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Indian equities seen flat as Gift Nifty hovers near 24097, US Iran missile strikes lift crude, key moves include Kotak Mahindra Bank CEO exit plan and Torrent Power Nabha Power buy
Stocks To Watch Today, June 29.
The Indian equity market is likely to begin the new week on a flat note with Gift Nifty traded at 24,097 around 7:22 am on Monday. The renewed military escalation has put hopes of a peace deal between Iran and the US to end the months-long war in tatters and raised concerns and anxiety among global investors.
Iran and the US have exchanged a barrage of missiles against each other’s strategic locations, causing significant damage.
Crude prices rose slightly by about 1 per cent following the revival of tensions. WTI and Brent crude oil prices climbed to $69 and $72 per barrel, respectively.
Market ended positively last week, reviving the hopes and sentiment among investors as the tensions between the US and Iran subsided and paved the way for a peace deal. Sensex closed at 77,100 with half a percent higher, while Nifty settled above 24,000.
Several key stocks will remain in focus given varied corporate reasons:
Management & Leadership Changes
Kotak Mahindra Bank: MD & CEO Ashok Vaswani has decided not to seek reappointment after his current term ends on December 31, 2026. The board has begun the process of selecting a new Managing Director & CEO.
ONGC: The board has appointed Anupam Agarwal, Director (Finance), as the company’s new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), replacing Yogish Nayak S, with immediate effect.
IIFL Finance: Kapish Jain has stepped down as CFO and transitioned to a different role within the company. The board has appointed Vikas Jain as the new CFO and KMP, effective June 26.
Acquisition & Order Win
Torrent Power: The company has completed the acquisition of 100% equity shares and convertible instruments of Nabha Power from L&T Power Development for Rs 3,632.35 crore. Nabha Power is now a wholly owned subsidiary of Torrent Power.
BEML: The company has secured an additional export order worth around $5.35 million from the Middle East for heavy earth-moving equipment. This raises the total contract value to about $41.73 million, while BEML’s international order book has grown to approximately $112.35 million.
Fundraising & Borrowing
IIFL Finance: The board has approved plans to raise up to Rs 10,000 crore through equity shares or other securities. It also approved increasing the company’s borrowing limit from Rs 60,000 crore to Rs 75,000 crore.
Clarifications
HDFC Bank: An independent legal review found no evidence supporting concerns raised by former Chairman Atanu Chakraborty in his resignation letter. However, Chakraborty said the review’s terms of reference were not shared with him and alleged the board failed to reflect on the issues he had raised.
Afternoon Energies: The company clarified that the US Customs and Border Protection (CBP) confirmed it did not export solar modules made with Chinese-origin solar cells to the US. The CBP made no adverse findings against the company, and the review relates only to a limited set of historical import entries, with no impact on ongoing US operations.
Tata Motors (Passenger Vehicles): The company clarified reports of a partnership with Stellantis, stating that while both companies signed a non-binding MoU in February and have partnered for over two decades, no definitive agreement has been finalised.
Business Update
Tata Communications: The company said it has successfully recovered most customer data affected by the recent fire at its Delhi facility. Only a small number of cases require validation and rebuilding, with the overall business impact remaining not material.
Dr Reddy’s Laboratories: The US FDA completed a Pre-License Inspection (PLI) at the company’s biologics manufacturing facility in Bachupally, Hyderabad, between June 16 and June 25, 2026. The inspection concluded with the issuance of Form 483 carrying seven observations.
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