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Bombay High Court quashes major DoT dues on Bharti Airtel and Bharti Hexacom, other firms announce fundraises, contracts, stake deals, a JV, and legal relief for HDFC Bank
Stocks To Watch Today, June 10.
Indian equity markets are likely to witness a positive start on Wednesday, tracking firm global cues. Gift Nifty was trading 75 points, or 0.32%, higher at 23,259.5 as of 8:08 am IST, indicating a higher opening for benchmark indices Sensex and Nifty.
Asian markets remain weak on Wednesday, weighed down by negative sentiment over the fresh escalation between Iran and the US. Fresh exchange of missiles between Washington and Tehran has dashed the hopes of a peace resolution to end the months-long war.
Snapping a two-day losing streak, the domestic equity market closed higher on Tuesday, supported by strong gains in banking and financial stocks after the RBI issued operational guidelines for its concessional forex swap facility.
The Nifty 50 settled at 23,242.10, up 119.10 points or 0.52%, while the BSE Sensex gained 394.50 points, or 0.54%, to close at 73,918.76.
Some specific stocks will remain in focus over different reasons:
Bharti Airtel Share Price
Bharti Airtel and its subsidiary Bharti Hexacom received a major legal relief after the Bombay High Court quashed a demand notice worth Rs 8,414 crore issued by the Department of Telecommunications. The order also nullified a separate spectrum-related demand of Rs 473.7 crore against Bharti Hexacom, removing a significant financial overhang on the telecom companies.
Bharti Hexacom Share Price
Bharti Hexacom secured relief from the Bombay High Court, which set aside a spectrum usage charge demand amounting to Rs 473.7 crore. The ruling comes as a positive development for the telecom operator and its parent company, Bharti Airtel.
MKrishna Forgings Share Price
MKrishna Forgings has approved the allotment of 3.35 lakh warrants and an equal number of equity shares. The fundraising exercise is valued at approximately Rs 52.7 crore and is expected to support the company’s growth and capital requirements.
PNB Housing Finance Share Price
PNB Housing Finance has approved the issuance of Non-Convertible Debentures (NCDs) worth Rs 500 crore. The fundraise is aimed at strengthening the company’s resource base and supporting lending operations.
NLC India Share Price
The government has decided to exercise its oversubscription option in NLC India’s ongoing Offer for Sale (OFS). With the additional 1% stake on offer, the total sale size will increase to 3% of the company’s equity capital.
Afcons Infrastructure Share Price
Afcons Infrastructure has received a Letter of Acceptance valued at Rs 5,301 crore for the Breakwater Project at Vadhvan Port. The large infrastructure contract is expected to significantly boost the company’s order book.
NTPC Green Energy Share Price
NTPC Green Energy’s subsidiary, NTPC Renewable Energy, has secured a project to develop a 250 MW solar power plant in Uttar Pradesh. The project strengthens the group’s renewable energy portfolio and clean energy ambitions.
Anupam Rasayan Share Price
Anupam Rasayan has announced an open offer following the acquisition of a 43% stake in Bliss GVS Pharma. The move marks a significant transaction in the pharmaceutical sector and could lead to changes in the ownership structure of Bliss GVS Pharma.
Welspun Corp Share Price
Welspun Mauritius Holdings, a subsidiary of Welspun Corp, has sold a 4.5% stake in Saudi Arabia-based East Pipes Integrated Company for Industry (EPIC) to financial investors. The transaction was valued at SAR 283.46 million, or about US$75.6 million. Following the stake sale, Welspun Pipes Inc., USA, will continue to hold a 22% stake in EPIC.
Dixon Technologies Share Price
Dixon Technologies, along with its subsidiary Dixon Electroconnect, has entered into a binding agreement with Taiwan-based Gemtek Technology to establish a joint venture. Dixon will hold a 60% stake in the venture, while Gemtek will own the remaining 40%. The new entity will manufacture optical transceivers, SFPs, BOSA components and other telecom-related products.
HDFC Bank Share Price
HDFC Bank received relief in a legal dispute after the Bombay High Court dismissed an interim application filed by Lilavati Kirtilal Mehta Medical Trust. The trust had sought to restrain the bank, its Managing Director and CEO Sashidhar Jagdishan, and others from making allegedly defamatory statements. The plea formed part of a Rs 1,000-crore defamation suit initiated by the trust.
About the Author
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the I…Read More
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