New Delhi: Here is a list of top 10 stocks that may be in focus on Friday:
Yes Bank: Moody's Investors Service on Thursday downgraded the bank’s long-term foreign currency issuer rating to B2 from Ba3. The ratings agency has downgraded the private lender’s long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1.
SBI: The decision by the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to keep policy rates unchanged is the “most appropriate" as such policy actions work with a lag, State Bank of India Chairman Rajnish Kumar said, terming the central bank’s move an “unanticipated policy surprise". The MPC on Thursday decided to keep the repo rate unchanged at 5.15%.
Tata Motors: The allotment committee authorised by the board of directors at Tata Motors Ltd on Thursday approved allotment of ordinary shares and warrants on preferential basis to Tata Sons Pvt Ltd. The auto major approved the allotment of 20,16,23,407 ordinary shares at a price of ₹150 each and 23,13,33,871 warrants at a price of ₹150 per warrant on preferential basis to its promoter Tata Sons.
Bharti Airtel: Ratings agency S&P kept the ratings for long-term facilities at BBI, with negative implications ratings due to ₹34,300 crore setback from the department of telecommunications’ litigation that will decisively weaken the telecom operator’s leverage. Earlier this week, the firm hiked tariffs, up to 50% on some of its plans, after the Supreme Court’s unfavourable verdict in the adjusted gross revenue case led to massive losses in the September quarter.
M&M: The auto company acquired 36.63% stake in Meru for ₹44.71 crore. On 31 August, the company had signed an agreement to acquire 55% stake in Meru. Post this transaction, the company will have the right to appoint majority of directors in the cab servi firm. Meru will operate as a subsidiary of Mahindra and Mahindra Ltd.
Allcargo Logistics: The company on Thursday said it will foray into the express logistics space by acquiring a controlling stake in Gati Ltd for up to ₹416 crore. The firm currently provides a comprehensive range of services such as multimodal transport operations, container freight station operations/inland container depot operations, projects and engineering solutions, warehousing, distribution, contract logistics and logistics parks.
Welspun Group: Promoters of the Mumbai-based conglomerate have acquired a majority stake in One Industrial Spaces, an integrated real estate fund focused on warehousing sector, for an undisclosed amount. The acquisition marks Welspun’s entry into the industrial warehousing market. The textile major has interests in infrastructure, oil and gas among others.
Small Finance Banks: The RBI on Thursday issued the final guidelines for 'on-tap' licensing of small finance banks and doubled their minimum capital requirement to ₹200 crore. In November 2014, the RBI had issued licences to 10 companies interested to launch small finance banks as part of its effort to further financial inclusion.
Auto Companies: China’s MG Motors, which entered India only in June this year, plans to launch an electric vehicle as its second offering to take on more established rivals, a top company executive told Mint. The company will bring in a long range of electric sports utility vehicle named ZS next month to compete with Hyundai Motors India Ltd’s Kona vehicle, which was the first to enter the segment earlier this year.
RBL Bank: The private lender closed institutional placement of shares. It approved allocation of 5.77 crore shares at ₹351 apiece, which is at a discount of 0.45% to the floor price of ₹ ₹352.57 each. The allocation price is at a discount of 4% to the closing prices of 5 December. The bank raised ₹2.025.3 crore through this qualified institutional placement (QIP) issue.