Top 10 stocks for today

21 Jun 2022 , 08:10 AM

Here are the companies making the headlines and have the potential to move the markets:

1. Bharat Forge:

The electric car business will be consolidated by Bharat Forge. For greater strategic alignment, the company has opted to concentrate its electric vehicle business initiatives under Kalyani Powertrain Ltd (KPL), a wholly-owned subsidiary. As a result, the company’s investment committee for strategic business has approved the transfer of the company’s stake in Refu Drive GmbH, a joint venture, to KPL, subject to regulatory approval.

1. ONGC:

Alka Mittal is given extra charge of ONGC’s CMD job for two months by the Ministry of Petroleum and Natural Gas. The government has approved Alka Mittal, director (HR), being given extra charge of the post of chairman and managing director for a period of two months, from July 1 to August 31, or until a regular incumbent is appointed, whichever comes first.

1. Engineers India:

Engineers India’s next CFO will be Sanjay Jindal. Sanjay Jindal, director (finance), has been named chief financial officer of the company, replacing Vartika Shukla, CMD and additional charge director, according to the company (technical). The appointment is effective immediately for a period of five years, or until his superannuation, whichever comes first, or until further orders.

1. Fineotex Chemical:

On June 24, Fineotex Chemical will consider raising funds. The board of directors will meet on June 24 to decide whether or not to raise funds through the issuance of shares, according to the corporation. This is contingent on shareholder and regulatory clearances.

1. Suven Life Sciences:

On June 24, Suven Life Sciences will evaluate a rights issue. The board of directors of the company will meet on June 24 to explore raising capital by issuing shares on a rights basis to current owners, according to the corporation.

1. Adani Power:

For around Rs609 crore, the utility firm completed the acquisition of 100% equity in SPPL and EREPL. Adani Power inked a share purchase agreement with two companies, Support Properties (SPPL) and Eternus Real Estate (EREPL), on June 7, 2022, to buy 100% equity shares from their respective shareholders.

1. Vodafone Idea:

The debt-ridden telecom firm’s board of directors will meet on June 22 to consider a request from Vodafone Group to raise Rs500 crore. The funds will be raised through the preferential issue of equity shares or convertible warrants to one or more Vodafone Group businesses.

1. Happiest Mind Technologies:

Morgan Stanley Investment Funds sold shares in the IT company on the open market for Rs105 crore. Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares, representing a 0.9% position in the company, according to BSE bulk trade data.

1. Ashok Leyland:

With the debut of its ecomet STAR 1115 truck in the 11.44 tonne Gross Value Weight (GVW) category, the commercial vehicle manufacturer and Hinduja Group’s flagship firm has strengthened its CNG-operated Intermediate Commercial Vehicle (ICV) range.

1. HUDCO:

Fitch Ratings has revised the Housing and Urban Development Corporation’s sovereign ratings at the ‘BBB-‘ level. HUDCO’s outlook has also been changed from ‘Negative’ to ‘Stable’ by the rating agency. The rating action comes after the Government of India’s outlook was changed to ‘Stable’ from ‘Negative’ on June 10, 2022.