Stocks in focus: Indian Overseas Bank, Future Enterprises, Central Bank, UCO Bank, Axis Bank, Adani Green, HAL

Nifty futures were trading at 14,856, up 110 points or 0.75 per cent, on Singaporean Exchange, suggesting a gap-up opening for BSE Sensex and Nifty 50 on the first trading day of FY22. Investors will continue to watch rising COVID-19 cases, ongoing vaccination drive, oil prices, rupee movement against US dollar and other global cues. The market weakness of Wednesday has not impacted much on the short term uptrend status of the market, says Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “We are not expecting any major weakness from here and any further decline is likely to form a higher bottom around 14600-14500 and that could eventually pull the market towards the hurdle of 14900 again. Immediate support is placed at 14620,” he added.

Stocks in focus today:

Indian Overseas Bank: Indian Overseas Bank in its BSE filing said it has received a capital infusion of Rs 4,100 crore from the government towards the contribution of Central Government in the preferential allotment of equity shares of the bank during the Financial Year 2020-21, as government’s investment.

Future Enterprises: Future Enterprises (FEL) said it had failed to make interest repayment of Rs 15.95 crore towards its non-convertible debentures (NCDs). This will be the second default by a Future Group entity in a month, after Future Consumer failed to repay bondholders in February this year.

Central Bank of India: The bank informed that the Government of India has conveyed the sanction of President of India for release of Rs 4800 crore to Central Bank of India towards contribution of the Central Government in the preferential allotment of equity shares during the financial year 2020-21.

Bank of India: The bank in a BSE filling informed that Government of India has infused capital of Rs 3,000 crore in Bank of India for the purpose of preferential allotment of equity shares after obtention of shareholder’s approval in the extraordinary general meeting and other related regulatory approvals.

UCO Bank: Government of India conveyed their sanction for release of Rs 2600 crore towards contribution of the Central Government in the preferential allotment of equity shares of UCO Bonk.

Adani Enterprises: Adani Enterprises on Wednesday said it has incorporated a wholly-owned subsidiary, Vizag Tech Park Ltd (VTPL), with an authorised share capital of Rs 5 lakh, to develop a data centre and business park.

Axis Bank: Axis Bank has entered into a share purchase agreement on 31st March 2021 for sale of 100% stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd.

Adani Green Energy: Adani Green Energy Limited has completed acquisition of 100% of the share capital and all the securities of Surajkiran Renewable Resources Private Limited from Skypower Southeast Asia III Investments Ltd and Skypower Southeast Asia Holdings 2 Ltd.

Hindustan Aeronautics Ltd: HAL in its BSE filing, said in spite of the COVID-19 pandemic, the company had recorded a revenue growth of around 6 per cent in FY 2020-21 due to the improved productivity after suspending the operations for one month in the beginning of the year