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Business News/ Markets / Stock Markets/  Stocks to Watch: Bharti Infratel, Bandhan Bank, Vodafone, Biocon, Ibulls Housing
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Stocks to Watch: Bharti Infratel, Bandhan Bank, Vodafone, Biocon, Ibulls Housing

DoT on Friday approved the merger of two tower companies--Bharti Infratel and Indus Towers
  • Reserve Bank of India (RBI) may grant relief to Bandhan Bank over dilution of its promoter stake
  • Photo: MintPremium
    Photo: Mint

    Here is a list of top 10 stocks that may be in focus on Monday:

    Bharti Infratel: The department of telecommunications (DoT) on Friday approved the merger of two tower companies--Sunil Mittal-led Bharti Infratel Ltd and Indus Towers Ltd, allowing Vodafone Idea Ltd to raise funds by divesting its stake in the latter. The approval comes days after a series of meetings between Vodafone Idea chairman Kumar Mangalam Birla and top government officials.

    Bandhan Bank: The Reserve Bank of India (RBI) may grant relief to the private lender over dilution of its promoter stake, according to a Times of India report. Last week, the central bank had given its final approval to Uday Kotak-led Kotak Mahindra Bank to cap the promoters’ voting rights at 15% from 1 April. RBI had earlier insisted that the bank’s promoters should cap their voting rights at 20% by March 2020.

    Vodafone Idea: The DoT approval relating to the merger of the company’s tower arm Indus Towers with Bharti Infratel will help the telecom operator raise funds at a time when it scrambles to pay dues in the adjusted gross revenue (AGR) case. The Supreme Court on 24 October had ended a 14-year long legal battle, upholding DoT’s definition of AGR and directing telcos to clear dues worth 1 trillion.

    Biocon: The company on Saturday said the US Food and Drug Administration (FDA) conducted a pre-approval inspection (PAI) of its subsidiary Biocon Sdn Bhd's Insulins manufacturing facility located in Malaysia for insulin Glargine. The US FDA concluded the inspection, held during 10-21 February, by issuing Form 483 with three observations.

    Wipro: Wipro Digital, the digital business unit of the IT services provider, on Friday said it has acquired digital customer experience (CX) firm Rational Interaction. However, Wipro Digital did not disclose the amount of the transaction.

    Indiabulls Housing: Ratings agency ICRA has revised the long-term rating of the firm to ICRA AA with a stable outlook. The short-term rating has been reaffirmed at ICRA A1+. ICRA said the company continues to face challenges in mobilising long-term resources due to the non-bank crisis that stemmed from the collapse of Infrastructure Leasing and Financial Services (IL&FS) in September 2018.

    Bajaj Auto: The auto major on Friday said its board of directors declared an interim dividend of 120 per equity share of 10 each. The dividend will be distributed to the shareholders on 9 March.

    Mahindra & Mahindra: The company on Friday said its wholly-owned subsidiary Mahindra Renewables Pvt Ltd will sell 100% stake of the paid-up equity share capital in Cleansolar Renewable Energy Pvt Ltd, Divine Solren Pvt Ltd and Neo Solren Pvt Ltd to CLP India Pvt Ltd.

    Apollo Hospitals: The company said it may buy out its stake from its Malaysia-based partner IHH Healthcare Berhad in its hospital in Kolkata – Apollo Gleneagles, according to a Business Standard report. The company also plans to step up acquisitions to gain market share and strengthen operations in Bengaluru and Mumbai, besides inducting more beds into the existing capacity.

    RComm: The company on Sunday informed the stock exchanges that the committee of creditors will meet today. The company, formerly owned by Anil Ambani, is undergoing insolvency proceedings. Separately, another ADAG company Reliance Capital Ltd said it expects that the debt servicing of the company in relation to the accelerated amounts and otherwise will be delayed.

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    Published: 24 Feb 2020, 08:12 AM IST
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