Intraday Tips for 12th July (Wednesday)
HPCL / ONGC
Today the approval of ONGC-HPCL’s merger is approved by the cabinet. At 11 o’clock the Cabinet will have a key meeting. ONGC will buy 51 per cent stake in HPCL.
Preferential shares of up to Rs 75 crore will be released to Supreme Infrastructure Nonpromoters. At the same time, preferential shares of promoters will be released upto 200 crores. In lieu of debt, the preferential shares will be given to the debtors.
United Spirits / United Breweries / Radico Khaitan
The Supreme Court has given great relief to state governments for opening liquor shops, 500 meters away from the highway, in fact, the Supreme Court has removed the highway passing through the city from this list. Now the shops of liquor will open after 500 meters on the highway coming out of the city limits. On the highway passing through the city, liquor shops will open once again.
SBI Mutual Fund has bought 1.54 percent stake in Ajantha Pharma. SBI Mutual Fund has bought 13.5 crore shares of Ajanta Pharma at a price of Rs 1500 per share.
Tata Steel has started the restructuring process in the UK. Plans to Tata Steel’s UK pipe making plant to be sold to Liberty Steel.