Daily Stock Market News

RIL, LIC and other stocks in news today

New Delhi: Trends in SGX Nifty indicate a positive opening for the Indian equity markets. On Monday, Sensex and Nifty closed in the green after six days. FMCG and financial services stocks were the top gainers.
Asian shares opened slightly higher Tuesday morning, extending the previous day’s gains, following a positive lead from Europe as some stability returned to markets after last week’s hefty losses.
US Stocks remained closed on Monday as Wall street observed a Federal holiday on the account of Juneteeth
Stocks in news
Reliance Industries: Market regulator Sebi has imposed a Rs 30 lakh penalty on Reliance Industries and its two compliance officers for alleged violation of Prohibition of Insider Trading regulations. The matter pertains to so-called lack of fair disclosures of unpublished price sensitive information, in the case of Facebook’s 9.99% investment in RIL subsidiary Jio Platforms in April 2020.
Life Insurance Corp: JPMorgan believes that the market is mispricing the newly-listed Life Insurance Corp. of India’s shares which are down over 30% from the IPO price. Initiating coverage on the stock with an overweight rating and a target price of Rs 840, JPMorgan said the valuations are attractive.
ICICI Prudential Life Insurance: The private life insurer has announced a record bonus of Rs 969 crore for policyholders in FY22, up 12% on year. This is the company’s 16th consecutive annual bonus, and the highest ever to date.
Oil and Natural Gas Corporation: Ministry of Petroleum and Natural Gas has approved the extension of additional charge of the post of Chairman and Managing Director (CMD) to Alka Mittal, Director (HR), for a period of two months from July 1 to August 31, 2022, or till the appointment of a regular incumbent to the post.
Bank of India: The state-owned lender is mulling to raise up to Rs 2,500 crore in fresh equity capital as it requires to increase the public shareholding in the bank to 25 per cent to comply with regulatory norms. Presently, public shareholding in Bank of India is 18.59 per cent.
Fineotex Chemical: The specialty chemical company said the board will meet on June 24 to decide on raising funds by issue of equity shares. This is subject to shareholders’ and regulatory approvals.
HUDCO: Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation at ‘BBB-‘ level, i.e. at the sovereign level. At the same time, the rating agency has revised the outlook on HUDCO to ‘stable’ from ‘negative’. The rating action follows the change in government of India rating to ‘stable’ from ;negative’ on June 10.
Shree Cement: board has approved setting up an integrated cement plant in Guntur, Andhra Pradesh.

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