany emerged as the lowest bidder for a Rs 132.59 crore Central Railways project. The work involves overhead equipment modification to upgrade the current 1X25 kV electric traction system in the Wardha-Ballarshah section of the Nagpur division.
Reliance Industries: The Mukesh Ambani-led company is likely to be in focus after Morgan Stanley forecasted a jump to $100 billion in the conglomerate’s market cap while raising its rating on the energy to telecom giant to overweight with a Rs 3,540 apiece target price.
KEC International: The comoany secured orders worth Rs 1,017 crore for power transmission and distribution as well as clean energy verticals taking its year-to-date order intake past the Rs 5,000 crore mark, it said in an exchange filing.
CONCOR: The PSU company’s stock is likely to remain in focus since the Centre is reportedly considering a 5-7 per cent stake sale in the entity following a muted response to its strategic sale plan.
Stocks in news today: Stocks of Reliance Industries, Kotak Mahindra Bank, HDFC Bank, KEC International, Avenue Supermarts and more companies are likely to be in focus on Wednesday, July 3, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
