Top stocks to watch out for on June 4: ICICI Bank, Axis Bank, Dr Reddy's, L&T Tech

SUMMARY

Indian shares are expected to open lower on Tuesday amid a consolidation after a record rally in the previous session. Benchmark indices BSE Sensex and NSE’s Nifty 50 surged 1.4 percent to hit their new record highs on Monday after a decline in Q4 GDP growth increased the prospects of a 50 basis point interest rate cut by the Reserve Bank of India (RBI) in the fiscal year 2019-20. A CNBC-TV18 poll expects the central bank to cut repo rate by 25 basis points to 5.75 percent. In global markets, Asian shares traded mixed after a heavy selloff in technology stocks in the US overnight. At 7.05 am, the SGX Nifty futures traded 37 points, or 0.31 percent, lower at 12,081, indicating 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 4, 2019 7:49:41 AM IST (Published)

ICICI Bank: Fitch Ratings has downgraded the bank’s long-term issuer default rating (IDR) to 'BB+' from 'BBB-' and its Viability Rating to 'bb+' from 'bbb-'. The outlook on the IDR is stable. The rating action comes amid the challenges the bank faces in its operating environment, Fitch Ratings said in a statement.

Axis Bank: Fitch downgraded the bank’s long-term IDR and Viability Rating of Axis Bank to 'BB+' and 'bb+', respectively, from 'BBB-' and 'bbb-'. "We expect the performance of India's banking sector to be below average over the next one to two years despite our expectations of high economic growth and improving business prospects," it said.

Dr Reddy’s Laboratories: The drug firm has re-launched its generic Zenatane capsules in the US market. The product, which is a generic version of Hoffman LaRoche's Accutane capsules, is being launched with an approved Risk Evaluation and Mitigation Strategy (REMS) Program, Dr Reddy's said.

Kotak Mahindra Bank: Uday Kotak, managing director of Kotak Mahindra Bank, told the Bombay High Court that promoters' holdings in the bank meet regulatory guidelines.

L&T Technology Services: Infrastructure major Larsen & Toubro (L&T) is planning to sell 3.8 percent of L&T Technology Services, the company said in a filing to the BSE on Monday.

CESC Ventures: The company has signed an agreement to acquire Herbolab India Pvt Ltd, the manufacturer of "Dr Vaidya" brand of ayurvedic products, for a total consideration of Rs 32.175 crore.

GE Power India: The company has received a contract worth Rs 738.3 crore by Aravali Power Company Pvt Ltd, a joint venture company of NTPC, Haryana Power Generation Corporation and Indraprastha Power Generation Company.

Ashok Leyland: The Hinduja Group flagship firm reported a 4 percent decline in total sales to 13,172 units in May.