Top 5 stocks in Focus on June 25: RITES, ICICI Bank to Biocon are newsmakers of the day

The Indian market closed in a positive note on June  22, 2018, but there are certain stocks that came in the news due to certain reasons on the day and may have some impact in the domestic market on June 25, 2018. Here are the stocks to focus on:

RITES IPO: Railways consultancy firm RITES initial public offer (IPO) received strong investor demand, with the issue getting subscribed about 67 times on the final day of bidding on June 22, 2018. The quantum of shares reserved for qualified institutional buyers (QIBs) and retail investors portion got subscribed 71.7 times and 15.2 times, respectively. The price band for the issue, which opened for subscription on June 20, has been fixed at Rs 180-185 per share. 

Fine Organic Industries: The Rs 600-crore IPO of the oleochemical-based additive manufacturing company was subscribed nearly 9 times on June 22, 2018, the last day of bidding. Qualified institutional buyers (QIBs) portions were subscribed 12.86 times and retail investors 1.44 times. 

ICICI Bank: The private lender on has disclosed that it scrutinized 31 loan accounts with aggregate loans (adjusted for write-offs) outstanding as of March 2018 were of Rs 6,082 crore. The accounts were scrutinised on the complaints received from an anonymous complainant or a whistleblower. The bank also said that no irregularities were found in these accounts. 

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Bank of Maharashtra: Senior Bankers will meet Chief Minister Devendra Fadnavis to protest against the arrest of the MD & CEO Ravindra Marathe and former CEO and MD Sushil Muhnot for their role in sanctioning the allegedly ‘illegal’ loan of about Rs 100 crore to DSK Developers Limited. The officials will demand cancellation of the FIR against Ravindra Marathe. On the other hand, the Indian Banks’ Association (IBA) has said that if the FIR is not quashed at its earliest then the bank will stop financing. 

Biocon: Biotechnology firm Biocon Ltd has received Establishment Inspection Report (EIR) from the USFDA for its Bengaluru sterile drug product manufacturing facility.