Top 5 stocks in focus on June 29: Varroc Engineering, IDBI Bank to Adani Port, here are 5 newsmakers of the day
Declining rupee and higher crude oil prices pushed the market benchmark index S&P BSE Sensex to fall by 179.47 points at 35,037.64. The Nifty 50 and BankNifty also ended in the red on June 28, 2018, going down by 82.30 points at 10,589.10. and 98.80 points at 26,324.60. But there were certain stocks, IDBI Bank, Dr Reddys lab and Vedanta Ltd, that made news on the day. The reflections of the reasons for which they came in news will be visible in the market on June 29, 2018.
Declining rupee and higher crude oil prices pushed the market benchmark index S&P BSE Sensex to fall by 179.47 points at 35,037.64. The Nifty 50 and BankNifty also ended in the red on June 28, 2018, going down by 82.30 points at 10,589.10. and 98.80 points at 26,324.60. But there were certain stocks, IDBI Bank, Dr Reddy's lab and Vedanta Ltd, that made news on the day. The reflections of the reasons for which they came in news will be visible in the market on June 29, 2018. Let's find out the stocks, which were in news:
Varroc Engineering: The initial public offering (IPO) of the auto component maker Varroc has been oversubscribed 3.56 times on the final day of subscription. The oversubscription was driven by strong interest from the institutional investors. The qualified institutional buyers (QIB) was subscribed 9.15 times while non-institutional investors witnessed a subscription of 2.45 times and retail investors at 88 per cent. The Rs 1,955-crore IPO of the company had a set price band of Rs 965-967 per share.
IDBI Bank: Insurance Regulatory and Development Authority of India (IRDA) board will meet today to discuss a possible easing of rules to facilitate IDBI Bank sale to Life Insurance Corporation of India (LIC). The government plans to sell bad debt-laden IDBI Bank Ltd to LIC, but Insurance Act prohibits an insurer from acquiring more than 15% stake in any company. Still, the IRDA has the power to grant exemptions such as this.
Dr Reddy's Laboratories: A US court has extended the temporary restraining order on selling Suboxone generic in the US issued to Dr Reddy's for an additional 14-day period.
Vedanta Ltd: The company has said that it plans to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs).
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Adani Port: The private port operator and Special Economic Zone Ltd (APSEZ) has agreed to pick up 97 per cent stake in Marine Infrastructure Developer Pvt. Ltd (MIDPL) from Larsen & Toubro Ltd. MIDPL runs and operates Kattupalli port.
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