New Delhi: Here’s a list of stocks that may be in news on Thursday
Reliance Industries: Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd, a subsidiary of Reliance Industries Ltd, could foray into distributing mutual funds and other financial products in the new year, according to a Mint report. Jio’s digital payments platform, JioMoney, could be used to sell the mutual funds. JioMoney allows users to donate, send and receive money, in addition to paying bills and recharging mobile phones and DTH connections, among other services.
Reliance Communications: The committee of creditors (CoC) of Anil Ambani lead firm is likely to seek extension of debt sale process beyond January 10 till February-end from the National Company Law Tribunal, according to a PTI report. The CoC is scheduled to meet on Thursday to consider bids of Reliance Jio, Airtel, Varde and UVARCL for the sale of assets. RCom's secured debt is estimated to be around ₹33,000 crore. Lenders have submitted claims of around ₹49,000 crore in August.
Muthoot Capital Services: The company has raised ₹145.37 crore through securitisation and completed the transaction on December 31, 2019. With this transaction, the company has so far raised total funds of ₹578.81 crore through securitisation/ direct assignment transactions during the FY2019-20, it said in a filing with the exchanges.
ONGC: State-owned Oil and Natural Gas Corp (ONGC) has begun an exercise to shed excess cost at the Mumbai offshore oil and gas fields of Panna-Mukta whose control it regained after two and half decades and has already saved ₹1 crore in the shipping cost, according to a PTI report. ONGC has changed the contract for bringing oil produced from the fields lying in the Arabian Sea to land, resulting in saving of about USD 5,000 per day.
NMDC: State-owned NMDC Ltd, India’s largest domestic miners, achieved cumulative sales of 23.03 million tonne (mt) of iron ore in April-December 2019 from its mines at Chhattisgarh and Karnataka, a 3.8% increase over cumulative iron ore sales of 22.18 mt in April-December 2018, according to a regulatory filing.
DTH providers: The stocks Direct-to-Home (DTH) television service providers like Dish TV, Bharti Airtel (promoter of Airtel Digital TV) may be in focus as Telecom Regulatory Authority of India (Trai) on Wednesday announced amendment to the tariff order, interconnect regulations and quality of services. According to the amended rules the regulation has capped at ₹160 the amount consumers will have to pay monthly for all free to air channels combined.
State Bank of India: Encouraged by the recovery from the insolvency process involving Essar Steel, SBI chairman believes 2020 will be the best year in terms of bad loan recoveries. Rajnish Kumar, chairman of India’s largest public sector lender expects recoveries in many large accounts this year.
Auto Stocks: Passenger vehicle (PV) makers in India sold 14% fewer units in 2019 than in the previous year, as prospective customers deferred purchases in a year marked by a grinding slowdown, liquidity crisis and new emission norms. India’s top seven auto manufacturers that make up most of PV sales reported dispatching 2.67 million passenger vehicles to dealerships in 2019—including numbers for December released on Wednesday— against 3.12 million the previous year.
Coal India: State-owned Coal India Ltd (CIL) posted 7.2% growth in December with 58 million tonne output. Coal offtake in the first nine months of the current fiscal (April-December 19) was reduced to 417 million tonne, down from 444.59 million tonne supplied in the same period of 2018, CIL said in a BSE filing.
Bajaj Steel Industries: CRISIL has revised its rating outlook on the long-term bank facilities of Bajaj Steel Industries Ltd to 'positive' from 'stable', and reaffirmed the ratings on short-term bank facilities at A3 ‘plus'. Bajaj Steel reported sustained improvement in operating performance through the first half of fiscal 2020 (H1'FY20), supported by ramp up in revenue and stable probability, the ratings agency said.