Top 10 stocks that will be the focus today are as follows:
ACC/Ambuja Cement: Just days after completing the purchase from Holcim Ltd., the Gautam Adani group pledged shares worth approximately $13 billion in two Indian cement companies, demonstrating the second-richest person in the world’s appetite for finance as his ports-to-power conglomerate develops quickly. According to separate disclosures made to Indian stock exchanges by Deutsche Bank AG’s Hong Kong branch, stakes in two of those businesses — around 57% of ACC Ltd. and 63% of Ambuja Cements Ltd. — have been encumbered “for the benefit of certain lenders and other finance parties.”
Gail India: Following the cancellation of crucial Russian shipments, India made some of the most expensive liquefied natural gas purchases in the history of the country. Gail India Ltd. purchased a number of LNG cargoes for delivery between October and November at a price that was more than two times what it had spent at the same time the previous year. The company, which has its headquarters in New Delhi, is striving to replace the supply from the former trading division of Gazprom PJSC, which Germany nationalised earlier this year and is now paying fines in accordance with its contract rather than supplying fuel.
Yes Bank. The board of private lender Yes Bank has given its approval for JC Flowers to receive 48,000 crore worth of stressed assets. Subject to regulatory approvals, Yes Bank would also purchase a 19.99% share in the ARC, the lender announced in a BSE filing. JC Flowers has been recognised as the victor of the Swiss Challenge procedure by the Yes Bank board. The choice was made after a Swiss Challenge auction in which the bank received no bids in opposition to the base bidder, JC Flowers ARC.
SpiceJet: According to persons with knowledge of the situation, SpiceJet has decided to place some 80 pilots on three-month leaves of absence without pay in order to save costs. The airline claimed it was a short-term strategy to reduce costs and maximise the fleet. A total of 70 to 80 pilots from the Boeing 737 and Bombardier Q400 fleets have been placed on a three-month unpaid leave of absence.
Mahindra & Mahindra: On Tuesday, Mahindra & Mahindra(M&M) Ltd announced plans to pay ₹296 crore to Kirloskar Industries Ltd (KIL) in order to buy an additional 17.41% interest in Swaraj Engines Ltd. According to M&M in a regulatory filing, the acquisition will increase the company’s holding in Swaraj Engines Ltd (SEL) from 34.72 percent to 52.13%. According to the firm, it plans to pay ₹1,400 per share to KIL in order to purchase 21,14,349 equity shares, or 17.41% of SEL’s paid-up equity share capital.
Central Bank of India: State-owned Central Bank of India will no longer be subject to stringent lending limits put in place by the Reserve Bank of India (RBI) in June 2017. The regulator said on Tuesday that the bank has been exempted from the PCA limitations. According to the bank’s assessed financials for the fiscal year that concluded on March 31, according to the regulator, it is not in violation of the PCA guidelines.
Tata Steel: According to sources, Tata Steel raised ₹2,000 crore through the sale of non-convertible debentures after its board of directors authorised the private placement of 20,000 NCDs, each with a face value of ₹10 lakh. The wholesale debt market (WDM) of the BSE is where the NCDs are proposed to be listed.
KRBL Limited: On Tuesday, the government extended the deadline for the export of broken rice that has been in transit until September 30. Previously, it was permitted until September 15. On September 8, the government outlawed the export of broken rice. The biggest rice miller in the world and a significant rice exporter is KRBL Limited. Certain consignments of broken rice will be permitted to be exported during the days of September 9 through September 15 according to a September 8 announcement.
Tamilnad Mercantile Bank: According to a regulatory filing, the Reserve Bank denied to accept Tamilnad Mercantile Bank’s request to name B Vijayadurai as the lender’s part-time non-executive chairman. On August 20, the bank had proposed to the RBI that B Vijayadurai be appointed as a temporary non-executive chairman. No explanation for RBI’s denial could be found. It claimed that the regulator had given the company the go-ahead to resubmit a request from a different independent director for the position of part-time non-executive chairman.
Hero MotoCorp: On Tuesday, Hero MotoCorp announced a partnership with Hindustan Petroleum Corporation Ltd to build a nation-wide infrastructure for electric two-wheeler charging. The two businesses will first install charging infrastructure at Hindustan Petroleum Corporation’s (HPCL) current network of stations as part of the effort, with the possibility of later expanding the partnership for more business prospects.
