New Delhi: Here’s a list of top stocks that may be in news on Monday.
Punjab National Bank: The public sector lender under-reported non-performing assets by ₹2,617 crore for fiscal 2018-19, according to central bank’s risk-assessment report. Also, the divergence in provisioning for bad loans in FY19 was to the tune of ₹2,091 crore.
Tata Motors: The company’s chief executive director and managing director Guenter Butschek on Sunday said the company was not looking to reduce workforce amid a slowdown in the domestic economy. It expects things to get better on the back of a wave of new products lined up for launch over the next few months.
Yes Bank: The private sector lender, on Friday after market hours, said it expects the third quarter of the current financial year to remain subdued but sees improvement in revenue in the March quarter on the back of government measures. Yes Bank reported a consolidated net loss of ₹629.1 crore for the September quarter due to a spurt in bad loans.
JSW Steel: The steelmaker will infuse ₹63.5 crore in Vardhman Industries Limited (VIL) which is currently undergoing insolvency proceedings, it said in a a BSE filing. The NCLT in December 2018 had approved the resolution plan submitted by JSW Steel for acquiring VIL. The financial creditors shall receive a total consideration of ₹62.5 crores and the operational creditors shall receive an aggregate consideration of ₹1 crore under the settlement of VIL’s existing debt.
State Bank of India: The Competition Commission of India (CCI) on Friday approved the acquisition of stake in SBI General Insurance Company Ltd by Napean Opportunities LLP and Honey Wheat Investment Ltd. The country’s largest lender State Bank of India (SBI) will continue to own 70% in its general insurance arm.
BEML: The Centre is likely to sell 28% of its stake in BEML Ltd through strategic disinvestment and retain 26% after the dilution of its shareholding in the public sector undertaking, a senior company official said. The government currently holds 54.03% stake in the diversified engineering company.
Godrej Industries: Godrej Fund Management, the real estate private equity arm of Godrej Industries Limited, has acquired a stake in a commercial office project in Bengaluru which is being developed by Century Real Estate Holdings Pvt. Ltd for around ₹850 crore, according to a Mint report.
AU Small Finance Bank: Singapore's state investment arm Temasek, on Friday, said it has completed the acquisition of 4.8% stake in AU Small Finance Bank Ltd by infusing the balance ₹525 crore of its ₹1,000 crore investment plan in the Jaipur-based lender. The deal is part of Temasek’s June 2018 original commitment of investing ₹1,000 Crores ($141 million) in the lender, with 30% equity capital and remaining 70% by way of convertible warrants issued at a price of ₹692.77 per share.
Aviation Stocks: Indian carriers are estimated to report a consolidated net loss of over 4,230 crore in 2019-20, according to aviation consultancy CAPA as it downgraded its full-year profitability projection made in June. These projections are based on the assumptions that oil prices are in the range of $60-65 per barrel, exchange rate is ₹70-72 against dollar and that airlines maintain pricing discipline.
Metal Stocks: China has suspended additional tariffs on US products that were to be imposed on 15 December, after Washington and Beijing announced a major thaw in their trade war Friday, according to an AFP report. China will suspend the proposed 10% and 5% additional tariffs on some US imports, and "continue to suspend additional tariffs on US-made autos and spare parts," it announced Sunday.