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Photo: Bloomberg
Photo: Bloomberg

Stocks to Watch: Axis Bank, Allcargo Logistics, Future Retail, IRB Infra, ONGC

  • Axis Bank will acquire 17% stake in Max Life Insurance instead of the 29% proposed earlier as per a revised deal, it said in a regulatory filing

NEW DELHI : Here’s a list of top ten stocks that may be in news on Tuesday.

Axis Bank: The private sector lender will acquire 17% stake in Max Life Insurance instead of the 29% proposed earlier as per a revised deal. Axis Bank currently holds about 1% stake in Max Life and is the biggest banking channel partner for the distribution of the insurer's products. Products sold through the bank reportedly account for 54% of Max Life's revenues.

Adani Enterprises: Billionaire Gautam Adani's Adani Group is in talks to buy out GVK and some of its partners in the Mumbai Airport as it aims to become the country's biggest private airport operator, PTI reported quoting sources. Adani Group is in talks to acquire a 50.5% stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5% of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, it added.

Allcargo Logistics: Logistics-focused company Allcargo Logistics Ltd on Monday said that its promoter group, including Shashi Kiran Shetty and Talentos Entertainment Pvt Ltd, have intimated the company of their plans to delist it. Data suggests the members of the promoter group collectively hold 17.2 crore shares aggregating to 70.01% of the paid-up equity share capital of the company, while public shareholders hold 29.99%.

Future Retail: Kishore Biyani-led Future Retail has paid $14 million (around 103 crore) as pending interest on its dollar bonds, after the company missed the earlier deadline last month.

Vodafone Idea: Care Ratings Limited has downgraded its rating on Vodafone Idea’s Long-Term Bank Facilities and Non-Convertible. As per the rating rationale, the downgrade is on account of recent developments including operational and financial performance of the company for FY20 and June quarter of FY21.

Zydus Wellness: The company has informed the exchanges that it is considering proposal for raising of equity funds through preferential issue and/or qualified institutions placement (QIP) or any equivalent capital raising mode permitted by applicable law.

GMR Infrastructure: The board of the company is considering raising of funds of up to 5000 crore in one or more tranches, through issue of securities as an enabling resolution as per the requirements of applicable laws which shall be subject to approval of shareholders.

LIC Housing Finance: Mortgage lender LIC Housing Finance Ltd reported a 34% jump in its net profit to 817.48 crore for the quarter ending June helped by lower provisioning.

IRB Infrastructure Developers: The company reported a consolidated net loss of 30.13 crore for the quarter ended 30 June. IRB Infra had clocked a consolidated profit of 206.62 crore in the corresponding quarter of previous fiscal.

ONGC: State-owned Oil and Natural Gas Corporation (ONGC) said its board will meet on September 1 to consider raising funds of up to 45,000 crore. The board will also consider and approve the company's financial results for the June quarter on the said date, ONGC said in a BSE filing.

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