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Photo: AP/Richard Drew
Photo: AP/Richard Drew

Stocks to Watch: IndusInd Bank, IndiGo, HDFC Bank, RIL, Motherson Sumi

  • RBI has approved the appointment of Sumant Kathpalia as IndusInd Bank's CEO
  • IndiGo launched a co-branded credit card Ka-Ching in collaboration with HDFC Bank and MasterCard

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

IndusInd Bank: The private lender on Thursday said the Reserve Bank of India (RBI) has approved the appointment of Sumant Kathpalia as the bank's chief executive officer (CEO), with effect from 24 March, for three years. Kathpalia, who heads the bank’s consumer banking business, will succeed Romesh Sobti.

IndiGo: The airline, owned and operated by InterGlobe Aviation Ltd, on Thursday launched a co-branded credit card Ka-Ching in collaboration with HDFC Bank Ltd and MasterCard. The credit cards will be available in two variants--the basic '6E Rewards' and the premium card '6E Rewards XL'.

HDFC Bank: The index heavyweight’s managing director Aditya Puri told television channel CNBC-TV18 that the bank will complete the selection process of his successor by May. Separately, India's largest airline IndiGo launched a co-branded credit card Ka-Ching with HDFC Bank and MasterCard.

RIL: The Reliance Industries Ltd-Brookfield infrastructure investment trust, Tower Infrastructure Trust, is looking at the option of raising more debt from foreign and ultra-high net-worth investors and offer attractive interest to them, as the Budget 2020-21 levied dividend distribution tax (DDT) in the hands of recipients, according to a Business Standard report.

Petronet LNG: The company on Thursday said it has extended the memorandum of understanding (MoU) signed with Tellurian Inc at Houston, US, on 21 September 2019. The company has now executed a supplementary MoU with Tellurian Inc. The MoU was signed to explore the possibility of purchase of up to five million tonnes per annum of liquefied natural gas (LPG) from the Driftwood project.

Auto Companies: Society of Indian Automobile Manufacturers (Siam), along with automotive industry associations and government representatives from neighboring Bangladesh, Myanmar, Nepal and Sri Lanka, have agreed to constitute a South Asian Automotive Forum, Siam said on Thursday.

DHFL: Lenders of the bankrupt mortgage financing company have approved the evaluation matrix for consideration of a resolution plan, according to a Financial Express report. In the proposed evaluation matrix, 80-85% weightage was given to four quantitative parameters, which include upfront cash recovery, net present value (NPV), equity allotment to financial creditors and infusion of fresh capital.

Motherson Sumi: The company on Thursday said ratings agency S&P Global has re-affirmed long term credit rating at BB+ and revised its outlook to negative for Samvardhana Motherson Automotive Systems group BV, a subsidiary of Motherson Sumi Systems Ltd.

Lakshmi Vilas Bank: Temasek Holdings, Singapore government’s investment company, has advanced in its talks with Indian authorities to acquire a controlling stake in the capital-starved private lender. Temasek has approached the corporate affairs and finance ministries for their approval to buy a 51% stake, which will give it controlling rights in the bank, according to a Business Standard report.

Banks: Credit growth for India’s banking system was 6.3% to 99.68 lakh crore in the fortnight ended 14 February, according to RBI data. The advances stood at 93.78 lakh crore in the same period last year. In the fortnight ended 31 January, bank credit grew by 7.1% year-on-year to 100.23 lakh crore.

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