Here’s a list of stocks that may be in news on Thursday:
ABB Power Grids: Hitachi has completed the merger of its joint venture power business unit with ABB Power Grids. The merged entity is known as Hitachi ABB Power Grids globally. While Hitachi owns 80.1% stake in the new joint venture which has a combined business of $10 billion, ABB holds the balance.
JSPL: Naveen Jindal’s flagship steel company Jindal Steel and Power (JSPL) is looking to sell its overseas mining assets and focus on the India business instead, according to a Mint report. With commercial mining opportunities coming up soon in both coal and iron ore, the firm is keen to divest these high-debt assets and use the proceeds to invest in its home market and reduce its debt instead.
IOC, BPCL, HPCL: India’s petroleum product consumption has sharply recovered from the lowest slump recorded since 2007 due to the coroanvirus induced lockdown and reached 88% of the normal levels last month, the petroleum ministry said. “India’s overall petroleum products consumption, which had nosedived in last week of March and April this year, is now steadily getting to its pre-lockdown levels in June’20, as emanating from the PSUs’ (IOC, BPC and HPC) sales figures," the ministry added.
HFCs and NBFCs: The government on Wednesday launched a ₹30,000-crore scheme under which non-bank lenders will be provided short-term liquidity through a special purpose vehicle (SPV) set up by SBICAP, a subsidiary of the State Bank of India. The SPV will purchase the short-term papers from eligible NBFCs/HFCs, which shall utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities.
Auto stocks: India’s top automakers posted sharply higher sequential increases in wholesales, or factory dispatches, in June as they ramped up production though it remained a far cry from the pre-covid-19 levels. Maruti Suzuki’s sales in June quadrupled from the previous month. The company sold 53,139 units last month versus 13,888 units in May.
Tata Motors: The company reported 81.78% dip in its total sales at 25,047 units in the first quarter ended June 30, 2020. Tata Motors had sold 1,37,545 units in the April-June quarter of previous fiscal. The Mumbai-based company has decided to provide only quarterly sales data from April this year.
Telecom companies: The department of telecommunications (DoT) will soon seek Cabinet approval for a policy to provide broadband services through landline, telecom and IT minister Ravi Shankar Prasad said Wednesday. This policy will also allow cable operators to render broadband services using the country’s landline network.
PSU Banks: Indian banks are likely to require at least $15 billion in fresh capital to meet a 10% weighted-average common equity tier 1 ratio under a moderate stress scenario, according to Fitch Ratings. India’s public sector lenders will require the bulk of the recapitalisation, as the risk of capital erosion at state banks is significantly higher than for their privately owned peers, the ratings agency said.
NMDC: State-owned NMDC on Wednesday said its iron ore production remained flat at 2.52 million tonne (MT) in June. The company had produced 2.52 MT iron ore in June 2019.
Coal India: The production of Coal India declined by 12.8% to 39.20 million tonnes (MT) in June compared to 44.95 MT of coal in June last year. The state-run miner’s production in the first three months of 2020-21 dropped to 121.01 MT from 136.94 MT of coal produced in the April-June period of the previous fiscal.