Adani Power, Hindustan Copper, PNB, PNB Housing Finance, RITES

Stocks in Asia gained Wednesday after a rise in US equities and a pullback in bond yields provided some respite for investors.

Benchmarks rose in Japan, Australia and South Korea. US futures slipped after the S&P 500 erased last week’s losses with two days of gains.

The Singapore-traded SGX Nifty, an early barometer of India’s benchmark Nifty 50, rose 0.4% to 16,488 points as of 6:40 am.

The World Bank has once again tempered its forecast for global economic growth in 2022, warning of years of stagflation – high inflation, low growth.

WTI crude rose 0.2% to $ 119.67 a barrel. Bitcoin was trading at $ 30,000.

Here are the stocks to watch in today’s trade:

  • Adani Power: The company has agreed to acquire infra firms Support Properties and Eternus Real Estate for Rs 280.1 crore and Rs 329.3 crore, respectively.

  • State Bank of India: Alok Kumar Choudhary has been appointed as the new managing director in charge of retail business and operations. It has also appointed Saloni Narayan as a deputy managing director.

  • Punjab National Bank: The bank approved Rs 500 crore investment in PNB Housing Finance’s rights issue. Investment in rights issue will help PNB maintain its stake at 30% or below, but above 26%. It will also retain promoter status at PNB Housing Finance.

  • RITES Ltd: The company signed a memorandum of understanding with Grands Trains DU Senegal, a railroad company of Senegal, on technical cooperation in the railway sector.

  • PNB Housing Finance: The company will consider raising Rs 2,000 crore via non-convertible debentures on June 14.

  • Wockhardt: The company appointed Deepak Madnani as the chief financial officer with immediate effect.

  • Hindustan Copper: The company has resumed its mining operations at Surda, Jharkhand, upon renewal of lease by the state government and obtaining required environmental clearance.

  • India Pesticides: The company launched the first phase of our backward integration for Pretilachlor Technical, a herbicide for rice plantation, of 2,000 tons per annum.

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