Top 5 stocks in focus on June 27: Fortis, SBI to Infosys, check out the newsmakers today
The Indian stock markets closed flat on Tuesday after opening in red, but there were certain stocks that made news on the day. The reflections of the causes for being in news can be seen during the trade on June 27, 2018. Here are the stocks concerned:
Fortis Healthcare: The second largest hospital chain in India has reported its quarterly results for the January-March period. The Q4 results of the health major have ballooned to Rs 932 crores, compared to a Rs 68 crore loss in the corresponding quarter. The companies revenue also fell by 3.3 per cent to Rs 1,086 crore from Rs 1,123 crores.
State Bank of India (SBI): The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by SBI against Uttam Value Steel Ltd, a listed subsidiary of Uttam Galva Steels Ltd. The bank approached the bankruptcy court after Uttam Value Steel defaulted the payment of Rs 334 crore.
Idea Cellular: Shareholders of telecom operator Idea has approved the new name 'Vodafone Idea Limited' for the company. In addition, the company plans to raise Rs 15,000 via non-convertible securities, which may be used for paring debt of the combined entity.
Infosys: The fully owned subsidiary of the company, Infosys Finacle, has signed a deal with UK based financial services provider, Santander UK, to provide of inter-bank cash management system for its corporate customers. Santander will utilize Finacle's digital offering like Finacle Online Banking, Payment Solution, Omnichannel Hub and Liquidity Management Solution.
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Vijaya Bank and IDBI Bank: The two banks in its reply to BSE said they have exposures to D S Kulkarni, the Pune-based real estate developer, that is facing multi-agency probe for illegal fund diversions, but the loans were sanctioned in compliance with the RBI norms. IDBI Bank in a regulatory filing said it has an exposure of Rs 47.18 crore to DS Kulkarni Developers Ltd. Vijaya Bank said loan facilities were sanctioned to D S Kulkarni in a conventional manner and the facility is under consortium with the SBI as the leader bank and Vijaya Bank’s share in the consortium is 4.17 per cent.