Top stocks in news on June 25: TCS, SBI Life, Welspun Corp, Piramal, Axis Bank

SUMMARY

Indian shares are likely to open on a cautious note on Tuesday in line with global markets as investors await US-China trade talks at the G20 meeting later this week. Rising geopolitical tensions between the US and Iran have also made investor cautious. US President Donald Trump on Monday targeted Iranian Supreme Leader Ayatollah Ali Khamenei and other top Iranian officials with sanctions. Indian benchmark indices BSE Sensex and NSE’s Nifty 50 ended marginally lower in the previous session dragged by metal and auto stocks. At 7.35 AM, the SGX Nifty futures traded only 12 points, or 0.10 percent, higher at 11,728, pointing to a muted start for the Sensex and the Nifty 50.

By CNBC-TV18Jun 25, 2019 9:24:58 AM IST (Updated)

Axis Bank: State-owned LIC has sold over 5.25 crore shares, representing about 2 percent stake, of Axis Bank through open market transaction. LIC’s stake in the bank has now come down to 10.2 percent from 12.21 percent earlier.

SBI Life: BNP Paribas Cardif, the foreign partner of SBI Life Insurance, will sell up to 2.5 crore shares, representing 2.5 percent stake in the insurance company, for at least Rs 1,625 crore through an offer for sale (OFS) mechanism.

Welspun Corp: The company will buy back 2.8 crore shares for Rs 390 crore, at a price of Rs 135 apiece.

Piramal Enterprises: The company is planning to sell its entire holding of around 20 percent stake in Shriram Capital to fund growth of its financial services business. The company had earlier this month sold its entire holding of 10 percent holding in Shriram Transport Finance Co Ltd for Rs 2,300 crore.

L&T Technology: Larsen and Toubro is selling up to 2,00,000 equity shares of L&T Tech via offer for sale.

Tata Consultancy Services: TCS will increase its stake in Japanese unit by 15 percent to 66 percent. The unit is in a joint venture with TCS Asia Pacific and Mitsubishi Corp.

Telecom: India’s telecom subscriber base grew marginally to 1,183.77 million in April on account of net mobile customers gain by Reliance Jio and state-run telecom firm BSNL, according to a Trai report. Though Reliance Jio and BSNL jointly added over 8.31 million customers, the growth was mitigated by loss of customers by Bharti Airtel, Tata Teleservices, Vodafone Idea, public sector telecom firm MTNL and Reliance Communications (RCom).

Andhra Bank: The bank’s board has approved a proposal to raise equity capital of Rs 2,000 crore through qualified institutional placement or follow-on public offer or sale of non-core assets or preferential allotment.

Spencer's Retail: The firm is seeking shareholders approval to raise Rs 350 crore, by using movable or immovable properties of the firm as collateral, in the annual general meeting scheduled on July 19, 2019.

IndiGo: The pilots of an IndiGo Mumbai-Jaipur flight were forced to shut one of its engines due to suspected oil leakage, PTI reported, citing a source.