Top stocks to watch out for on June 10: Kotak Bank, MindTree, Zee Entertainment, Reliance Power

SUMMARY

Indian benchmark indices BSE Sensex and NSE's Nifty 50 are set for a strong start on Monday following gains in global markets after the US and Mexico agreed to end their trade dispute. Moreover, week US jobs data on Friday raised prospects of an interest rate cut by the US Federal Reserve. Meanwhile, the Reserve Bank on Friday issued its much-awaited revised circular for resolving stressed assets, offering lenders a 30-day period to label an account an NPA, among other provisions. Investors in India will await key inflation and manufacturing data due to be released this week. At 7.05 AM, the SGX Nifty futures traded 53 points, or 0.45 percent, higher at 11,950, indicating a positive start for the Sensex and the Nifty 50. Here are the top stocks to watch out for in today's trade:

By CNBC-TV18Jun 10, 2019 8:02:56 AM IST (Updated)

Kotak Mahindra Bank: The Reserve Bank of India (RBI) has on June 6 imposed a monetary penalty of Rs 2 crore on Kotak Bank for not sharing information related to promoters’ stake in the bank.

L&T and MindTree: Larsen and Toubro has made a cash offer of Rs 980 to acquire up to 51,325,371 equity shares, representing 31 percent of the voting share capital. The open offer will begin on June 17 and will close on June 28. (Stock Image)

Zee Entertainment: The company said promoter group Cyquator Media Services sold 2.21 percent stake in open market between February 13 to May 30. Moreover, the company’s 6 percent cumulative redeemable non-convertible preference shares has been placed on 'BWR AAA (Credit Watch with Negative Implications), from 'BWR AAA (Credit Watch with Developing Implications).

Tata Power: CRISIL revised Tata Power’s ratings for debts instruments and long-term banking facilities from AA-(Stable) to AA-(Positive). The move came after Tata Power cleared all dues on debentures worth INR1,082 crore and term loan of INR605 crore.

Mahindra and Mahindra: M&M said, as part of aligning its production with sales requirements, the company would be observing ''no production days'' ranging between 5-13 days in various plants of the company and MVML during the first quarter of the financial year 2019-2020. The management does not envisage any adverse impact, it added.

Maruti Suzuki: The company said its production for May declined to 151,188 vehicles, as against 184,612 in the same month last year.

Reliance Power: The Anil Ambani group firm reported a net loss of Rs 3,558.51 crore for the quarter ended March 31, as against a net profit of Rs 189.21 crore in the year-ago period. The board approved raising resources by issuing debt securities by way of privately placed debentures, subject to approvals.

PC Jeweller: CRISIL has downgraded its ratings on the bank facilities of PC Jeweller to 'CRISIL BB+/Negative/CRISIL A4+' from 'CRISIL BBB+/Negative/CRISIL A2'.

J&K Bank: The Jammu and Kashmir government on June 8 removed J&K Bank Chairman Parvez Ahmad and appointed its executive president R K Chibber as an interim chairman.

SAIL: The state-owned steel maker has received a positive response from the Odisha government on its request of land allocation to set up a coast-based plant in the state, said chairman.