Indian equity markets are likely to open on a tepid note on Tuesday amid mixed global cues. SGX Nifty was down in the red and Nifty futures were trading traded 12.5 points, or 0.08% lower on the Singapore Exchange at 15,821.50 signaling that Dalal Street was headed for a muted start. “We feel global cues will continue to dictate the trend. Besides, domestic factors like the upcoming GST council meet will also be in focus. We reiterate our positive yet cautious view on markets citing the hurdle at 15900 levels. A decisive breakout could further fuel the recovery to the 16200 zone in Nifty else correction would resume,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus 28 June, Tuesday

Future Retail: The National Company Law Tribunal (NCLT) on Monday reserved its order on the petition filed by Amazon opposing Bank of India’s plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL). After hearing the arguments of Amazon and Bank of India (BoI) on Monday, the tribunal directed the e-retailer to submit its written response to the lender’s submission by Thursday.

ICICI Bank: ICICI Bank will maintain its strong market position and market capitalisation over the next 12-18 months, S&P Global Ratings said on Monday, and affirmed its long-term issuer credit rating ‘BBB-‘ with a stable outlook. The global ratings firm said the private sector lender is likely to sustain improvements in asset quality, supported by India’s economic recovery and improved risk management. S&P Global Ratings today affirmed its ‘BBB-‘ long-term and ‘A-3’ short-term issuer credit ratings on ICICI, it said in a release.

GMR Infrastructure: Delhi International Airport (DIAL), a subsidiary of GMR Airports and a step-down subsidiary of GMR Infrastructure, completed the issuance of five-year non-convertible debentures (NCDs) amounting Rs 1,000 crore that were listed on the BSE on June 23. The NCDs have been priced at an interest rate of 9.52% per annum payable monthly for an initial period of 36 months and thereafter at 9.98%payable monthly. The proceeds from the notes will be utilised to partly finance the Phase 3A expansion programme.

Star Health: Star Health and Allied Insurance said on June 27 it has signed a corporate agency agreement with IDFC First Bank, for distribution of its health insurance solutions. Under this agreement, Star Health will offer its health insurance products to the bank’s customers through its digital platform and tap into its wide distribution network, according to a press release.

Bank of Baroda: The board of state-run Bank of Baroda (BoB) has approved raising up to Rs 5,000 crore through bonds in financial year 2022-23, a regulatory filing stated on June 27. The targeted amount would be raised in single or multiple tranches, the bank said, adding that it would be used for financing “infrastructure and affordable housing”. The bonds shall be senior, unsecured and will not form part of capital of the bank, the lender said.

Cipla: Drugmaker Cipla on Monday said that it has agreed to acquire additional stake in digital tech company GoApptiv for Rs 25.90 crore. Post completion of the deal, Cipla’s total stake in GoApptiv will increase to 22.02% on a fully diluted basis. The investment will be made in equity shares and compulsorily convertible preference shares and is likely to be completed within 30 days or such other date mutually agreed between the parties subject to fulfillment of necessary closing conditions, Cipla said in a statement.