Reliance, Vodafone Idea, Bank of India, LIC, Happiest Minds, Adani Power stocks in focus on 21 June 2022

Domestic stock indices snapped their 6-day losing streak on Monday as BSE Sensex and NSE Nifty 50 rose higher. BSE Sensex closed 237 points, or 0.46 per cent, higher at 51,598 and the NSE Nifty 50 shut shop at 15,530, up 57 points or 0.37 per cent. However, on Tuesday trends on SGX Nifty was suggesting that Dalal Street might see tepid start. Nifty futures were up just 12 points or 0.08 per cent at 15,374 on Singaporean Exchange. Global cues were positive with Asian stocks trading mostly buoyant. U.S. markets are set to return to trade on Tuesday after a holiday on Monday. Analysts say it’s just a pause after the sharp decline and participants should look for shorting opportunities in case Nifty witnesses any rebound towards the 15,550-15,700 zone. “For cues, the performance of the global indices and crude movement will remain in focus,” Ajit Mishra, VP – Research, Religare Broking, said.

Stocks to watch on 21 June 2022

Reliance Industries Ltd: The Securities and Exchange Board of India (SEBI) on Monday imposed a penalty of Rs 30 lakhs on RIL and its two compliance officers for alleged violation of Prohibition of Insider Trading (PIT) regulations.

Vodafone Idea: Vodafone Idea’s (VIL) board is scheduled to meet on June 22 to consider a proposal to raise Rs 500 crore from one of the entities of Vodafone Group. The promoters of VIL (Vodafone Group and Aditya Birla Group) had infused Rs 4,500 crore into the company in March.

Life Insurance Corporation of India: JP Morgan initiated coverage on LIC with an overweight rating and a target price of Rs 840. It believes that the market is mispricing the newly-listed Life Insurance Corporation of India’s shares which are down over 30 per cent from the IPO price.

Bank of India: State-owned Bank of India (BoI) 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.

Happiest Minds: Morgan Stanley sold over 13 lakh shares of midcap IT firm Happiest Minds Technologies on Monday. BSE data shows that Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13.14 lakh shares of Happiest Minds at Rs 800 per share. On the other hand, Plutus Wealth Management bought 19.39 lakh shares at Rs 800.02 apiece.

Adani Power: Adani Power completed the acquisition of 100 per cent equities in SPPL and EREPL for about Rs 609 crore. On June 7, 2022, Adani Power had signed a share-purchase agreements to acquire 100 per cent equity shares of two companies- Support Properties (SPPL) and Eternus Real Estate (EREPL) from their respective shareholders.