Reliance Industries, ICICI Bank among top ten stocks in focus today
Investors will keep an eye on key central bank meetings this week. The Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.
The Sensex and Nifty are expected to open flat on Monday tracking muted trend in Asian markets which moved gingerly as a weekend G7 summit fanned trade conflict fears after US President Donald Trump backed out of a joint communique in a blow to the group’s efforts to show a united front. At 8:45 am, SGX Nifty was trading at 10,772, up 24 points or 0.22 per cent.
Investors will also keep an eye on key central bank meetings this week. The Federal Reserve holds a two-day meeting starting on June 12, and it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.
The European Central Bank meets on June 14 and it could signal intentions to start unwinding its massive bond purchasing program.
The S&P 500 futures were down 0.17 percent. Japan's Nikkei dipped 0.1 percent while South Korea's KOSPI added 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent.
Here are top stocks in focus today:
ICICI Bank: As a multi-agency probe continues in India into alleged lapses involving ICICI Bank’s chief Chanda Kochhar and her family members, the matter has also come under the scanner of the U.S. markets regulator, the Securities and Exchange Commission (SEC).
Tata Consultancy Services: Promoter Tata Sons pledged 1.04% equity shares of TCS On June 5.
RIL: Billionaire Mukesh Ambani-led Reliance Industries has acquired Rhea Retail Pvt. Ltd, which sells products for children and expectant mothers, for Rs 203.46 crore ($30 million) in cash.
Welspun Corp: Welspun Corp has been awarded contracts for supply of 72 KMT of API pipes in to the America's market. The announcement was made after market hours on June 8. The stock will react on Monday, June 11.
Ruchi Soya: Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to acquire bankruptcy-hit Ruchi Soya, is likely to submit a revised bid on June 11 as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value.
Shoppers Stop: Retail major Shoppers Stop said it has appointed Rajiv Suri as its Managing Director and Chief Executive Officer with immediate effect. The company, which announced resignation of its MD and long term associate Govind Shrikhande from the company, said Suri has been elevated from his current role as the CEO to the MD & CEO of the company to lead the next phase of expansion.
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63 Moons: A National Company Law Tribunal division bench has declared Jignesh Shah, chairman emeritus and mentor of 63 Moons, and nine other persons not fit to be directors, or hold any other office connected with the management of 63 Moons and its subsidiary National Spot Exchange Ltd (NSEL).
PNB Housing: Buyout firm Carlyle is looking to sell its entire stake (33 per cent) in PNB Housing Finance in a deal that would yield a return that’s several times the money it invested three years ago, said two people aware of the development.
Nandan Denim: Promoters bought 50,000 shares of the company on June 8.
Phoenix Mills: Phoenix Mills acquires under construction retail development in Lucknow with leasable area of 9 lakh sq ft for Rs 453 crore.