BackStocks to Watch: HDFC Bank, Kotak Bank, Tata Motors, Apollo Tyres, IIFL Finance
Kotak Mahindra Bank plans to raise capital through sale of 4% promoter stake worth ₹8,000 crore, according to a Mint reportS&P Global Ratings has affirmed the rating of BBB- for ICICI Bank and revised its outlook from stable to negative
PremiumHere is a list of top 10 stocks that may be in focus on Monday:
Kotak Mahindra Bank: The private lender plans to raise capital through sale of 4% promoter stake worth ₹8,000 crore, according to a Mint report. The stake sale will not only help the bank’s founder and chief executive officer (CEO) Uday Kotak lower his stake to 26% to comply with regulatory norms but also augment the bank’s capital adequacy.
HDFC Bank: The private lender on Saturday reported a 17.7% year-on-year (YoY) rise in its net profit to ₹6,927.6 crore for the quarter ended March led by higher net interest income (NII) and other income. The bank’s profit, however, was lower than ₹7,253.8 crore estimated by eight analysts polled by Bloomberg due to doubling of provisions to ₹3,784.4 in the wake of the coronavirus outbreak.
Tata Motors: The auto major's luxury car brand Jaguar Land Rover's sales declined a sharp 30.9% year-on-year (YoY) to 109,869 units in the quarter ended March, owing to the coronavirus pandemic. The sales were down 12.1% YoY at 508,659 units in fiscal 2020.
Motherson Sumi: Fitch Ratings has reaffirmed the rating of AAA to the auto component maker’s non-convertible debentures (NCDs) worth ₹500 crore and placed the debt instrument under rating watch negative (RWA).
ICICI Bank: S&P Global Ratings has affirmed the rating of BBB- for the private lender and revised its outlook from stable to negative.
Jubilant Life Sciences: The company, after market hours on Friday, said it has issued commercial paper (CP) worth ₹100 crore at an annual interest rate of 7%.
Apollo Tryres: The tyre maker’s board on Friday approved raising ₹1,000 crore through the issuance of NCDs, in one or more tranches. The fundraising is subject to approval from regulators and shareholders.
Lakshmi Vilas Bank: JM Financial Ltd bought 2.78% stake in the bank in the March quarter and SREI Infrastructure Finance Ltd raised its stake to 3.34% from 1.92%, according to the private lender’s shareholding pattern notified to stock exchanges on Friday.
IIFL Finance: Crisil has reaffirmed the rating of CRISIL AA with a stable outlook to the company's long-term rated bank loan facilities worth ₹2,000 crore.
Muthoot Finance: S&P Global Ratings has affirmed the rating of BB/B and changed its outlook to negative from stable for the non-banking finance company (NBFC).
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