Overnight Digest – Stocks to look out for on July 7

The stocks which could witness significant movement on July 7 are Coal India, IDBI Bank, L&T, Axis Bank, Nalco and Hindalco.

Coal India :  Coal India to consider buy back of equity shares. Coal India Ltd., has informed BSE that a meeting of the board of directors of the Company will be held on July 11, 2016, to consider the proposal for Buy Back of equity shares of the Company and appointment of intermediaries in accordance with all applicable laws.

L&T :  L&T is in news for bagging several orders including $71.3 million worth export order  and Mumbai Metro project III. The L&T Infotech IPO updates are also expected to keep the stock in news. 

IDBI Bank : Debt recast plans of steel companies is helping the stock gain momentum; and the privatisation of the IDBI Bank is leading to accumulation of the stock as indicated by increasing volumes in the counter. 

Axis Bank : CCEA has allowed Axis Bank to raise foreign shareholding to 74% . Government on Tuesday permitted Axis Bank to raise foreign shareholding to 74 per cent, entailing investment of around Rs 13,000 crore. The stock may react to the development on Wednesday. 

Hindalco /Nalco : Mines Ministry is exploring the feasibility of hiking import duty on aluminium products by 2.5 per cent. Aluminium stocks are expected to react to these import duty reports.