BackStocks to Watch: Reliance Industries, Shriram Transport, RCom, Equitas Holdings
Here’s a list of stocks that may be in news on Tuesday
PremiumNew Delhi: Here’s a list of stocks that may be in news on Tuesday:
Reliance Industries: Five months after Reliance Industries and British energy major BP Plc announced their intent to set up nationwide fuel retail outlets, the companies on Monday signed a partnership agreement to set up 5,500 petrol pumps under the brand Jio-BP. RIL currently has about 1,400 operating petrol pumps and around 30 aviation fuel stations at airports.
Equitas Holdings: Equitas Small Finance Bank Ltd on Monday filed a draft red herring prospectus with the markets regulator, becoming the third small finance bank to file for an initial public offering (IPO). Through the offer for sale route, the lender’s publicly-listed promoter entity Equitas Holdings Ltd (EHL) plans to sell another 80 million shares.
Shriram Transport: Standard & Poor Global Ratings on Monday said it has revised its outlook on Shriram Transport Finance Co ltd to negative from stable on concerns over asset quality deterioration and pressures on profitability. The rating agency maintained the company’s rating at BB+ long term and B short term rating.
Asian Oilfield Services: The oil & gas service provider has received a letter of award (LoA) from an oil and gas company in India to acquire data of oil blocks located in Rajasthan and Gujarat, the company said. The total value of the LoA received is about Rs640 crore. Post the current award, the company's executable order book crossed about ₹1,400 crore, providing revenue visibility for FY2021 and FY2022.
Allahabad Bank: India Ratings and Research (Ind-Ra) has maintained Allahabad Bank’s Long-Term Issuer Rating of ‘IND AA-’ on Rating Watch Evolving (RWE), the lender said in a filing with the exchanges. The ratings agency expects continuous support from the government. The proposed amalgamation with Indian Bank is likely to be established effective 1 April 2020. The amalgamated entity will be the seventh-largest public sector bank on an overall basis in the country in terms of its assets, Ind-Ra said.
Cipla: The pharma company has acquired the brand name and trademark rights for Vysov & Vysov M of the anti-diabetic drug, Vildagliptin for the Indian market. The company has been co-marketing Vildagliptin in agreement with Novartis under brand names Vysov & Vysov M and has witnessed a strong uptake for the product in India for the last couple of years.
Reliance Communications: The UK High Court has dismissed an application filed by Industrial and Commercial Bank of China Limited for a 'summary judgement in its claims of $680 million against RCom Chairman Anil Ambani. The hearing in the matter took place on November 7 and the conditional dismissal order for the "summary judgement application of Chinese banks against Anil Ambani" was issued on Monday.
JM Financial: The company’s board will meet on 19 December to consider fundraising by the way of issue of equity shares, other instrument including fully/partly convertible debentures, non- convertible debentures. The window for trading in equity shares of the company shall remain closed with immediate effect and shall re-open from 24 December, it said in a filing to the exchanges on Monday.
Auto Stocks: Global credit rating agency Moody's Investors Service on Monday said its outlook for the global automotive manufacturers and parts suppliers is negative. According to Moody's, global demand for light vehicles will remain sluggish amid weakening economic growth in key markets. It expects global car sales to decline for third consecutive year.
Realty Stocks: Ratings agency ICRA has maintained a negative outlook for the residential real estate segment and a stable outlook for commercial real estate segment. The performance of the housing segment continues to be muted due to liquidity crunch, higher unsold stock, weak affordability and subdued demand, the ratings agency noted.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
