Stocks in news: Ola Electric, Eicher Motors, Axis Bank, Anant Raj, Wipro

Markets remained under pressure on Monday with benchmark indices falling more than half a percent amid weaker global cues. Technically, signs of further pressure continue in the Nifty, with immediate support in the 23,150-23,250 zone. Analysts say a critical break below this range could trigger a new leg of decline. On the upside, the 23,600–23,800 zone is likely to act as a strong resistance zone in case of any rebound.

In today’s trade, stocks of Ola Electric, Eicher Motors, Axis Bank, Anant Raj, Wipro and others will be in focus due to various news developments.

Ola Electric
Ola Electric Mobility on Monday gave its nod to launch its Qualified Institutional Placement (QIP) issue to raise funds at Rs. A floor price of 37.74 was fixed. The fund raising committee of the company approved the launch of the issue in its meeting held on June 1 and also approved the initial placement document and application form to be sent to eligible institutional buyers.

Eicher Motors
Mid-size motorcycle maker Royal Enfield on Monday reported a 15% rise in monthly sales at 1,03,231 units in May, as against 89,429 units sold in the same month last year. Domestic sales in May stood at 94,115 units, as against 75,820 units in the same month last year, up 24 percent year-on-year, a company statement showed.

Axis Bank

Private lender Axis Bank on Monday said it has increased its stake in Axis Max Life Insurance Company to 19.9%. The lender said in a regulatory filing that subject to the approval of the Board of Directors’ Acquisitions, Divestments and Mergers Committee, Axis Bank has acquired the equity shares of Axis Max Life Insurance Company for Rs. 380 crore has been invested.

Anant Raj
Anant Raj has invested Rs. Signed a Memorandum of Understanding (MoU) with the Haryana government to invest Rs 20,000 crore.

Wipro
IT services major Wipro on Monday said it will acquire an additional 20 per cent stake in insurtech firm Agne Global Inc for $28.5 million (roughly Rs 271 crore). After the transaction, Wipro’s overall shareholding in Agne Global will increase to 80%, the company said in a regulatory filing to stock exchanges.