Stocks in focus: Domestic indices may open in red today amid negative global cues. The Nifty futures on Singapore Exchanges (SGX) were trading 75 points or 0.40% lower at 18,799 in the early morning trade. Asian markets were trading broadly in red – Hong Kong’s Hang Seng tanked 1.07%, China’s Shanghai Composite index dipped 0.24%, Japan’s Nikkei 225 tumbled 0.50%, South Korea’s KOSPI fell 0.35%, and Asia Dow plunged 0.63%. The US market remained shut on Monday for Juneteenth National Independence Day.
Stocks to Watch on 20 June 2023
HDFC Asset Management Company
Abrdn Investment Management may exit HDFC AMC by selling the entire 10.2% stake via block deals on June 20. The selling price is likely in the range of Rs 1,800-1,892.45 per share, up to a 4.9% discount from Tuesday’s closing price.
IIFL Securities
SEBI has banned brokerage IIFL Securities from onboarding new clients in the stock broking operations for two years. As per Sebi’s order, IIFL has mixed clients’ funds with proprietary funds, used credit-balance client accounts to settle obligations of debit-balance client accounts, and used credit-balance client accounts to settle proprietary-trade obligations.
ITC
The company will acquire a stake in Mother Sparsh through 857 Compulsorily Convertible Preference shares of Rs. 10/- each. Its stake in Mother Sparsh will increase from 22% to 26.50% (on a fully diluted basis).
Sun Pharmaceutical Industries
Subsidiary Sun Pharma Canada Inc has received approval from Health Canada for WINLEVI (clascoterone cream 1 percent).
Can Fin Homes
The company’s board approved fundraising up to Rs 4,000 crore via debt instruments, and up to Rs 1,000 crore via qualified institutional placement (QIP), preferential allotment, or Rights issue. The board also sought approval for fundraising from shareholders.
InterGlobe Aviation
The company has placed an order for 500 Airbus A320 Family aircraft. The order will be delivered between 2030 and 2035. Now IndiGo’s order book comprises a mix of A320NEO, A321NEO and A321XLR aircraft.