Stocks To Watch: IndiGo, Union Bank Of India, Go Digit And Others In News

The NSE Nifty settled marginally up by 5.65 points or 0.02 per cent to 23,264.85
Stocks to Watch
Stocks to Watch

Benchmark equity indices settled on a flat on Tuesday after a record-breaking rally as the domestic market stabilized awaiting further triggers. After trading in green for most part of the session, the BSE Sensex declined 33.49 points or 0.04 per cent to settle at 76,456.59 due to fag-end selling. The NSE Nifty settled marginally up by 5.65 points or 0.02 per cent to 23,264.85.

"After a notable rebound, the domestic market has stabilized, awaiting further triggers. With the resolution of uncertainties in government formation, attention has shifted back to global and domestic indicators. Concerns have risen regarding potential U.S. rate cuts following last week's strong U.S. job data, leading to an increase in U.S. bond yields,” said Vinod Nair, Head of Research, Geojit Financial Services.

“However, FIIs have been net buyers lately. Investors are now gearing up for this week's policy decisions from the US Fed and the BoJ, as well as key inflation data from the US and India, seeking insights into the trajectory of rate cuts," he added.

Here are the key stocks to watch on June 12:

InterGlobe Aviation: Rahul Bhatia’s InterGlobe Enterprises sold a 2 per cent stake in the budget carrier for Rs 3,367.30 crore. The deal was executed at an average price of Rs 4,362.04 per share. Citigroup bought 3.1 million shares for Rs 1,361 crore. The names of the other buyers weren’t disclosed.

TVS Supply Chain Solutions: The company announced a new five-year strategic contract with Daimler Truck South East Asia Pte Ltd for Integrated Supply Chain Solutions (ISCS) service in Singapore. TVS SCS will establish a robust logistics solution for distributing spare parts and related items, streamline supply chain operations, and manage 8,000 SKUs and 65,000 order lines annually.

Union Bank of India: The state-owned bank’s board has approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth. This includes raising equity capital not exceeding Rs 6,000 crore in tranches within the overall limit of Rs 10,000 crore through public issues, rights issues, or QIP.

Go Digit: The general insurance company reported a net profit of Rs 53 crore for the quarter ended March 2024, up 104% compared to Rs 26 crore reported in the year-ago period. The gross written premium for the reported quarter stood at Rs 2,336 crore, 19 per cent up from Rs 1,955 crore reported in the March 2023 quarter.

Castrol India: The lubricant maker has appointed Kedar Lele as the Managing Director of the company with effect from November1, 2024 for five years. Lele replaces Sandeep Sangwan, who will step down from the position with effect from October 31, 2024, to assume another role within bp.

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