Top stocks in news: NTPC, DHFL, Godrej Properties, Reliance Power, Persistent Systems

SUMMARY

Indian shares are likely to open lower on Wednesday following negative sentiment in the global markets. Asian shares declined after US Federal Reserve policy makers tempered expectations of further rate cuts. Moreover, oil prices rose over 1 percent today after US crude stockpiles fell more than expected. Indian benchmark indices rose nearly 1 percent snapping a two-day losing streak led largely by bluechip stocks. At 7.14 AM, the SGX Nifty futures traded 26.5 points, or 0.22 percent, lower, pointing to a negative start for the Sensex and the Nifty 50. Here are the top stocks to watch out for in today's trade:

By CNBC-TV18Jun 26, 2019 8:22:44 AM IST (Updated)

Persistent Systems: Its German subsidiary will acquire Youperience GmbH for up to 6.8 million euros (about Rs 53.6 crore).

NTPC: The state-run power company has won 40 MW solar energy projects in an auction conducted by Uttar Pradesh New and Renewable Energy Development Agency.

Adani Power: A consortium of lenders led by Axis Bank has approved Adani Power’s resolution plan to acquire controlling stake and restructure debt of GMR Chhattisgarh Energy Ltd. Adani Power shall hold 100% equity stake of which 52.38% stake is to be acquired from lenders, and 47.62% is from GMR Group.

Reliance Capital: Brickwork Ratings downgraded a long-term debt programme and market linked debenture’s rating to BBB from A. Brickwork has stated this action is primarily due to limited growth prospects of group companies, delay in sale of investments and due to uncertainties of impact from the issues raised by one of the statutory auditor (PwC) and their subsequent resignation. The company ha disagreed with the revision.

Reliance Power: ICRA has revised ratings of its wholly-owned subsidiary Sasan Power Ltd citing deterioration in financial risk profile of the group. The company, however, strongly disagreed with the ratings assigned by ICRA and said the rating agency "has not appropriately factored in" the strengths of the company while assigning the revised ratings.

TV Today Network: HDFC Mutual Fund has increased its holding in media firm TV Today Network by 2.14 percent stake through open market transaction. Schemes of HDFC Mutual fund, which earlier held 5 per cent stake in TV Today Network, bought 12.78 lakh shares, amounting to 2.14 percent shareholding in the company.

SpiceJet: The airline will launch eight new non-stop international flights from Mumbai and Delhi to destinations, including Dhaka and Riyadh. With this, SpiceJet will become the first Indian low-cost carrier to connect Mumbai with Riyadh and Dhaka, and Delhi with Dhaka and Jeddah.

Asian Paints: LIC has sold a 2 percent stake in Asian Paints, bringing the state-run insurers total holdings to 3 percent.

Godrej Properties: The board committee has approved the opening of qualified institutional placement issue on June 25 at a floor price of Rs 908 per share.

Dewan Housing Finance Corp Ltd: DHFL had only been able to make a 40 percent payment on unsecured commercial papers due on Tuesday, but vowed to pay the remaining Rs 225 crore ($32.49 million) in the coming days.

Dewan Housing Finance Corp Ltd: DHFL had only been able to make a 40 percent payment on unsecured commercial papers due on Tuesday, but vowed to pay the remaining Rs 225 crore ($32.49 million) in the coming days.