Markets

Stocks in the news: DHFL, Indiabulls Real Estate, Wipro, Cyient and Schneider Electric

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NEW DELHI: Nifty futures on the Singapore Exchange were trading 24 points, or 0.20 per cent, lower at 11,860, indicating a negative start for the Nifty50. Here are a few stocks which may buzz the most in todays trade:

Indiabulls Real Estate: US-based investment firm Blackstone may acquire Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around $1 billion, sources said Thursday. Blackstone might buy promoters' total 39 per cent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group, they added.

Wipro: Founder Azim Premji will give up his executive functions as chairman and managing director in July but remain on the board as director and founder chairman. Eldest son Rishad Premji, already a board member, will take over as chairman, and chief executive officer.

DHFL: Dewan Housing Finance Corporation (DHFL) is raising about ₹900 crore by issuing Pass Through Certificates (PTCs), or securities used in loan portfolio sales.

Cyient: The IT firm announced a corporate venture investment in Cylus, an Israel-based cybersecurity solutions provider for the rail industry. The company did not disclose the amount it invested in Cylus.

Schneider Electric Infrastructure: The competition commission has asked parent Schneider, which acquired electrical and automation business of L&T for Rs 14,000 crore, to reserve a part of the latter's installed capacity to offer white labelling services to third party companies.

Corporation Bank: One of the consortium of lenders to fugitive Nirav Modis firms Firestar Diamond International and Firestar International has approached the dedicated bankruptcy court with insolvency resolution petitions for the default of ₹38.65 crore and ₹41.31 crore respectively.

State Bank of India (SBI): The bank said it has been closely monitoring its exposures to the NBFC sector for the past many months and is taking appropriate measures to safeguard its interest.

IOC, HPCL: Oil refiners Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) Thursday said they will contest tax authorities demand for over Rs 4,000 crore in excise duty on ethanol used for doping petrol, saying the sugarcane extract for mixing in fuel is exempt from tax.

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BOARD MEETINGS

ANALYST CALLS
• Anand Rathi has retained its buy recommendation on Heidelberg Cement with a higher target of ₹263. Aided by strong price environment and concentrated efforts towards cost optimisation, company reported strong performance. Its shorter lead distances, an increasing share of premium cement volumes and higher utilisation will continue to aid the company to good performance, said the brokerage.

• JM Financial has maintained its buy rating on Asian Paints with a target price of ₹1,475 as they continue to see Asian Paints as a compelling long-term investment theme that quite justifies the premium that it commands. While the business did witness headwinds on input-costs during the year plus increase in costs-base on account of the commissioning of two large greenfield facilities, it still managed to sustain its ROCE and ROE in FY19 at 21.3% and 24.1% vs 21.6% and 24.6% in FY18, said the brokerage.

• Geojit Financials has maintained its accumulate rating on KNR Constructions with a target price of ₹324 citing pick up in execution as projects are getting financial closure and appointed date. Healthy balance sheet, strong execution capability with better operational margin to support valuation, said the brokerage.

• Narnolia Financial has maintained its neutral stance on Cipla with a target price of ₹565 citing strong US growth partly offset by weak tender business. Going forward, as the company is progressing well in its initiative to build a strong specialty pipeline; clinical trials for such specialty products will add to the costs and would put pressures in the margins, said the brokerage.

• Karvy Stock Broking has recommended to sell Havells India shares with a target price of ₹800 citing growth across segments offset by lower margins. Havells to trade at premium valuations due to its strong brand, highly penetrated distribution channel, efficient working capital management and cash flow generation, said the brokerage.

Insider Buys:

  • Alembic Limited: Nirayu Private Limited has bought 4,10,239 shares through Market Purchase from Jun 3, 2019 to Jun 4, 2019.
  • Archies Limited: Varun Moolchandani has bought 1,33,000 shares through Market Purchase from Jun 3, 2019 to Jun 4, 2019.
  • AVT Natural Products Limited: He Midland Rubber & Produce Co Ltd has bought 55,186 shares through Market Purchase on Jun 3, 2019.
  • Jubilant Industries Limited: Jubilant Consumer Private Limited has bought 1,85,000 shares through Market Purchase on May 30, 2019.
  • Lumax Auto Technologies Limited: Anmol Jain has bought 26,085 shares through Market Purchase on May 31, 2019.
  • Manaksia Limited: Vajra Machineries Private Limitedvajra Machineries Private Limited has bought 5,66,378 shares through Market Purchase from May 31, 019 to Jun 4, 2019.
  • Onward Technologies Limited: Jigar Mehta has bought 22,000 shares through Market Purchase on May 31, 2019.
  • Tanla Solutions Limited: D. Uday Kumar Reddy has bought 11,79,223 shares through Market Purchase from May 31, 2019 to Jun 3, 2019.
  • Tokyo Plast International Limited: Priyaj Haresh Shah has bought 25,079 shares through Market Purchase from May 27, 2019 to Jun 4, 2019.

Insider Sells:

  • Urja Global Ltd: Nandanvan Commercial Pvt. Ltd. has sold 28,59,490 shares through Market Sale from Jun 3, 2019 to Jun 4, 2019.
  • BIRLASOFT LIMITED: Kpit Technologies Employees Welfare Trust has sold 1,00,000 shares through Market Sale on Jun 4, 2019.
  • Edelweiss Financial Services Limited: Harish Chander has sold 45,000 shares through Market Sale from May 30, 2019 to May 31, 2019.
  • Edelweiss Financial Services Limited: Kalpana Kiran Maniar has sold 50,000 shares through Market Sale from May 30, 2019 to May 31, 2019.
  • Edelweiss Financial Services Limited: Manjeet Pawankumar Bijlani has sold 30,000 shares through Market Sale on May 31, 2019.
  • Edelweiss Financial Services Limited: Ravindra Baban Dhobale has sold 30,000 shares through Market Sale on May 31, 2019.
  • Edelweiss Financial Services Limited: Shalinee Mimani has sold 15,000 shares through Market Sale on May 31, 2019.
  • Edelweiss Financial Services Limited: Shrikant Subbarayan has sold 60,000 shares through Market Sale from May 29, 2019 to May 31, 2019.
  • Firstsource Solutions Limited: Mr. Rajesh Subramaniam has sold 3,03,432 shares through Market Sale from Jun 3, 2019 to Jun 4, 2019.
  • Firstsource Solutions Limited: Mr. Vedagiri Vijayakumar has sold 1,50,000 shares through Market Sale on Jun 3, 2019.
  • Gruh Finance Limited: Kamlesh Hasmukhlal Shah has sold 44,725 shares through Market Sale from May 30, 2019 to Jun 4, 2019.
  • ICICI Bank Limited: Anthony Coulthard has sold 25,000 shares through Market Sale on Jun 3, 2019.
  • ICICI Bank Read More – Source
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