Stocks to watch: Shares of firms like HDFC Ltd, SBI, Infosys, Vedanta, ITC, United Breweries, and others will be in focus on Wednesday’s trade.
Stocks to Watch on June 28: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,862.50, up 51.5 points or 0.27% from the previous close.
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HDFC Ltd: The company said that the process of HDFC-HDFC Bank merger is underway, and the effective date is currently tentative and subject to change. This comes after its chairman Deepak Parekh said that the merger was expected to be completed on July 1, 2023. Additionally, HDFC announced the merger of its wholly-owned subsidiaries, HDFC Investments Limited and HDFC Holdings Limited, with HDFC Limited.
Vedanta: Sources have told CNBC-TV18 that Vedanta-Foxconn has submitted a revised application to the Ministry of Electronics and Information Technology (MeitY) to establish a semiconductor fabrication unit in the country. The updated application comes in response to the new guidelines issued by MeitY and aims to secure approval for the project in the 40 nm node category.
The State Bank of India: The lender’s board granted approval to acquire the complete 20 per cent stake currently held by SBI Capital Markets Ltd in SBI Pension Funds Pvt Ltd.
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Infosys: The company signed a memorandum of understanding with Skillsoft to foster digital learning through it’s Springboard platform. Infosys will offer learners free of cost access to Skillsoft’s learning content through it’s platform.
The Ramco Cements: The cement company commissioned Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant. This is the first st integrated cement line, commissioned In last 15 years In south of Tamil Nadu.
Aditya Birla Fashion and Retail: The Competition Commission of India approved the acquisition of 51 per cent of the expanded share capital of TCNS Clothing Company by the company.
Titagarh Wagons: The company received letter of acceptance from Gujarat Metro Rail Corporation to design, manufacture, supply, test, commission and train 72 standard gauge cars for Surat Metro Rail worth Rs 857 crore.
United Breweries Limited: Kingfisher announced the opening of its first-ever online merchandise store, KF.LIFE in collaboration with Bengaluru-based The Fantam. Kingfisher plans to invest approximately Rs 73.8 lakh in the first year with a projected earnings of Rs 1.25 lacs.
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ITC: The company acquired 857 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh. The acquisition is valued at approximately 11.54 crore. With this, the company’s shareholding in Mother Sparsh has now reached 26.5 percent of its fully diluted share capital.
Berger Paints: Berger Paints awarded media mandate to dentsu X. Berger paints has current media spends of around 200 crores. The account was won following a multi-agency pitch and will be serviced from the agency’s Kolkata office. The agency will oversee media strategy, planning, buying, and execution to increase brand equity through offline media including print, television, and radio, notionally.
Gland Pharma: The United States Food and Drug Administration (US FDA) issued one 483 observation for the company’s Pashamylaram Facility at Hyderabad following the pre-approval inspection (PAI) for seven products and good manufacturing practice (GMP) inspection between 15th June 2023 and 27th June 2023.
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