Top 5 stocks in Focus on June 11: ICICI Bank, Welspun to Ruchi Soya; check out the newsmakers today
Mukesh Ambani-led Reliance Industries has acquired Rhea Retail Pvt. Ltd for about Rs 200 crore ($30 million) in cash. Rhea Retail sells products for children and expectant mothers.
The Indian market closed firmly in green on Friday, but there are certain stocks, which came in news on the day or by Monday Morning, like ICICI Bank to Ruchi Soya that will have some negative or positive impact on the market today, .i.e. on June 11. Here are the stocks:
ICICI Bank: The bank's issue of alleged lapses involving ICICI Bank's chief Chanda Kochhar and her family members have come under the scanner of the U.S. markets regulator, the Securities and Exchange Commission (SEC). Reports suggest that the SEC is actively looking into the matter as ICICI Bank is listed in the US also and it may seek further details from its Indian counterpart the Securities and Exchange Board of India (Sebi), the Indian market regulator has issued show-cause notices to ICICI Bank and Kochhar as part of its probe.
Tata Consultancy Services (TCS): Promoter Tata Sons pledged 1.04% per cent stakes of TCS.
Reliance Industries: Mukesh Ambani-led Reliance Industries has acquired Rhea Retail Pvt. Ltd for about Rs 200 crore ($30 million) in cash. Rhea Retail sells products for children and expectant mothers.
Welspun Corp: WCL has been awarded contract to supply 72 KMT API pipes for the American market. Including this contract, current order book stands at Rs 11,000 crore. The contract was announced on June 8 and thus may have a reaction on the stock on Monday, .i.e. on June 11, 2018.
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Ruchi Soya: Reports suggest that the Baba Ramdev-promoted Patanjali Ayurved is likely to submit a revised bid to acquire bankruptcy-hit Ruchi Soya on June 11. At present, Patanjali Ayurved is in the race with Adani group to acquire the company. Lenders of Ruchi Soya, the edible oil firm. have decided to hold a fresh round of resolution process between the two contenders to maximise asset value.