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Stocks to watch: SBI, HDFC Bank, Yes Bank, Network18, JSW Steel, Zomato


today: The Indian equity are likely to start trade on a positive note after global cues turn supportive as the US Federal Reserve (US Fed) approved the largest interest rate increase of 75 basis points (bps) in 28 years. As of 7:14 AM, the SGX Futures quoted 15,788 levels, indicating an upside of 96-odd points on the Nifty50. With a tighter monetary policy, the US Fed anticipates economy to slow below-trend 1.7 per cent this year and unemployment rate to spike above 3.7 per cent by end of this year.

That said, on Thursday, June 16, investors’ will watch out Bank of England’s interest rate decision after inflation soared to 40-year high of 9 per cent in April. That apart, US jobless claims data as well as Chinese industrial production data will be on investors’ radar too.

Meanwhile, here is a list of stocks that are likely to see some action in trade on Thursday:

Banks in focus: After India’s largest lender, State Bank of India (SBI), raised interest rates on retail term deposits; it has now raised marginal cost of funds-based lending rate (MCLR) by 20 bps across all tenors. HDFC Bank and Bank of Baroda, too, joined similar course of action and raised rates on their fixed deposits of under Rs 2 crore by up to 25 bps and 40 bps, respectively. READ HERE

Yes Bank: The bank plans to raise debt capital of Rs 10,000 crore through different modes of private placement methods, based on shareholders’ approval. That apart, it plans to borrow funds through debt securities like non-convertible debentures, bonds, and medium-term notes. Besides, it also seeks table amendments for Employees Stock Option Scheme in its annual general meeting scheduled on July 15, 2022. READ HERE

Media and Investments: As Reliance Industries controlled Viacom18 bagged digital media rights for the Indian Premier League from 2023 to 2027; they plan to take the sporting event to every nook of India. The company eyes strategic tie-ups for wider reach and a slice in India’s leadership position among digital platforms. Besides that, the broadcaster also has Indian rights to the FIFA World Cup, La Liga, Serie A, Ligue 1 and the NBA.

Indian Overseas Bank: The bank approved raising of up to Rs 1,000 crore equity capital through issuance of shares via various modes. The board also approved raising tier II capital by issue of Basel III-compliant tier II bonds up to Rs 1,000 crore with or without applicable green shoe option on private placement basis. READ HERE

Zomato: The company inked pact with Jio-bp – a mobility venture between Reliance Industries and bp to support commitment towards 100 per cent EV fleet by 2030. Jio-bp will provide EV mobility services to along with access to ‘Jio-bp pulse’ branded battery swapping stations for last mile delivery. With the Jio-bp pulse mobile app, customers can easily find nearby charging stations and seamlessly charge their EVs. READ HERE

JSW Steel: The company’s crude steel production jumped 31 per cent to 17.89 lakh tonnes from 13.67 lakh tonnes in FY21, on a standalone basis, in May. The production of flat-rolled products also expanded by 29 per cent to 12.84 lakh tonnes for the month compared to 9.99 lakh tonnes in the same month last fiscal. READ HERE

India: GE’s arm GE Energy Financial Services acquired 49 per cent stake in Continuum Green Energy’s 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum. This transaction marks GE EFS’ first onshore wind equity investment in Gujarat through a structured preferred equity solution. READ HERE

Adani Transmission: The company’s $700 million revolving loan facility has been tagged as ‘green loan’ by Sustainalytics, an environmental ratings company. With this green load tag, the company asserted assurance on the green loan framework for revolving facility. A revolving loan facility is a flexible financing tool that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again.

Axis Bank: Credit rating agency, Fitch Ratings, have revised their outlook to ‘stable’ from ‘negative’ on the long term default ratings of the bank due to diminished downside risks to India’s medium-term growth due to easing financial sector weakness and rapid economic recovery.

Mahindra Lifespaces: The company’s wholly owned subsidiary, Mahindra Bloomdale Developers launched its second residential project ‘Mahindra Nestalgia’ at Pimpri Chinchwad in Pune, Maharashtra.

Stocks in F&O ban: Delta Corporation, Indiabulls Housing Finance, and RBL Bank were stocks banned in F&O ban period on Thursday, June 16.

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