Mercator, Exide Industries among key stocks hogging limelight today
Automotive battery maker Exide Industries announced signing of a pact with Swiss-based firm Leclanche SA for setting up a joint venture company to build lithium-ion batteries and provide energy storage systems for India's electric vehicle market.
The Sensex and Nifty are expected to extend losses on Thursday tracking Asian markets, which slumped to nine-month lows on growing worries the US administration’s approach to trade is harming global economic growth even as it appeared to be modifying its approach to curb Chinese investments in US technology firms.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 per cent to a nine-month low in early trade while Japan’s Nikkei shed 0.30 per cent. The US S&P 500 lost 0.60 per cent on Wednesday to one-month closing low.
MSCI’s broadest gauge of the world’s stock markets fell to its lowest level in almost three months, on course to post its fourth month of loss in the last five. Its emerging market index hit the weakest level since mid-August.
Here are five stocks that will hog limelight later today:
Exide Industries: Automotive battery maker Exide Industries announced signing of a pact with Swiss-based firm Leclanche SA for setting up a joint venture company to build lithium-ion batteries and provide energy storage systems for India's electric vehicle market. As part of the joint venture (JV) agreement, Exide Industries will hold a majority stake of 74.99 per cent and the rest 25.01 per cent will be held by Leclanche in the JV firm, a regulatory filing said.
Indiabulls Real Estate: Indiabulls Real Estate said it has raised Rs 480 crore through issue of debentures on private placement basis. In a BSE filing, the Mumbai-based developer informed that the board's operations committee has allotted NCDs (non-convertible debentures) aggregating Rs 480 crore.
Mercator: Mercator Petroleum Limited (MPL), a Mercator Group Company received mining lease from Gujarat for exploiting oil discoveries made by MPL in Block CB-ONN-2005/9. The Mining Lease has been awarded for a period of 20 years.
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Bank of Maharashtra: A special Pune court granted bail to Bank of Maharashtra's Managing Director and CEO Ravindra Marathe in a cheating case involving city-based real estate developer D S Kulkarni and his wife, among others. Besides, the bank has clarified it has Rs 96.52 crore loan exposure to D S Kulkarni Group.
State Bank of India: State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, said Managing Director (Retail & Digital Banking) Praveen Kumar Gupta. SBI, country's largest lender, has operations in about 36 countries with nearly 190 branches.