Stocks to Watch: Yes Bank, RIL, Bharti Airtel, HDFC Bank, RCom2 min read . Updated: 29 Nov 2019, 08:09 AM IST
- RIL on Thursday became the first Indian company to cross the ₹10-trillion market capitalization
- The government is considering more relief measures for the stressed realty and financial sector
marketNew Delhi: Here’s a list of stocks that may be in news on Friday:
Yes Bank: The private-sector lender is expected to name the investors and the amount of money they will contribute after its board signs off on the plan at a meeting on today. Yes Bank aims to raise about $1.2 billion in capital and says it has received offers from bidders including an unnamed North American family office.
Reliance Industries: The Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday became the first Indian company to cross the ₹10-trillion market capitalization. The decision of RIL subsidiary Reliance Jio Infocomm Limited to hike tariffs next month has spurred buying interest in the stock. The group is also on a spree to monetize its assets and repay its debt and make RIL a zero-debt company by March 2021.
Bharti Airtel: The company has emerged as the highest bidder for RCom’s assets which is currently under insolvency proceedings. Airtel has offered roughly ₹9,500 crore – the highest upfront cash settlement – to take over the assets that include spectrum, towers, fibre, data centres and real estate, says a Mint report.
HDFC Bank: The board of directors of HDFC Bank at its meeting held on Thursday set up a search committee to identify a successor to managing director Aditya Puri. The board of directors also approved the appointment of Sashidhar Jagdishan and Bhavesh Zaver as additional and executive directors both.
Insurance stocks: Finance Minister Nirmala Sitharaman on Thursday sought Parliament's approval for recapitalising state-owned insurance companies with ₹2,500 crores this financial year. The government wants to spend an additional ₹21,246 crore, out of which net cash outgo will be ₹18,995.51 crore. The rest will be met by savings from other expenses.
Aditya Birla Capital: Aditya Birla Finance Limited (ABFL), the lending subsidiary of Aditya Birla Capital Limited has become the first company to list its commercial papers borrowing of ₹100 crore on NSE. ABFL is a non-banking finance company with a long-term credit rating of AAA (Stable) from both ICRA as well as India Ratings.
Realty stocks: The government is considering more relief measures for the stressed realty and financial sector. The Centre is weighing the option of unburdening some of the major NBFCs of stress assets through a dedicated scheme. This would call for recast of real estate developers’ loans. Recently, the government announced setting up of ₹25,000 crore alternative investment fund to revive realty sector.
Reliance Communications: The 13th meeting of Committee of Creditors of Reliance Communications Limited on Corporate Insolvency Resolution Process is scheduled on 29 November. RCom owed financial creditors ₹49,193.46 crore at the time of being taken to bankruptcy court in May last year.
CG Power: The company on Thursday cancelled royalty pact worth ₹411.2 crore with Avantha Holdings (AHL), it said in an exchange filing. The royalty agreement, which envisaged 50% of brand royalty payable by CG Power to AHL in perpetuity aggregating to ₹411.20 crores for part settlement of outstanding loans due from Avantha group of companies and reducing the regular royalty payments to 0.50% of annual consolidated net operating revenues of the Company, has been rescinded.
Hinduja Global Solutions: The company on Thursday said it would sell its customer relationship management (CRM) business to Altruist Technologies, a business process management firm. "This is an all-cash transaction of ₹40 crore, subject to adjustments. In addition, the proceeds from working capital will accrue to HGS. The transaction, subject to approvals, is expected to close by January 31 next year," the company statement said.