Stocks in focus on June 23, 2020

New Delhi: Sensex ended on a higher note on Monday led by gains in index heavyweights.

Sensex gained 179.59 points or 0.52 percent to end at 34,911.32 while the NSE Nifty ended 66.80 points or 0.65 percent higher at 10,311.20. 

Here are Stocks in focus on June 23, 2020

UTI Asset Management Company 

UTI Asset Management Company has received markets regulator Sebi’s go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country’s largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).

Info Edge

Info Edge India announced the financial results of the quarter that ended on March 31, 2020, and reported a 37% year-on-year decline in standalone profit after taxes (PAT) at Rs 41.6 crore.

Banking stocks

Fitch revises outlook of SBI, 8 other banks to negative New Delhi: Fitch Ratings on Monday said it has revised the outlook to negative from stable of nine Indian banks, including State Bank of India, ICICI Bank and Axis Bank, following lowering of India’s sovereign rating outlook due to impact of coronavirus pandemic on the economy.

IT companies

US President Donald Trump on Monday (June 22) issued a proclamation to suspend issuing of H-1B and other foreign work visas for the rest of 2020. The H-1B visa is very popular among IT professionals in India. Justifying his move, the US president said that the suspension of these visas will help millions of Americans who have lost their jobs due to coronavirus COVID-19 outbreak. Trump’s decision is going to have a direct impact on several Indian IT professionals and several American and Indian firms who were issued H-1B visas for the fiscal year 2021 beginning October 1.