Stocks in Focus on June 2, 2020

New Delhi: Markets ended in green on Friday by soaring over 2.5 percent supported by optimism over the government’s reopening plan for the domestic economy.

Equity benchmark Sensex rallied over 879.42 points or 2.71 percent to close at 33,303.52. Similarly, NSE Nifty surged 245.85 points or 2.57 per cent to finish at 9,826.15.

Here are the Stocks in Focus on June 2, 2020

Billionaire banker Uday Kotak, who has had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will be selling 2.83 per cent stake worth over Rs 6,800 crore in the lender on Tuesday.

The stake sale would help bring down his stake in the country’s fourth largest private sector lender to the RBI-mandated 26 per cent.

A source aware of the development told PTI that the stake dilution would be carried out through private placement by way of a block deal on June 2.

Kotak Mahindra Bank

Banker Uday Kotak, who has had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will be selling 2.83 per cent stake worth over Rs 6,800 crore in the lender on Tuesday. The stake sale would help bring down his stake in the country’s fourth largest private sector lender to the RBI-mandated 26 per cent.

TVS Motor

TVS Motor Company on Monday reported total sales of 58,906 units in May after resuming operations which were suspended due to nationwide lockdown. Total two-wheeler sales stood at 56,218 units, out of which domestic sales were at 41,067 units last month.

The country’s largest two-wheeler maker Hero MotoCorp on Monday reported a 82.71 per cent decline in total sales at 1,12,682 units in May. The company had sold 6,52,028 units in the corresponding month of the previous year. Total motorcycle sales stood at 1,06,038 units last month as against 6,06,216 units in May 2019, down 82.5 per cent.

Indraprastha Gas Ltd

CNG price in the national capital and adjoining cities on Monday was hiked by Re 1 per kg to make up for the additional cost incurred to keep stations coronavirus ready. Indraprastha Gas Ltd (IGL), the firm that retails CNG to automobiles and piped natural gas to household kitchens, revised CNG price in the national capital from Rs 42/ kg to Rs 43/ kg, w.E.F. 6 am on 2nd June 2020.