Stocks in focus: Eicher Motors, SBI, Biocon; Nifty trades below 9,700 level

The Indian indices opened on a negative note over weak global cues. At 10.17 IST, Sensex was trading lower by 2.3 percent at 32,748.60. Whereas Nifty declined by 229 points at 9,673. Currently, Bharti Infratel is among the top gainer on the Nifty list followed by BPCL, Bharti Airtel, and Britannia.

All the sectoral indices are trading on the red mark with Nifty PSU Bank facing the lowest by 3.8 percent at 1,289, at 10.19 IST.

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Here are some of the stocks to watch in the trading session as of June 12, 2020:

  1. Eicher Motors:

The multinational will be announcing its fourth-quarter results ended in March. Following, Mahindra & Mahindra Ltd, Hindalco Industries Ltd, and Gujarat Industries Power will also post their earnings for Q4 among others on June 12.

  1. SBI:

The bank is set to sell 2.1 crore equity shares or 2.10% stake in SBI Life Insurance via an offer for sale (OFS). The stake sale will be open on June 12 and 15. Moreover, the floor price offered for sale is at Rs. 725 per share value.

  1. Biocon:

The drug producing company said the US FDA has consented the New Drug Application (NDA) for Semglee, insulin glargine injection, in a vial and pre-filled pen presentations, to control high blood sugar in adults with type-two diabetes and adult and paediatric patients with type-one diabetes. Further, the insulin was developed by the company alongside with Mylan. The company’s shares increased by 2 percent in the early trade session on June 12.

  1. HDFC:

The multinational said that it will raise funds to Rs. 4,000 crore via issuing of bonds on private placement basis. The issue is set to open on June 15 and close on the same day along with offering a coupon rate of 7.25 percent each year payable annually. The redemption date is set for June 17, 2030. Further, the issue size is of the secured redeemable non-convertible debentures is Rs. 2,100 crore with an option to retain over-subscription up to Rs. 1,900 crore, the company said in its filing.

  1. Sundram Fasteners:

The company reported its net profit at Rs. 54.57 crore in the fourth quarter ended in March. This was against Rs 112.75 crore in the same quarter last fiscal. Further, the revenue stands at Rs 830.91 crore as compared to Rs 1,142.17 crore the previous year.

In addition, some of the other stocks that are in focus include RIL, Aarey Drugs, Capital trust, Indian Oil, Wipro, Lupin, among others.