Stocks in Focus: HDFC Bank, Raymond, Life Insurance Corporation, and Others

Stocks in Focus: HDFC Bank, Raymond, Life Insurance Corporation, and Others
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Stocks in Focus: HDFC Bank, Raymond, Life Insurance Corporation, and Others

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 0.17% lower by 41.50 points at 24,377, indicating that the domestic benchmark indices are likely to make a negative start on Friday.

On Thursday, 4 July, Domestic benchmark indices S&P BSE Sensex gained 62.87 points or 0.08%, to end at 80,049.67, while the Nifty50 traded 15.65 points or 0.06% up and settled at 24,302.15.

Here are some stocks that are likely to remain in focus on 5 July.

HDFC Bank: In its Q1 business update, the company said that its gross advances registered a 53% year-on-year growth to Rs 24.87 lakh crore during the quarter from Rs 16.3 lakh crore in the same quarter last year. 

Raymond: The company’s Board of Directors has considered and approved the demerger of its real estate subsidiary, Raymond Realty, to capitalize on the booming realty boom. The company will issue 6.65 crore shares of Raymond Realty with a face value of Rs 10 per share.

Life Insurance Corporation: The company has acquired an additional 0.2% stake in IDFC First Bank, increasing its stake in the company to 2.68%. 

Persistent Systems: The company’s wholly-owned subsidiary, Persistent Systems Inc., USA, has entered into a share purchase agreement to acquire Starfish Associates, LLC, USA.

Punjab National Bank: The bank reported strong growth in its April-June quarter business update for the current fiscal year. Its global business saw a 10.3% YoY increase, and its global deposits grew 8.5% YoY, demonstrating the bank’s ability to attract and retain customer funds. 

IDFC First Bank: The company has raised Rs 3,200 crore by selling around 396.8 million shares at an average price of Rs 80.63 per share to six insurance companies, including Aditya Birla Sun Life Insurance Company, HDFC Life, ICICI Lombard General Insurance Company, SBI General Insurance Company, and Bajaj Allianz Life Insurance Company. 

BGR Energy: The Board of Directors of the company have approved raising Rs 1,000 crore via the rights issue. 

Nazara Technologies: The company has announced incorporating a wholly-owned subsidiary, Nazara US Inc., located in Delaware, United States of America.