Stocks to Watch: Kotak Bank, IndusInd Bank, Bajaj Finance, Kilpest India2 min read . Updated: 07 Apr 2020, 08:23 AM IST
- Moody's Investors Service on Friday affirmed the deposit ratings of ICICI Bank and Axis Bank Ltd at Baa3, and of IDBI Bank Ltd at Ba2
- Kotak Mahindra Bank's total customer deposits in Q4 FY20 rose 19.6% YoY to ₹258,500 crore against ₹216,150 crore in March 2019
NEW DELHI : Here’s a list of stocks that may be in news in today
IndusInd Bank: The private sector lender and its promoter the Hinduja Group have initiated talks with sovereign wealth funds and pension funds, including Canada’s CPPIB and Singapore’s GIC Pte Ltd, to raise as much as $500 million. This is aimed at bolstering investor confidence amid deterioration of the private lender’s balance sheet and flight of deposits after the Yes Bank Ltd fiasco.
Kotak Mahindra Bank: The lender's total customer deposits in Q4 FY20 rose 19.6% YoY to ₹258,500 crore against ₹216,150 crore in March 2019, it said in a BSE filing. Bank’s net advances rose 6.7% to ₹219,500 in the fourth quarter ending March 2020.
ICICI Bank, Axis Bank and IDBI Bank: Moody's Investors Service on Friday affirmed the deposit ratings of ICICI Bank and Axis Bank Ltd at Baa3, and of IDBI Bank Ltd at Ba2. The ratings agency has also placed IndusInd Bank’s domestic and foreign currency issuer ratings of Baa3/P-3 under review for downgrade. At the same time, the outlooks for ICICI and Axis are revised to negative from stable, and for IDBI to stable from positive.
HDFC Bank: The bank's advances aggregated to approximately Rs. 9,930 billion as of Q4 FY20, a growth of around 21 % as compared to Rs. 8,194 billion as of 31 March 2019, it said in a regulatory filing. HDFC Bank's deposits aggregated to approximately Rs. 11,465 billion as on quarter ending 31 March, a growth of around 24 % as compared to Rs. 9,231 billion in the corresponding period.
Mahindra & Mahindra: The auto major on Friday said that its board of directors, in a special meeting to review investment in SsangYong Motor Company, has authorized the management to consider a one-time infusion of up to 40 billion KRW or $32 million over the next 3 months to ensure continuity of operations amid covid-19 crisis.
Bajaj Finance: The non-bank lender in its quarterly update on Monday reported a 22% sequential fall in new loans booked during the fourth quarter of FY20 to 60 lakh. The company had booked 77 lakh new loans in the previous quarter. Even on a year on year basis, the growth under new loans booked slowed down to 3% compared to 53% during the corresponding quarter last year.
Auto companies: Following the covid-19 crisis, the two-wheeler industry is expected to see another tough year with demand further shrinking by up to 13% in FY2021, credit rating agency Icra Ltd said.
Power distribution companies: The central government intends to infuse liquidity into financially frail public power distribution companies (discoms), a press release from the Ministry of Power said. While these efforts are ongoing, discoms must pay their bills to power generators on time despite the ongoing covid-19 crisis and the national lockdown, the ministry clarified.
Kilpest India: 3B Blackbio Biotech, a subsidiary of Kilpest India (KILP), has been approved by the Indian Council for Medical Research for the production of real time PCR (polymer chain reaction) detection kits for covid-19.
PNB Housing Finance: India’s fourth largest housing finance company has signed an agreement with Japan International Cooperation Agency to raise $ 75 million with co-financing of $25 million by Citibank to finance mortgage loans in affordable housing segment.