Stocks in News: Jet Airways, Bharti Airtel, YES Bank, DHFL and Ashok Leyland
During the recent time Emami promoters have utilized the majority of stake sale proceeds to repay the loans.According to New Delhi reports the Nifty futures on the Singapore Exchange were trading 5.50 points, or 0.5 percent higher at 10,875.50, indicating a flat start for the Nifty 50. Here are a few of the stocks which may buzz the most in today’s session.
Ashok Leyland, Tata Motors, M&M, ABB India, JBM Auto, and TVS Motor: The Faster Adoption and Manufacture of the Hybrid and Electric Vehicles (Fame) scheme with an outlay of Ten Thousand crore over a time period of three years will be implemented with effect from April 1, 2019.
Yes Bank: Ravneet Gill, who was heading the German lender Deutsche Bank’s India operations, will join Yes Bank as MD & SEO from today.
Bharti Airtel: The telecom operator’s board has approved plans to raise as much as Rs 32,000 crore about 4.5 Billion dollars through valuables and bond sales in one of the largest exercises by an Indian company.
Emami: Promoters of Emami, who sold 10% in the company to raise Rs Sixteen Hundred crore during the past week, have used a majority of the proceeds to repay loans from mutual funds and release the pledged shares. The move could result in the re-classification of the stock, according to the analysts.
Jet Airways: Founder and chairman Mr. Naresh Goyal has agreed to step down from the airline’s board and relinquish decision making powers, with his shareholding slated to fall below 20%, multiple people in the know told ET.
DHFL: Crisil has downgraded rating for the commercial paper programme and short term deposits to CRISIL A1 from CRISIL A1+, citing limited progress in raising funds in the last one month and its cascading impact on the business operations and slower-than-envisaged build-up of on-balance sheet liquidity.
Mahindra & Mahindra Financial Services: The company tapping the overseas credit market to fund the non-banking finance company’s local lending business that is growing at a faster pace than the industry.
Infosys: The IT major said it has fined its lead independent director Kiran Mazumdar-Shaw for inadvertently selling 1,600 shares of the company during the open trading window.
HDFC Bank: The lender has signed an agreement for subscribing to 37,993 value shares of face value of Rs 1,000 each to be issued by CSC E-Governance Services India (CSC) at Rs 3,848 per equity share. The transaction is for 9.11 percent equity stake in CSC as a strategic investment by the Bank for cash consideration of Rs 14.62 crore.
BOI, UBI: State-owned lenders Bank of India (BOI) and Union Bank of India appear to have made arrangements with Canara Bank to provide collateral-free loans to their respective employees, a veiled move to fund the purchase of shares under Employee Stock Purchase Scheme (ESPS).