Stocks in focus today. (Photo: Ramesh Pathania/Mint)
Stocks in focus today. (Photo: Ramesh Pathania/Mint)

Stock Market Update: BPCL, Adani Group, DHFL stocks likely to be limelight today

  • DHFL has submitted a draft resolution plan proposing to convert debt to equity
  • Reliance Capital Ltd has completed sale of its 21.54% stake in RNAM to Nippon Life Insurance

BPCL: The government is considering a proposal to sell India's second-largest state refiner and fuel retailer BPCL to foreign and private firms but the privatisation plan will need a prior nod of Parliament, officials said.

Adani group: Adani group is preparing to raise as much as $2 billion by selling dollar-denominated bonds as it seeks to refinance a bulk of its local debt and diversify its creditor base.

Adani group companies that are planning to sell dollar bonds include Adani Transmission Ltd, which is aiming to raise between $750 million and $1 billion, and its unit, Adani Electricity Mumbai Ltd, which is looking to raise as much as $500 million, said a person aware of the plans. The group’s renewable energy arm, Adani Green Energy Ltd is also in the process of raising up to $500 million through bonds, the person said.

HDIL: The now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC), Joy Thomas, has reportedly admitted to the RBI that the bank's actual exposure to the bankrupt HDIL is over 6,500 crore -- four times the regulatory cap or a whopping 73% of its entire assets of 8,880 crore.

DHFL: India's crisis-hit shadow bank Dewan Housing Finance Ltd (DHFL) has submitted a draft resolution plan proposing to convert debt to equity while seeking to sell assets and raise more capital. DHFL has roughly 1 trillion ($14.15 billion) of debt, and owes about 400 billion rupees to banks alone. The company has defaulted on its obligations several times.

Reliance Capital: Reliance Capital Ltd has completed sale of its 21.54% stake in Reliance Nippon Life Asset Management Ltd (RNAM) to Nippon Life Insurance of Japan for 3,030 crore (approximately $430 million), the company said in a statement. The company will further monetise its balance 4.28% stake in RNAM worth 700 crore ($100 million), the statement said.

IDBI Bank: IDBI Bank on Friday informed the stock exchanges after the market hour that its board has granted in-principle approval to divest the bank’s entire 19.18% stake in Asset Reconstruction Company (India) Ltd (ARCIL). The sale would comprise 62.32 million shares of the lender.

Lakshmi Vilas Bank: Following Reserve Bank of India’s (RBI) restrictions imposed on Lakshmi Vilas Bank (LVB), the private lender said it shall make all efforts to improve its financial health. The bank reassured all customers that it can transact normal business and there are no restrictions on operations by depositors. It added that it can also undertake lending activities to all segments, except corporates and other stressed and high-risk sectors.

Cipla: The USDFA conducted a CGMP inspection at Cipla’s Goa manufacturing facility from 16-27 September. The inspection ended with 12 observations, none of which are related to data integrity.

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