Here is a list of top 10 stocks that may be in focus on Thursday:
Indiabulls Housing: The Reserve Bank of India (RBI) has rejected the proposed merger of Lakshmi Vilas Bank Ltd (LVB) with Indiabulls Housing Finance Ltd (IHF), puncturing the shadow bank’s attempt to get a banking licence. This comes after the RBI in September placed LVB in the prompt corrective action (PCA) list due to inadequate capital ratio, high level of bad loans and negative return on asset (RoA) for two years in a row.
TCS: The IT major will kick start the earnings season for the September quarter on Thursday. This is likely to set the tone and steer the Indian equity market. A slowdown in the economy combined with liquidity concerns in non-banking financial companies(NBFCs) may not bode well for the earnings season. IndusInd Bank Ltd will also announce its earnings today.
RIL: Billionaire Mukesh Ambani's Reliance Jio on Wednesday announced it will charge customers 6 paise per minute for voice calls made to rival phone networks, but will compensate them by giving free data of equal value. The decision came in the wake of regulatory uncertainty over review of sunset clause for call termination charges.
Lakshmi Vilas Bank: Shares of the bank are seen under pressure as RBI has rejected its proposed merger with IHF. The stock has lost 71% value since the all-stock merger was announced in April. The bank has been placed in the PCA list as it is way below the capital adequacy, RoA and non-performing asset (NPA) thresholds.
Yes Bank: The private lender was the top loser in Wednesday’s trade. Shares tanked after the company declined commenting on a Mint report that the bank was in talks with Microsoft Corp to raise funds. The bank said it was not aware of the news source. The stock has been losing value due to concern over exposure to stressed sectors, especially housing-finance companies, and weak financials of the bank.
Bharti Airtel: The company on Wednesday said it has raised $750 million (about ₹5,330 crore) from investors based in Asia, Europe and the US through a hybrid financial instrument. The telecom operator will use the proceeds for refinancing, investments in subsidiaries and general corporate purpose.
Lupin: The pharmaceutical company has received a good manufacturing practice (GMP) certificate from Japan’s Pharmaceutical and Medical Devices Agency (PMDA) for its bulk drug manufacturing facility at Mandideep in Madhya Pradesh. The certificate was issued after PMDA did not make any critical observation in an inspection at Mandideep Unit II from May 14-17, 2019.
JBM Auto: Shares of JBM Auto Ltd surged, ending up 20% on Wednesday after the company said it had received orders for supply of 300 buses. In an exchange filing, the company said it has bagged orders from Delhi Integrated Multi-Modal Transit System Limited (DIMTS), Navi Mumbai Municipal Transport Corporation (NMMTC) and two airline companies.
MTNL: Shares of the state-owned telecom company have been under pressure as the finance ministry is not keen on infusing fresh capital to bail out Mahanagar Telephone Nigam Ltd (MTNL). According to a Financial Express report, the ministry has rejected a massive bail-out package worth Rs.74,000 crore sought by the Department of Telecommunications to revive the debt-ridden company.
Bank of Maharashtra: The state-owned bank on Wednesday said the RBI has denied permission to settle its accumulated losses of ₹7,360 crore against the balance lying in its share premium account and revenue reserve account.