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Stocks in Focus: ICICI Securities, HDFC Life, RVNL and Others

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On Friday’s volatile trading session, NSE Nifty 50 and BSE S&P Sensex closed in the red. Nifty 50 gave up the 18,700 level to end 0.56% lower at 18,665.5, while Sensex dropped 260 points to settle just under the 63,000 level at 62,979.4. 

Domestic indices are expected to see a flat start on Monday, seeing the performance of Nifty Futures trading on the Singapore Exchange (SGX) in the early trading hours. 

Take a look at the stocks that are likely to remain in focus in today’s trading session.

Asian Paints: Asian Paints has acquired an additional 11% stake in Obgenix Software for Rs 54 crore. The leading paint manufacturer now holds a 60% stake in the company, making the brand White Teak one of its subsidiaries. 

HDFC Life Insurance: The insurance provider has received a show cause-cum-demand notice from the investigative wing of the Central Board of Indirect Tax and Customs (CBIC) for non-payment of GST amounting to Rs 942.18 crore. HDFC Life will challenge the demand notice but has deposited Rs 250 crore under protest. 

ICICI Securities: The board of private lender ICICI Bank will meet on Thursday, June 29, to consider the proposal to delist the shares of its broking arm, ICICI Securities, which was listed on April 5, 2018. 

Rail Vikas Nigam Ltd: RVNL has emerged as the lowest bidder in the Maharashtra Metro Rail Corporation Limited (MMRCL) contract for designing and constructing 6.92 km of elevated Metro Viaduct in Reach 2A of NMRP Phase-2. The project is expected to be executed in 30 months and cost Rs 392.4 crore. 

Ipca Laboratories: After completing its inspection during June 15-23, 2023, the US Food and Drug Administration (US FDA) issued Form 483 with eight observations for the company’s Pithampur formulations manufacturing facility in Madhya Pradesh. The USFDA inspected the facility during June 15-23, 2023.

REC: Bangalore Metro Rail Corporation Limited (BMRCL) has received Rs 3,045 crore in financial aid from REC for constructing and developing metro lines under Phase-II project of Bangalore Metro. 

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