Stocks in focus: The SGX Nifty recorded a 0.02% loss during Monday’s early trading session, with a value of 18,710 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the benchmark indices had a volatile day of trade before closing in the red. Nifty 50 gave up the 18,700 level to end at 18,665.5, as Sensex tanked 260 points to settle at 62,979.4, just under the 63,000 level.
“The downward revision of earnings guidance by a major US tech company Accenture has raised concerns about potential earnings downgrades in the Indian IT sector, resulting in pressure on IT stocks. However, the domestic market is not expected to experience a significant correction due to favourable domestic economic indicators and correction in international commodities prices to sustain earnings growth on a QoQ basis,” said Vinod Nair, Head of Research at Geojit Financial Services.
HDFC Life Insurance
HDFC Life Insurance received a demand notice of Rs 942 crore for non-payment of Goods and Services Tax (GST) dues. HDFC Life deposited Rs 250 crore under protest but will challenge the demand notice.
TCS
Tata Consultancy Services, which is rocked by reports of a Rs 100-crore scam that compromised its hiring process, denied the ‘bribe-for-jobs’ allegations. The IT major said that there was no scam, but breach of code by certain employees and vendors.
Ipca Laboratories
US FDA issued a form 483 with eight observations for the Ipca Laboratories’ Pithampur formulations manufacturing facility.The inspection was conducted from 15 June to 23 June, 2023.
NTPC
NTPC’s board of directors approved a fund-raised via NCDs (non-convertible debentures) for up to Rs 12,000 crore on a private placement basis.
REC
REC announced that it has decided to extend financial assistance of Rs 3,045 crore to Bangalore Metro Rail Corporation Limited (BMRCL), for establishing and developing metro lines under Phase-II project of Bangalore Metro.
YES Bank
YES Bank approved raising funds of up to Rs 2,500 crore via issue of debt.
Asian Paints
Asian Paints bought an additional 11% equity stake in Obgenix Software, taking its total shares holding to 60% stake in in the firm, up from 49% earlier, As a result, White Teak has become a subsidiary of Asian Paints.