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Stocks to Watch Today: Tata Motors, Ion Exchange India and Max Financial Services

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Indian stock markets may see a volatile start on Wednesday following mixed trends in Asian peers. At 7:10 am, the SGX Nifty was trading 10.00 points or 0.06 percent lower at 15,753.50, indicating a subdued start for the broader index in India, cnbctv18.com reported.

Top stock to look for the day:

Tata Motors: The homegrown automaker has incorporated a new subsidiary “TML CV Mobility Solutions Ltd” to provide end-to-end services of operating, repair, annual maintenance contracts (AMC) and fleet management services (FMS) for its product range, including electric vehicles.

Vedanta: The Group subsidiary Twin Star Technologies’ resolution plan for Videocon Industries and 12 other companies of the Videocon Group received approval from the Mumbai bench of the National Company Law Tribunal (NCLT).

ICICI Bank: The Reserve Bank of India has approved the re-appointment of Girish Chandra Chaturvedi as the part-time chairman of the bank for a period of three years with effect from July 1, 2021.

PowerGrid Corporation of India: The state-run company has fully commissioned India’s first Voltage Source Converter (VSC) based High Voltage Direct Current (HVDC) electricity transmission system, the power ministry said on Tuesday.

Inox Leisure: The company’s board approved the launch of qualified institutional placement (QIP) to raise close to Rs 300 crore, at a floor price of Rs 315.25 apiece.

Talbros Automotive Components: The company reported a higher consolidated profit at Rs 27.43 crore in Q4FY21 against Rs 0.27 crore in Q4FY20. Revenue rose to Rs 157.63 crore from Rs 91.63 crore YoY.

Crompton Greaves Consumer Electricals: PE Firm Advent will offload 2.9 percent stake in the company through a block deal at a floor price of Rs 398.5 per share.

Religare Enterprises: The company’s board approved to raise Rs 570 crore by preferential allotment of 5.41 crore equity shares at Rs 105.25 to existing shareholders like Ares SSG Capital, Burman family and selected new marquee investors.

Prestige Estates Projects: The company’s Q4FY21 net profit jumped to Rs 1,336.3 crore from Rs 15.4 crore, YoY, due to monetisation of a large portfolio of commercial assets. Total income increased to Rs 2,360.6 crore from Rs 2,016.9 crore, YoY.

Bandhan Bank: The RBI has granted approval for the re-appointment of Chandra Shekhar Ghosh, as Managing Director and Chief Executive Officer of the bank, for a period of three years, with effect from July 10, 2021.

Tata Power Company: The Competition Commission of India (CCI) has approved the company’s proposed purchase of a 51 percent stake each in three power utilities in the state of Odisha.

CSB Bank: The bank’s governing board has appointed Pralay Mondal as the Deputy Managing Director and Sunil Srivastav as an Additional Director (Non-Executive & Independent) of the bank.

Welspun Corp: The company has received multiple orders of approximately 164 KMT, which are valued close to Rs 1,725 crore.

Ion Exchange India: The company reported a higher consolidated profit at Rs 70.48 crore in Q4FY21 against Rs 28.86 crore in the same period last year. Revenue jumped to Rs 445.15 crore from Rs 351.09 crore, YoY.

Galaxy Surfactants: The company’s Q4FY21 consolidated profit rose to Rs 78.68 crore from Rs 62.80 crore. Revenue increased to Rs 783.52 crore from Rs 656.65 crore, YoY.

Max Financial Services: The company’s Q4FY21 net profit jumped to Rs 70 crore from Rs 6.7 crore in the same period a year ago. Revenue jumped to 129 percent to Rs 9,760 crore from Rs 4,266 crore, YoY.

Engineers India: The company’s Q4FY21 consolidated profit fell to Rs 24.92 crore from Rs 119.68, YoY. While revenue rose to Rs 1,131.9 crore from Rs 864.38 crore, YoY.

List of companies which are going to declare their quarterly results: Bajaj Healthcare, Bata India, Dynamic Cables, GAIL India, Gayatri Highways, GSS Infotech, Indian Metals & Ferro Alloys, Indraprastha Medical Corporation, Munjal Auto Industries, Star Cement, Taneja Aerospace and TeamLease Services among others will release their quarterly results on June 9.

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