Stocks To Watch: PNB Housing Finance, Sun Pharma, Indian Oil And Others In News

Benchmark equity indices settled on a flat note on Wednesday after touching all-time highs during the session due to profit booking amid a lack of immediate triggers. In a volatile session, profit-taking in consumer durables, capital goods, and energy shares negated strong gains in banking and financial stocks.

The BSE Sensex climbed 36.45 points or 0.05 per cent to settle at a new closing high of 77,337.59. The NSE Nifty ended at 23,516, down 41.90 points or 0.18 per cent.

"The domestic market had started on good footing, driven by an early and better forecast for the monsoon. However, due to the recent slow progress of monsoon, the market is taking a breather. Meanwhile, the banking sector is outperforming, a laggard YTD, supported by a recovery in FII inflows due to the continued decline in the US 10-year yield. On the global front, UK inflation fell back to the BOE's target of 2%, and attention is now focused on the BOE’s policy decision tomorrow," said Vinod Nair, Head of Research at Geojit Financial Services.

Here are the key stocks to watch on June 20:

PNB Housing Finance: Two US based-funds General Atlantic and Asia Opportunities V (Mauritius) are likely to sell a 4 per cent stake in PNB Housing Finance worth Rs 830 crore through open market transactions on Thursday. The two funds would be selling 1.08 crore shares or 4.16 per cent of the total equity and BNP Paribas and UBS Securities are the bankers for the deal, reported ET.

Sun Pharmaceuticals: The pharma major has received a warning letter from the United States Food & Drug Administration (USFDA) for its Dadra facility, the company informed in an exchange filing. The warning letter summarises violations of Current Good Manufacturing Practice (cGMP) regulations.

Sapphire Foods: The company which operates KFC and Pizza Hut outlets, on Wednesday said the company’s board of directors has approved the subdivision of the company’s equity shares. The decision was made to split each existing equity share with a face value of Rs 2 each. The move is subject to shareholder approval at the upcoming 15th Annual General Meeting (AGM), according to a stock exchange filing.

Indian Oil: The company has formed a 50:50 joint venture (JV) with GPS Renewables to increase biofuel adoption across the country. The joint venture will focus on integrating advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source.

MAS Financial Services: The non-banking financial company (NBFC) has launched a qualified institutional placement (QIP) worth Rs 400 crore, with an additional upside of Rs 100 crore. The indicative price for the QIP is fixed at Rs 286.25 per share, at an 8.5 per cent discount to the current market price.