Shyam Srinivasan, MD&CEO, Federal Bank
Shyam Srinivasan, MD&CEO, Federal Bank

Stocks to Watch: Yes Bank, Indiabulls Housing, Federal Bank, Fortis Healthcare

  • Ratings agency ICRA has upgraded the rating for Yes Bank's number of debt instruments
  • Federal Bank MD&CEO Shyam Srinivasan has sold 19 lakh shares of the bank to repay ESOP loans

Here is a list of top ten stocks that may be in focus on Wednesday:

Yes Bank: Ratings agency ICRA has upgraded the rating for the private lender’s number of debt instruments such as Basel III-compliant tier-2 bond (from ICRA D to ICRA BB) and certificate of deposit (from ICRA D to ICRA A4+) and placed them under rating watch with negative implications.

Indiabulls Housing: The housing finance company on Tuesday said ratings agency CRISIL has reaffirmed CRISIL AA for the firm’s long-term rating with revision of outlook to negative. The short-term rating has been reaffirmed to CRSIL A1+.

Fortis Healthcare: The company on Tuesday said ratings agency ICRA has withdrawn its long-term rating of ICRA BBB+ and kept under watch with developing implications and short-term rating of ICRA A2, placing on watch with developing implications assigned to 35 crore.

Federal Bank: The private lender on Tuesday said its managing director and chief executive officer (CEO) Shyam Srinivasan has sold 19 lakh shares of the bank for 7.5 crore to repay employee stock ownership plan (ESOP) loans, including principle and interest amounts, availed by him.

JK Tyre: The tyre maker on Tuesday said its top bosses and senior management have decided to take voluntary cuts in their salaries between 15% and 25% as operations have been impacted due to disruption in supply chains caused by the spread of coronavirus.

Mahindra Logistics: The company on Tuesday said it has temporarily suspended operations including shutting down warehouses at various locations in India to prevent the spread of coronavirus. However, certain projects relating to essential services continue to operate, the firm said.

WABCO India: The commercial vehicle (CV) technology company on Tuesday said it expects that the merger of WABCO Holdings Inc and ZF Friedrichshafen AG should be completed in the second quarter of calendar year 2020. The company has received all regulatory approvals barring that of China’s State Administration for Market Regulation (SAMR).

Graphite India: The company on Tuesday it has fully suspended operations at its manufacturing plants in Ambad and Gonde in Maharashtra, Barauni in Bihar and Powmex Steel division in Titilagarh-Odisha, with immediate effect, to comply with the government’s decision of a lockdown due to coronavirus.

Torrent Pharma: The drug maker on Tuesday informed the stock exchanges it has fully repaid secured redeemable non-convertible debentures worth 240 crore.

Bajaj Consumer Care: The company on Tuesday said its operations have been disrupted and its offices and plants at various locations are locked down in the wake of the coronavirus outbreak. The company has already adopted work from home for all its office employees since last week.

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