Top stocks to watch out for on July 5: Adani Power, Maruti Suzuki, SpiceJet, L&T Finance

SUMMARY

Indian benchmark indices BSE Sensex and NSE’s Nifty50 are likely to stay volatile on Friday as finance minister Nirmala Sitharaman will present the Union Budget for the fiscal year 2018-19. Investors await the government’s proposals to revive India’s economic growth. The Economic Survey projected GDP growth rebounding from a five-year low to 7 percent in the FY20. Asian markets traded at two-year high, while US markets were closed on account of the Independence Day. Indian shares settled with gains in the previous session, rising for the fourth straight day. At 7.00 AM, the SGX Nifty futures traded unchanged at 11,980, indicating a muted start for the Sensex and the Nifty 50.

By CNBC-TV18Jul 5, 2019 7:29:41 AM IST (Published)

Adani Power: GMR Infrastructure has signed a definitive agreement with Adani Power to sell its entire 47.62 percent stake in GMR Chhattisgarh Energy for an undisclosed amount.

Maruti Suzuki: The Competition Commission of India (CCI) had ordered an investigation into how the country's biggest carmaker Maruti Suzuki controls discounts its dealers offer. The CCI has now asked its investigations unit to complete the probe within 150 days.

SpiceJet: Four senior executives of SpiceJet were issued show cause notices by DGCA after a special audit team of the aviation regulator, which probed multiple landing incidents involving the airline, found lapses on their part, sources privy to the development told PTI. (Image credits: Getty/Caption credits: PTI)

Eveready/Yes Bank: The private sector lender has acquired over 9 percent shares of battery maker Eveready by invoking pledged shares following loan default by a group company.

L&T Finance: The company has secured $550 million funding through external commercial borrowing (ECB) anchored by World Bank arm IFC along with BNP Paribas, Citibank, and DBS Bank.

REC: The board would consider a proposal next week to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year.

J&K Bank: The Reserve Bank of India has appointed its former executive director A K Misra as the additional director on the board of Jammu and Kashmir Bank.

Sobha: The company reported Q1FY20 sales at Rs 778 crore, up 2 percent YoY. The average realisation was Rs 7,312 per square feet against Rs 7,941 per square feet YoY. Sales volume rose 11 percent YoY.

Corporation Bank: CARE revised rating from CARE A+ Negative to CARE A+ Stable for Upper Tier II bonds and Perpetual bonds.