Stocks in Focus on February 12: SBI, IndusInd Bank to Hindalco; here are expected top 5 Newsmakers of the Day
SBI, IndusInd Bank, Hindalco, Sun Pharma Advanced to Shipping Industry & Ports are the expected top 5 newsmakers throughout the intraday trade.
After two consecutive days of losses, the domestic stock market advanced on Tuesday, February 11, 2020, led by positive global cues. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Wednesday, February 12, 2020. Here is the list of five stocks:
Shipping Industry & Ports: Union Cabinet is likely to approve Major Port Authorities Bill, 2020 today. The bill seeks to convert 11 port trusts into port authorities. Once the Major Port Authorities Bill is passed by Parliament and signed into law, each port authority would be free to fix tariff for its assets and services.
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IndusInd Bank: Moody's Investors Services on Tuesday revised its outlook on the private lender ratings to ‘negative’ from ‘stable’ to account for the risk of further asset quality deterioration. This is to account for the risk of further asset quality deterioration. The rating agency affirmed the bank’s domestic and foreign currency ratings at Baa3/P3. It said the bank's exposure in real estate and telecommunications sector is a matter of concern.
SBI: The Securities and Exchange Board of India (SEBI) on Tuesday gave its in-principle approval for the initial public offering (IPO) of SBI Cards and Payment Services, a subsidiary of the country's largest lender State Bank of India. SBI Cards is likely to launch its IPO in the first week of March 2020.
Hindalco: Novelis Inc., the world leader in aluminum rolling and recycling, on Tuesday reported its quarterly financial results. For Q3 of the fiscal year 2020, Novelis reported net income of $107 million, which marked a 37% year-over-year increase. Adjusted EBITDA reached $343 million, up 7% on a YoY basis. Its net sales fell 10% to $2.7 billion. Shipments growth stayed flat at 797-kilo tonnes.
Sun Pharma Advanced Research Company (SPARC): SPARC on Tuesday said that the US health regulator, United States Food & Drug Administration (USFDA), has denied approval to its new drug application for Taclantis (Paclitaxel Injection Concentrate for Suspension), its underdevelopment product for the treatment of breast cancer.
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