Stocks To Watch- Tata Motors, RIL, HDFC Bank, Indian Oil Corporation, ITC, Cyient DLM

Stocks To Watch: Tata Motors, RIL, HDFC Bank, Indian Oil Corporation, ITC, Cyient DLM

Stocks in focus: Domestic indices may open flat today amid mixed global cues. The GIFT Nifty futures were trading 23 points or 0.12% lower at 19,435. Asian markets were trading mixed – China’s Shanghai Composite Index rose 0.58%, South Korea’s KOSPI gained 0.32%, Hong Kong’s Hang Seng jumped 1.83%, Japan’s Nikkei 225 tumbled 0.77%, and Asia Dow dipped 0.1%. The US market ended the Friday’s session in red – Dow Jones Industrial Average (DJIA) slipped 0.55%, S&P 500 plunged 0.29% and the tech-heavy Nasdaq fell 0.13%. On Friday, the NSE Nifty 50 sank 165.50 points or 0.85% to 19,331.80 and BSE Sensex tanked 505.19 points or 0.77% to 65,280.45.Stocks to Watch on 10 July 2023Reliance Industries Ltd (RIL)

Reliance Industries said the board of directors of Reliance Retail had approved the reduction of the equity share capital to the extent held by shareholders other than its promoter and holding company Reliance Retail Ventures. RIL has fixed July 20 as the record date for the purpose of determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of the arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date. Reliance Strategic Investments will then be renamed Jio Financial Services (JFSL).

HDFC Bank

MSCI has added HDFC Bank to its Global Standard Indexes, after the merger with HDFC. HDFC (Housing Development Finance Corporation) is removed from the NSE and BSE. The changes in MSCI Global Standard Indexes will be effective from July 13.

ITC

The company issued a clarification on media reports related to the demerger of the hotel business, saying it remains committed to implementing its ‘asset-right’ strategy with respect to the hotel business.

Indian Oil Corporation

The company has received board approval for raising up to Rs 22,000 crore through a rights issue. IOC will form a 50:50 collaboration with Sun Mobility Pte Ltd Singapore (SMS) and its equity investment for the battery swapping business will be Rs 1,800 crore till FY27. The board also approved an investment of $78.31 million in IOC subsidiary 10CL Singapore Pte Ltd, Singapore for the acquisition of preference shares and warrants of SMS.

Cyient DLM

The company will be listed on the stock exchanges on July 10. The final issue price has been fixed at Rs 265 per share.