Top 5 stocks in focus on June 15: Dr Reddy's, Vedanta to Punj Lloyd, here are the newsmakers today
The Indian domestic market closed firmly down on Thursday after the US Federal Reserve raised the interest rates for the second time in the year. It has hinted two more such hikes in the remaining months of the year 2018.
The Indian domestic market closed firmly down on Thursday after the US Federal Reserve raised the interest rates for the second time in the year. It has hinted two more such hikes in the remaining months of the year 2018. However, there are certain stocks that came in news and can have an impact, positive or negative, on the Indian market on June 15, 2018. Here are the stocks:
Dr. Reddy's Laboratories: The composition of the benchmark Sensex will be reconstituted on June 18. Following this reconstitution, Dr. Reddy's Labs, India’s fifth-largest drugmaker by sales with a weightage of 0.8 per cent, will be excluded from the index for six months. Metals giant Vedanta will replace Dr. Reddy's Laboratories in the index. This exit of the Hyderabad-based drug maker has pushed the weight of the pharma index to an eight-year low of 1.7 per cent.
Vedanta: After the reshuffle on the S&P BSE Sensex composition on June 18, Dr Reddy's lab will be replaced by Metals giant Vedanta. With this inclusion, Vedanta, which would have a weightage of 1.3%, would take the weightage of metals to 2.6%, the highest in five years.
Tata Consultancy Services (TCS): The Board of Directors of TCS, India's largest IT firm, which is scheduled to meet today may announce the details of the buyback proposal of the equity shares of the Company. Published reports peg the buyback to the extent of Rs 10,000 crore.
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Punj Lloyd: ICICI Bank has moved the National Company Law Tribunal (NCLT) against Punj Lloyd Ltd and has requested the tribunal to initiate insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC) for recovery of outstanding dues of Rs852 crore. However, other lenders including the State Bank of India (SBI) has opposed the plea of ICICI.
Idea Cellular Ltd: As per sources, the Department of Telecommunications (DoT) can ask for a bank guarantee of about Rs 2,100 crore from Idea towards one-time spectrum charges as a precondition before approving its merger with Vodafone India.