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Stocks To Watch: Axis Bank, Vedanta, UPL, Others In News

The BSE Sensex climbed 227.55 points or 0.32 per cent to close at 72,050.38 points. The broader NSE Nifty50 also gained 70.70 points or 0.32 per cent to settle at 21,910.75 points

Indian benchmark equity indices settled higher for the third straight day on Thursday amid buying in market heavyweights HDFC Bank, SBI, and M&M and positive global cues.

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The BSE Sensex climbed 227.55 points or 0.32 per cent to close at 72,050.38 points. The broader NSE Nifty50 also gained 70.70 points or 0.32 per cent to settle at 21,910.75 points. PSU stocks resumed their ongoing rally after a short pause. OIL & Gas stocks posted solid gains due to impressive quarterly results.

"The benchmark indexes inched higher, mirroring the positive sentiment prevailing in the global market. The disinflation trend in the eurozone, coupled with better earnings, lifted investor sentiment. Despite the broad-based recovery, market participants are more inclined towards quality large-cap stocks owing to the prevailing valuation gap, which led them to exercise caution on small and mid-caps," said Vinod Nair, Head of Research, Geojit Financial Services.

Here are the key stocks to watch on 16 January:

Axis Bank

The private lender on Thursday issued clarifications on a plea filed by senior BJP leader Subramanian Swamy in the Delhi High Court alleging that Axis Bank and its group companies have made undue profits from the purchase and sale of the equity shares of the material subsidiary of the company Max Life Insurance Company. The lender said it has obtained all necessary regulatory approvals for the transactions related to the sale/purchase of shares of Max Life Insurance.

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Vedanta

Finsider International Company sold 6.55 crore shares or a 1.76 per cent stake in mining major Vedanta Limited through an open market transaction. The company sold a 1.76 per cent stake at an average price of Rs 265.14 per share.

UPL

Fitch Ratings has downgraded UPL Corporation Ltd (UPL Corp) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘ giving a negative outlook.

Yes Bank

CA Basque Investments, the special purpose vehicle controlled by the affiliates of Carlyle Group Inc, sold 39 crore equity shares or 1.35 per cent of the bank through open market transactions. These shares were sold at an average price of Rs 27.10 per share and an aggregate amount of Rs 1,056.9 crore.

Medplus Health Services

The company’s subsidiary has received a suspension order of drug license for 15 days from the Food and Drug Administration (FDA) for its store at Khopat. The company said it is taking corrective action in this regard and there is no major financial impact from this order.

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