BackStocks to Watch: Yes Bank, Vedanta, Wipro, Reliance Industries
Here’s a list of stocks that may be in news on Wednesday
PremiumNew Delhi: Here’s a list of stocks that may be in news on Wednesday:
Reliance Industries: Reliance Jio Infocomm Ltd, wholly-owned subsidiary of Reliance Industries Ltd, has emerged as the top bidder to acquire assets of insolvent Reliance Communications according to a PTI report. RCom assets have received bids of around ₹25,000 crore with Reliance Jio and UV Asset Reconstruction Company (UVARC).
Yes Bank: The private sector lender has acquired 29.97% stake in power generation company Rosa Power Supply Company Limited (RPSCL), a wholly-owned subsidiary of Reliance Power Ltd, according to a regulatory filing. Further, Yes Bank will hold Extraordinary General Meeting Scheduled on 7 February to shareholders’ nod to raise ₹10,000 crore and increase the authorized share capital from ₹800 crore to ₹1,100 crore.
Vedanta: The Supreme Court on Tuesday allowed Vedanta to bid for alumina sale tenders by state-run National Aluminium Co., providing some relief to Anil Agarwal’s aluminum unit that is seeking to boost supplies of the raw material, says a Bloomberg report. A three-judge Supreme Court panel said Vedanta’s foreign units can bid for Nalco’s alumina tenders meant for exports.
Hindalco Industries: The Aditya Birla Group company is in talks to extend the closure of its planned acquisition of US aluminium products maker Aleris Corp by three months due to delays in securing regulatory approvals, according to a Mint report. In July 2018, Hindalco Industries Ltd announced the $2.6 billion purchase of Aleris, with an outside date to complete the deal by 21 January, 2020. Though China has already cleared the deal, authorities in the US and the European Union (EU) are still vetting the deal, and it is unlikely that it will close by its original deadline.
Canara Bank: The public sector lender on Tuesday called off divestment process of its stake in Can Fin Homes Ltd, the housing finance subsidiary of the bank which was under progress. In 2018 too, the bank had forgone the stake sale after receiving lower-than-expected price quotation. In September 2019, the lender again invited bids to sell 30 per cent stake in Can Fin Homes, but has now backed out without giving reasons for the move.
Wipro: The company’s consolidated profit fell 3.8% on a sequential basis to ₹2455.9 crore in the quarter ended December 2019, it informed the exchanges after-market hours on Tuesday. For the September quarter, Wipro Ltd reported net profit of ₹2552.7 crore. Revenue from operations increased sequentially by 2.3% to ₹15,470.5 crore in the December quarter, from ₹15,125.6 crore in the previous quarter.
Mindtree: IT firm Mindtree on Tuesday reported a 3% rise in consolidated net profit at ₹197 crore for the December 2019 quarter. The company had posted a net profit of ₹191.2 crore in the same period last year.
Glenmark Pharma: The drugmaker plans to raise up to $200 million through dollar-denominated bonds to refinance debt. Glenmark Pharmaceuticals Ltd will conduct investor road shows from 14 to 19 January across Asia, Europe and West Asia, it informed the exchanges on Tuesday.
Aarti Drugs: The government may impose anti-dumping duty on a Chinese medicine used to treat different kind of bacterial infections with a view to guard domestic players from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) has initiated a probe into an alleged dumping of Ciprofloxacin Hydrochloride from China following a complaint filed by Aarti Drugs Ltd.
Q3 earnings: Sterlite Technologies Ltd and Reliance Industrial Infrastructure Ltd will announce financial results for the third quarter ending 31 December today.
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