Stocks in Focus: Alkem Labs, Ola Electric, PNC Infratech, Equitas Small Finance Bank, NHPC, Anant Raj, SoftTech Engineers to be Watched on June 2

Stock Market Update: Key Developments and Deals

The stock market is abuzz with several significant developments and deals that are expected to have a major impact on the market's trajectory. Here are some of the key updates that investors should be aware of:

Monthly Business Update

• Force Motors: The company's total sales have fallen by 15.35% to 2,614 units in May compared to 3,088 units in the same period last year. Domestic sales have dropped by 14.72% to 2,560 units, while exports have declined by 37.21% to 54 units.
• NMDC: The company's production of iron ore has increased by 19.9% to 5.31 MT in May compared to 4.43 MT in the same period last year. However, sales of iron ore have dropped by 6.9% to 4.04 MT.

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Stocks to Watch

• Alkem Laboratories: The company is likely to see a block deal, with Samprada and Nanhamati Family Trust selling up to a 1.5 percent stake in the company via a block deal. The floor price has been set at Rs 5,200 per share.
• Ola Electric Mobility: The company has launched its qualified institutional placement (QIP) on June 1, with the floor price set at Rs 37.74 per share.
• Wipro: The company's step-down subsidiary, Wipro IT Services, will acquire an additional 20 percent stake in Aggne Global Inc. The transaction is expected to be completed by June 5.

Bulk and Block Deals

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Other Developments

• Black Box and AIONOS: The two companies have announced a strategic alliance to help enterprises accelerate AI transformation.
• Equitas Small Finance Bank: The Reserve Bank of India has granted approval to Mirae Asset Mutual Fund to acquire an aggregate holding of up to 9.50 percent of the paid-up share capital or voting rights in the bank.
• Canara Bank: The Central Government has appointed Brajesh Kumar Singh as the Managing Director and Chief Executive Officer of the bank.
• NHPC: The government will sell up to a 6 percent stake in the company through an offer-for-sale (OFS), including a greenshoe option of 3 percent. The floor price has been fixed at Rs 71 per share.
• Anant Raj: The company will establish a framework for collaboration, agreement, and cooperation with HEPC, the Department of Information Technology, Electronics & Communication, Haryana State Electronics Development Corporation, Citizen Resource Information Department, and the Department of Industries and Commerce, Government of Haryana.
• SoftTech Engineers: The company has collaborated with the Brihanmumbai Municipal Corporation (BMC) to develop and launch CivitTWIN, India's first AI-powered Digital Approval Twin for building permits.
• Fino Payments Bank: The bank has entered into a strategic partnership with Ezee.ai for the deployment of its AI-enabled Loan Origination System (LOS), Business Rules Engine (BRE), and collections management platform.
• Cochin Shipyard: The Ministry of Ports, Shipping and Waterways has approved the proposal to extend the additional charge of the post of Chairman and Managing Director entrusted to Jose V. J., Director (Finance), for a further period of three months with effect from May 1.
• Protean eGov Technologies: Ajay Rajan has taken over as the Managing Director and Chief Executive Officer (MD & CEO) of the company, with V. Easwaran ceasing to hold the position of Interim CEO.