New Delhi: Here is a list of top 10 stocks that may be in focus on Monday:
BSE Sensex: Tata Motors Ltd, Tata Motors with differential voting right (DVR), Yes Bank Ltd and Vedanta Ltd will be dropped from the BSE’s benchmark Sensex from December 23. In their places, UltraTech Cement Ltd, Titan Company Ltd and Nestle India Ltd will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, according to a statement released on Friday.
Zee Entertainment: The media company on Saturday said its independent director Subodh Kumar resigned and the resignation will be put before the board in its next meeting. Last week, promoter Subhash Chandra sold 16.5% stake in the company to financial investors to raise funds and repay dues of lenders. The stake was sold in a series of negotiated block deals on Thursday to Singapore’s GIF, US investment management company Blackrock, HSBC Global, Capital Research, Norges Bank, Marshall Wace, Wellington Management, SBI Mutual Fund and ICICI Prudential, according to data on the exchanges. Chandra’s shareholding is down to 5% after the stake sale.
RComm: Committee of creditors of Reliance Communications Ltd, in an exchange filing on 24 November, said the resignations tendered by its directors including Anil Ambani cannot be accepted and instructed the resolution professional to convey to the directors to continue with their duties and responsibilities as directors and provide all cooperation in the corporate insolvency resolution process, at least until the completion of the insolvency resolution process of the bankrupt company.
DHFL: Cash-strapped mortgage lender, whose management has been taken over by the Reserve Bank of India, on Friday informed the stock exchanges that it will not be able to declare financial results on the scheduled date as the new administrator needs to have detailed discussions with the statutory auditors. The company was scheduled to announce its financial result on 25 November.
Telecom Stocks: Bharti Airtel Ltd and Vodafone Idea Ltd on Friday filed a petition with the Supreme Court to review the 24 October judgement that ordered telecom companies to pay over ₹92,000 crore to the department of telecommunications (DoT) in penalties in a 14-year-long case. The matter pertained to the DoT claiming that telecom companies had under reported their revenues. Separately, ratings agency CRISIL Ltd has downgraded Vodafone Idea’s rating on non-convertible debentures of ₹3,500 crores on account of substantial impact on the financial risk profile and potential payout in the adjusted gross revenue case.
Muthoot Finance: Muthoot Finance Ltd (MFIN), in an exchange filing after market hours on Friday, announced the acquisition of IDBI Bank’s mutual funds business. The ₹215 crore transaction is expected to be completed by end of February 2020 subject to receipt of necessary regulatory approvals. Upon closing, both IDBI AMC and IDBI MF Trustee Company will become wholly-owned subsidiary companies of MFIN.
Unichem Labs: Unichem Laboratories Ltd on 22 November announced that it has received approval for generic of Tenormin tablets from United States Food and Drug Administration.
IT Stocks: The US Department of Homeland Security has proposed to revise the rules governing the sanction of H1-B visas. According to a Mintreport, changes to the US H1-B visa policy would have to be passed by the country’s Congress. Indian foreign minister S Jaishankar on Thursday told Parliament that India was trying to convince the US that tapping into the Indian talent is in mutual benefit of the two countries. The IT index on Friday was the worst hit, falling 2.2%.
BPCL: The government has set a 50-day deadline for an outside 'asset valuer' to carry out the valuation of all assets of Bharat Petroleum Corporation Ltd (BPCL), India's second biggest state oil refiner. The Cabinet Committee on Economic Affairs had on 20 November given a go-ahead for sale of the government's entire stake in BPCL and other stressed PSUs to meet its divestment target of ₹1,05,000 crore for the current fiscal year.
NTPC: State-run power giant NTPC Ltd is likely to raise around ₹10,000 crore through green bonds for acquisition of the government's stake in THDC India Ltd (THDCIL) and North Eastern Electric Power Corporation Ltd (NEEPCO), according to a PTI report.