Stocks to Watch: Maruti Suzuki, Bharti Airtel, Cadila Healthcare, NBFCs, MTNL3 min read . Updated: 12 Dec 2019, 07:58 AM IST
- Maruti Suzuki signed a MoU with Federal Bank Ltd for dealer and retail car financing
- PSU Bank stocks will be in focus as RBI Governor told heads of banks that resolution of stressed assets should happen in a co-ordinated manner
New Delhi: Here is a list of top 10 stocks that may be in focus on Thursday:
Maruti Suzuki: India’s largest carmaker signed a memorandum of understanding (MoU) with Federal Bank Ltd on Wednesday for dealer and retail car financing. With the MoU in place, the carmaker aims to expand its customer base and open up new funding options for its dealer principals, while the private sector lender plans to expand its presence across India along with growing its book value on auto loans.
Bharti Airtel: The telecom company said news report of merging its direct to home or DTH operations with Dish TV Ltd are speculative in nature. The company said it “does not wish to comment on the present speculative news item and will make necessary disclosures at an appropriate time, in compliance with the applicable regulations". Separately, the firm said it will seek shareholders’ approval on 3 January to raise capital amounting to $3 billion.
Cadila Healthcare: The company on Wednesday announced the launch of an oral anti-diabetic tablet Vinglyn, priced at ₹4.95 apiece, and Vinglyn M. According to a regulatory filing, the company said the drug belongs to the class of oral anti-diabetic agents, known as DPP4 inhibitors, which have promisingly achieved glycaemic comrol without deterioration of beta cell function and are one of the recent advancements in diabetes care.
NBFCs: The Cabinet on Wednesday approved tweaking the partial credit guarantee scheme to restore liquidity for non-banking financial companies (NBFCs) and housing finance companies (HFCs). The amended scheme will make NBFCs that slipped into the special mention account-0 or SMA-0 category before the collapse of Infrastructure Leasing and Financial Services Ltd (IL&FS) in September 2018 eligible for purchase of pooled assets by PSU banks.
MTNL: The company on Wednesday said it will hold an extraordinary general meeting (EGM) on 8 January to seek approval from its shareholders on plans to raise funds worth ₹6,500 crore and to get clearance for monetisation of assets--land, buildings, towers and fiber assets owned by the firm. The state-owned telecom operator plans to issue non-convertible debentures on a private placement basis to raise funds.
PSU Banks: In a meeting on Wednesday, Reserve Bank of India Governor Shaktikanta Das told heads of public-sector banks that resolution of stressed assets should happen in a co-ordinated manner. Das also said transmission is not adequate and banks should ensure full transmission of policy rate cuts. RBI has cut the key lending rate by 135 basis points since February this year.
M&M: Anand Mahindra, chairman of the homegrown auto group Mahindra & Mahindra Ltd, on Wednesday admitted that entering the commuter bike segment more than a decade ago was a failure on part of the group, according to a PTI report. The group entered the two-wheelers segment after acquiring Kinetic Motors in July 2008 and relaunched it under the brand name Freedom bikes with the label of Mojo.
Vodafone Idea: The company on Wednesday denied holding talks with Brookfield Asset Management Inc to sell its optic fibre business and its data centre to the Edelweiss Group. According to a report by The Economic Times, Vodafone Idea is said to be in talks with Brookfield and Edelweiss to monetise some of its assets, as the telecom company seeks to raise over $2.5 billion from asset sales ahead of a January deadline to pay statutory dues.
Phoenix Mills: The company on Wednesday said Atul Ruia will retire from the post of managing director (MD) due to Securities and Exchange Board of India (SEBI) guidelines. However, Ruia will continue to be the chairman and non-executive director. The company’s Joint Managing Director Shishir Shrivastava will take charge as the MD with effect from 11 December.
Mcleod Russel: The company on Wednesday clarified that private lender Yes Bank has filed an application against Mcleod Russel India Ltd at the Kolkata bench of the National Company Law Tribunal (NCLT) to initiate insolvency proceedings. The company added it is yet to be admitted to NCLT.