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Stocks in focus on April 02, 2018

NEW DELHI: The domestic stock market is likely to open on a negative note on Monday, tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty). At 8.15 am, Nifty futures on the SGX were trading 20 points, or 0.20

percent, lower at 10,222.50.

Here is a list of top stocks that are likely to be in focus in today’s trading session

Axis Bank: (RBI) has asked the Axis Bank board to reconsider the fourth three-year term it gave CEO Shikha Sharma last year, said an ET report. This could presage a tightening of scrutiny on the appointment of bank CEOs by the regulator. The regulator addressed the letter to Axis Bank chairman Sanjiv Misra and gave its reasons for urging a review. These included the bank’s performance and its deteriorating asset quality, people aware of the matter said, adding that the board is now considering a one-year term for Sharma, during which it will look for a successor.

ICIC Bank: The Central Bureau of Investigation (CBI) has questioned few ICICI Bank officials as part of a preliminary enquiry to find if any quid pro quo was involved in the bank issuing a Rs 3,250 crore loan to the Videocon Group in 2012. Media reports this past week alleged that Videocon Group chairman Venugopal Dhoot invested Rs 64 crore ($9.83 million) in Nu Power Renewables, a firm owned by Deepak Kochhar, the husband of ICICI Bank CEO Chanda

Kochhar,

after Videocon secured a loan from a consortium of banks, including ICICI Bank.

Cyient has acquired 100 percent stake in

Cyient

Solutions & Systems. Consequently, the latter has become a wholly subsidiary of Cyient.

Tata Motors on Sunday reported 35 percent increase in total sales to 69,440 units in March as compared to 51,309 units in the same month last year. Maruti Suzuki India on Sunday posted a 14.9 percent rise in its March sales at 1,60,598 units, as compared 1,39,763 units sold in the same month last year, according to a company statement.

Canara Bank has called off its plan to divest entire stake in Can Fin Homes. In a BSE filing, the PSU lender said the quotes it received were not in tune with the valuations it was seeking. At Wednesday’s closing price, Canara Bank’s 30

per cent

in Can Fin Homes amounted to Rs 1,938 crore.

Sandhar Tech:

Auto component maker Sandhar Technologies, which recently concluded its initial public offer, will make its stock market debut today. The company’s Rs 512-crore IPO was open during March 19-21 and was subscribed 6.2 times. The

scrip

will be listed on BSE and the National Stock Exchange. This apart, Karda Construction will also list its shares today.

Ambuja Cements, Aurobindo Pharma and Bosch:

Ambuja Cements, Aurobindo Pharma and Bosch will be excluded from the benchmark Nifty50 with effect from April 2. They will be replaced by Bajaj Finserv, Grasim Industries

These replacements will also be applicable to the Nifty50 Equal Weight index, said a PTI report.

State-owned Life Insurance Corporation (LIC) has reduced its stake in telecom products manufacturer Sterlite Technologies by 2 percent after selling 80.28 lakh shares in the open market.

 

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