Stocks in News: Lakshmi Vilas Bank, Syndicate Bank, JSW Steel, Zee Entertainment1 min read . Updated: 15 Oct 2019, 12:23 PM IST
- Lakshmi Vilas Bank was locked in the lower circuit band of 5% at ₹22.05 apiece
- Shares of Gruh Finance were also trading nearly 5% higher
Here is a list of five stocks that are buzzing in early trade on Tuesday
Lakshmi Vilas Bank: Shares of the bank hit an all-time low in early deals after the Reserve Bank of India (RBI) on Monday imposed penalty of ₹1 crore on the lender for violating asset classification and fraud detection norms. The stock was locked in the lower circuit band of 5% at ₹22.05 apiece. The shares have been under pressure as the RBI rejected the bank’s proposed merger with Indiabulls Housing Finance Ltd.
Syndicate Bank: The stock of the public-sector bank was trading in the red as the RBI fined it with ₹75 lakh for not complying with fraud classification norms, and violating innovative housing loan products wherein upfront disbursal of loans is done. Shares of the bank touched a low of 52 weeks in early trade, but later pared some losses, trading down nearly 2%.
JSW Steel: The company’s stock was the biggest laggard among Nifty 50 companies, trading almost 3% lower, as National Company Law Appellate Tribunal (NCLAT) on Monday halted the transfer of Bhushan Power and Steel Ltd (BPSL) to JSW Steel Ltd and stayed the Enforcement Directorate's move to attach assets of the insolvent steel maker, delaying the resolution of BPSL.
Zee Entertainment: VTB Capital, an arm of the Russian financial services VTB Group, on Monday said it has secured the right to potentially monetise 10.71% stake in Zee Entertainment Enterprises Ltd. VTB Capital said it has enforced certain security rights granted to lenders to protect their interests in accordance with the terms of the financial arrangement. The stock was up more than 3%.
Bandhan Bank: The stock of the private lender was up more than 7% in early deals as it was added to the MSCI Index due to the impending merger of Gruh Finance Ltd with the bank. The proposed merger has received all regulatory approvals and the process of amalgamation should be completed by the end of this month. Shares of Gruh Finance were also trading nearly 5% higher.