New Delhi: Here is a list of top 10 stocks that may be in focus on Thursday.
Bharti Airtel: The Cabinet late on Wednesday allowed telecom firms to defer spectrum payment to the government by two years. The decision to delay payments for the years 2020-21 and 2021-22 will provide relief to debt-laden Bharti Airtel Ltd and Vodafone Idea Ltd that reported massive losses in the September quarter as they made provisions for dues and penalties following an unfavourable Supreme Court verdict in the adjusted gross revenue case.
BPCL: The Cabinet on Wednesday approved the privatisation of the state-owned fuel retailer. The government will sell its entire 53.29% stake in the company to a strategic buyer along with giving up management control, Finance minister Nirmala Sitharaman said. The sale will not include Numaligarh Refinery Ltd in Assam. The refinery will become a separate entity to be later hived off to another public-sector firm.
DHFL: The Reserve Bank of India (RBI) on Wednesday superseded the board of the debt-ridden company and appointed former managing director and chief executive of Indian Overseas Bank R. Subramaniakumar as administrator in the board’s place, moving a step closer to referring the firm to National Company Law Tribunal (NCLT) for insolvency proceedings. Dewan Housing Finance Corporation Ltd will be the first housing finance company to be resolved via NCLT.
Zee Entertainment: Promoter Subhash Chandra will sell 16.5% shareholding in the media conglomerate to financial investors. This is a part of the promoter’s efforts to raise funds and repay lenders to the company. Zee Entertainment Enterprises Ltd said part of this new stake sale, about 2.3%, will be sold to OFI Global China Fund, LLC and its affiliates. Shares have been under pressure due to concerns surrounding the stressed financial position of the company.
RIL: Reliance Industries Ltd-owned telecom operator Reliance Jio Infocomm Ltd will benefit from the government’s decision to defer spectrum payments for 2020-21 and 2021-22. RIL is on its way to become a ₹10-trillion entity in terms of market capitalisation, becoming the first Indian company to do so. On Tuesday, RIL announced that it will hike tariffs on mobile services within a few weeks after rivals Bharti Airtel and Vodafone Idea made similar announcements on Monday.
Tata Motors: Moody’s Investors Service on Wednesday assigned a B1 instrument rating to Tata Motors Ltd-owned Jaguar Land Rover Automotive PLC’s (JLR) new unsecured notes worth 500 million euros that are due for payment in 2024. Separately, the Indian auto major had reported a loss of ₹217 crore for the September quarter, a massive improvement from ₹1,049 a year ago crore due to JLR’s recovery in its largest market China.
IndiGo: The airline, owned and operated by InterGlobe Aviation Ltd, will have to replace 111 Pratt and Whitney (PW) engines within the next 72 days in their A320neo planes, Civil Aviation Minister Hardeep Singh Puri said in a written reply in the Rajya Sabha on Wednesday. The minister said IndiGo and GoAir, earlier this month, were asked by the regulator Directorate General of Civil Aviation to replace 196 and 76 PW engines, respectively, with midfield engines.
Union Bank: The state-owned bank reported a divergence of ₹589 crore in its non-performing assets for the financial year ended March 2019. Divergence, the difference between a bank’s report and RBI’s assessment, in provisions stood at ₹1,587.7 crore. After taking into account divergence in provisioning, the bank’s net loss widened to ₹3,978 crore in 2018-19 from ₹2,947 crore reported earlier. Separately, Central Bank of India and Yes Bank Ltd on Tuesday reported divergence in bad loans and provisioning.
Concor: The government has announced selling its 30.8% shareholding in Container Corporation of India Ltd to a strategic buyer along with handing over the management control. The decision was part of the Cabinet approvals given on Wednesday. The government currently holds 54.8% in the company. The Centre will also dilute its stake in Shipping Corporation of India Ltd.
Thomas Cook: The Indian company’s wholly-owned subsidiary Travel Corporation (India) Ltd completed the acquisition of 51% stake in BDC Digiphoto Imaging Solutions Pvt Ltd, according to a regulatory filing. Shares have been under pressure since the British travel and leisure firm Thomas Cook Group PLC declared bankruptcy in September, despite repeated clarifications by the Indian firm that the two are not related and share a name.