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Photo: Mint
Photo: Mint

Stocks to Watch: HDFC Bank, Axis Bank, IDBI Bank, ITC, Piramal Enterprises, NBFCs

  • HDFC Bank is planning to raise 10,000 - 13,000 crore via share sales in India and issuance of ADRs
  • US-based global investment firm Carlyle Group Inc will buy 20% stake in Piramal Pharma for around 3,700 crore

NEW DELHI : Here’s a list of stocks that may be in news on Monday:

HDFC Bank: Private sector lender HDFC Bank is planning to raise 10,000 - 13,000 crore via share sales in India and issuance of American Depository Receipts (ADRs) in the third quarter of 2020-21, joining a growing list of Indian banks looking to shore up capital.

Piramal Enterprises: The US-based global investment firm Carlyle Group Inc will buy 20% stake in Piramal Pharma for around $490 million (over 3,700 crore), a statement said on Saturday. The capital raise will accelerate Piramal Pharma's organic and inorganic growth plans, the Ajay Piramal-led Piramal Enterprises and Carlyle Group said in the joint statement.

Axis Bank: S&P Global Ratings on Friday lowered its ratings on Axis Bank due to increased economic risks for banks operating in India. S&P also put Indian Bank ratings on 'Credit Watch' because it expects a high risk that the public sector bank's credit profile could weaken over the coming quarters due to covid-19 as well as the merger with the weaker Allahabad Bank.

IDBI Bank: The private sector lender on Saturday said it will sell part of its stake in IDBI Federal Life Insurance to Belgian multinational insurance company Ageas Insurance and Federal Bank. Ageas will acquire 23% stake, while Federal Bank will buy 4%, the lender said in a disclosure to the stock exchanges.

NBFCs: S&P Global Ratings has downgraded ratings on four Indian finance companies on weak economic conditions due to covid-19 and affirmed ratings on two others. Shriram Transport Finance's rating has been downgraded from BB to BB-negative, Bajaj Finance's from BBB-negative to BB-plus, Manappuram Finance's from BB-negative to B-plus and Power Finance Corporation's from BBB-negative to BB-plus.

ITC: The company reported 9.28% increase in its consolidated net profit to 3,926.46 crore in the fourth quarter ended March 31. ITC had posted a consolidated net profit of 3,592.80 crore during January-March quarter of the previous fiscal.

IndiGo, SpiceJet: The government has permitted Indian airlines to increase their number of domestic passenger flights to 45% of their pre-covid capacity, according to an official order. Modifying its previous order of 21 May where it had put the limit on the number of domestic flights, the ministry issued an order on Friday stating that, "One Third (1/3) capacity may be read as 45% capacity."

Adani Transmission: The company has signed an agreement with the Maharashtra State Electricity Transmission Company for execution of the Kharghar Vikhroli transmission project. This project is critical to the city of Mumbai as the existing capacity of transmission corridor is not sufficient to carry further power into the city.

Bajaj Auto: More than 200 employees have tested positive and four have succumbed to covid-19 as on Friday at Bajaj Auto’s Waluj plant in Aurangabad. The plant, also the largest manufacturing unit for Bajaj Auto, has been operating in two shifts after it had gradually resumed operations in the last week of April.

ITI Ltd: State-run electronics manufacturing firm ITI Ltd on Friday posted a 47% drop in consolidated profit at 36.46 crore for the March quarter on account of covid-19 disrupting the supply chain. The company had reported a profit of 68.74 crore in the same period a year ago.

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