Stocks to watch on June 9: HDFC Bank, Infosys, Airtel, Tata Steel, MCX, BEL
Stock markets ended last week on a strong note after the Reserve Bank of India (RBI) surprised investors with a 50 basis point cut in the repo rate and a 1% reduction in the cash reserve ratio (CRR), which will be done in phases.The policy announcements by the RBI improved market sentiment and pushed indices higher. As trading begins on Monday, investors will be looking at some key companies and developments that may impact share prices.HDFC BANKHDFC Bank is in the spotlight after the Lilavati Kirtilal Mehta Medical (LKMM) Trust made serious accusations against the bank's Managing Director and CEO, Sashidhar Jagdishan. The Trust has asked financial regulators to take action against him. In response, HDFC Bank said it will take legal steps to address the matter. This situation may affect investor confidence in the short term.INFOSYSInfosys has received relief in a large tax matter. The Director General of GST Intelligence (DGGI) has informed the company that it is closing the pre-show cause notice proceedings related to a tax demand of Rs 32,403 crore. The notice was connected to possible non-payment of Integrated GST (IGST) under the Reverse Charge Mechanism for the period between July 2017 and March 2022. This closure removes a major overhang for the company and may boost investor sentiment.INDUSIND BANKThe Securities and Exchange Board of India (Sebi) has issued a correction to its recent interim order in an insider trading case linked to IndusInd Bank. Although details of the correction have not been shared publicly, any regulatory development related to insider trading tends to attract market attention.SUZLON ENERGYAccording to reports, the Tanti family and its trust, promoters of Suzlon Energy, are planning to sell 20 crore shares through a block deal on Monday. If this happens, it could affect the stock price, especially in the short term, as large sales by promoters are often closely tracked by the market.AMBUJA CEMENTSAdani Group-owned Ambuja Cements said in its latest annual report that it accounts for around 30% of the cement used in building homes and infrastructure across India. The company's performance will be watched closely, as this signals its growing role in the construction sector.AIRTELTelecom company Airtel has reached out to over 40 banks, the RBI, and the National Payments Corporation of India (NPCI) with a proposal to work together to fight digital fraud. The plan includes sharing data about known fraudulent financial domains. This step could improve trust in digital payments and may be seen as a proactive move by the company.MCXThe Multi Commodity Exchange (MCX) has received approval from Sebi to launch electricity derivatives. This will allow the exchange to offer new products and may attract fresh interest from traders and investors looking to tap into energy markets.BELTata Electronics and Bharat Electronics Ltd (BEL) have signed an agreement to explore the development of semiconductor and advanced electronics solutions. This partnership could help boost India's manufacturing efforts in high-tech electronics and improve BEL's growth outlook.TATA STEELTata Steel has shared its plans to begin construction of its electric arc furnace (EAF)-based steel project in the UK from July 2025. Operations are expected to begin by 2027. This project is part of the company's push towards cleaner, low-carbon steel production, which could help it meet future environmental regulations.LICLife Insurance Corporation of India (LIC) has named its MD, Sat Pal Bhanoo, as the acting CEO and MD for three months, starting June 8. This decision follows the end of the term of the previous chairman and gives LIC time to finalise a permanent appointment.NHPCNHPC has started the third phase of operations at its Karnisar Solar Power Project in Bikaner. The current phase adds 53.57 megawatts to its total planned capacity of 300 megawatts. This expansion supports India's move towards more renewable energy.HINDUSTAN COPPERHindustan Copper has signed a memorandum of understanding (MoU) with RITES, a government-owned engineering consultancy company. The partnership aims to explore areas of cooperation, though details have not been made public yet.GRSEGarden Reach Shipbuilders and Engineers (GRSE) has signed MoUs during a recent official visit to Sweden and Denmark. The agreements are aimed at strengthening its marine engineering division and exploring opportunities in making expedition cruise vessels.
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