Stocks to Watch: IKIO Lighting, RIL, IndiGo, Axis Bank, GAIL, UTI AMC, and Others – News18

Stocks To Watch June 16: The Nifty futures contract traded on the Singapore Exchange indicates a positive start to domestic equities. The contract was trading at 18,810.50, up 50.5 points or 0.27% from the previous close.

IKIO Lighting: The stock is likely to debut with a gain of 30-35 per cent today as per cues from the grey market. The Rs 607 crore IPO was subscribed almost 66 times, with high net individuals subscription at 63 times, and retail at 14 times.

Reliance (RIL): The company is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to people familiar with the matter. Lenders involved in the discussions include Bank of America, Citigroup and Standard Chartered.

Hero MotoCorp: The Ministry of Corporate Affairs has ordered an investigation to assess the two-wheeler major’s relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.

IndiGo, SpiceJet: IndiGo registered its highest-ever domestic market share of 61.4 per cent in May, capitalising on Go First suspending flights. Domestic airlines flew over 13.2 million passengers in May, up over 3 per cent sequentially. However, SpiceJet’s market share declined to 5.4 per cent from 5.8 per cent in the previous month.

Ramkrishna Forgings, Titagarh: A consortium between Ramkrishna Forgings and Titagarh Rail Systems has been awarded the contract to manufacture and supply 15,40,000 forged wheels over a span of 20 years, under the AatmaNirbhar Bharat Initiative by Ministry of Railways, Government of India. The contract will see the consortium delivering 40,000 forged wheels during the first year, 60,000 wheels in the second year and 80,000 wheels every subsequent year thereafter, with the total contract valued at Rs 12,226.5 crore.

UTI AMC: Sponsors of UTI Mutual Fund, including State Bank of India (SBI), Punjab National Bank (PNB) and Life Insurance Corporation of India (LIC), have initiated the process to dilute their stake in India’s oldest fund house. The three collectively hold 45.21 of the paid-up capital in UTI.

Ashok Leyland: The commercial vehicle manufacturer in association with Aidrivers, a specialist in AI-enabled autonomous solutions, will produce autonomous electric terminal trucks to address the net zero emissions needs of the port industry.

Glenmark Pharmaceuticals: The drug maker has slashed the price of breast cancer drug Trastuzumab by bringing its brand Trumab at Rs 15,749 for a 440 mg vial from Rs 54,000 earlier. This price reduction will bring the per mg cost of Trumab to around Rs 35, making it the most affordable treatment option for HER2-positive breast cancer, Glenmark said in a statement.

Axis Bank: Private investment firm Bain Capital has sold partial stake in private lender Axis Bank via block deal on Thursday, while many domestic and foreign funds lapped up the shares.

GAIL: Sanjay Kumar has assumed charge as director (marketing) of GAIL (India). Prior to his new role, Kumar was the MD of Indraprastha Gas.

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