Top stocks to watch out for on June 20: HDFC, Apollo Hospitals, Adani Green, Reliance Power

SUMMARY

Indian shares are likely to open in the green on Thursday following dovish monetary policy outlook from the US Federal Reserve in line with market expectations. The US central bank kept interest rates unchanged and signalled possible rate cuts this year. Asian shares traded marginally higher on Fed decision and hopes for positive US-China trade talks in the upcoming G20 meeting. Indian benchmark indices BSE Sensex and NSE’s Nifty 50 ended marginally higher after a volatile session on Wednesday. At 7.02 AM, the SGX Nifty futures traded 28 points or 0.24 percent higher at 11,746.50, pointing to a positive start for the Sensex and the Nifty 50.

By CNBC-TV18Jun 20, 2019 7:33:58 AM IST (Published)

HDFC: The lender has agreed to acquire 51.2 percent stake in Apollo Munich for Rs 1,347 crore. Post the acquisition, Apollo Munich shall be merged with HDFC Ergo General Insurance.

Apollo Hospitals: The company is selling its entire 10 percent stake in Apollo Munich Health Insurance Company to HDFC for Rs 300 crore.

lnduslnd Bank-Bharat Financial: lnduslnd Bank and Bharat Financial Inclusion (BFIL) said their merger will be effective from July 4.

Adani Green: The company has won bids for setting up 600 MW wind-solar hybrid power project by Solar Energy Corporation of India. The fixed PPA tariff is Rs 2.69/ kWh for a period of 25 years.

South Indian Bank: The RBI has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding bank guarantees.

Ashok Leyland: The Hinduja Group flagship will close its Pantnagar plant for six days from June 24 to adjust production according to the demand.

Reliance Power: Icra has downgraded the long-term rating on the company, with rating remaining non-cooperating category.

Hero MotoCorp: US-based Harley-Davidson Motor Co. is in talks with India’s largest two-wheeler maker, Hero MotoCorp Ltd, to outsource the production of 250-500cc motorcycles that the iconic motorbike maker plans to develop for emerging markets, reported Mint, citing four people aware of the matter.