Stocks in Focus on February 27: PSBs, RITES and Vodafone Idea; here are the 5 Newsmakers of the Day
Sensex at the Bombay Stock Exchange slumped 392.24 points and Nifty 50 at the National Stock exchange plunged 119.40 points on Wednesday, February 26, 2020. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Thursday, February 27, 2020.
At the stock markets, the Sensex at the Bombay Stock Exchange slumped 392.24 points and Nifty 50 at the National Stock exchange plunged 119.40 points on Wednesday, February 26, 2020. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Thursday, February 27, 2020.
Here is the list of five stocks:
PSU Bank in Focus: Finance Minister Nirmala Sitharaman met with heads of public sector banks (PSBs) on Wednesday. During the meet, the finance minister said more than 5.53 lakh stressed medium and small enterprises (MSMEs) accounts have been identified as of January 6. Of these (stressed MSME accounts), close to 5.28 lakh have been restructured. The rest are to be cleared by March 15. Besides, FM Sitharaman said the merger of 10 PSU banks into 4 consolidated banks is very much on course and there is no uncertainty regarding this.
RITES: The government plans to sell 5% stake (1.25 crore shares) in public sector engineering consultancy company RITES via offer for sale with an option to sell an additional 5% stake as part of its disinvestment programme. The floor price has been fixed at Rs 298 per share. The stake sale will open today, February 27, 2020, for non-retail investors only and on February 28, 2020, for retail investors and non-retail investors.
Thomas Cook (India): The company on Wednesday said its board has approved buyback of up to 2.6 crores fully paid up shares at Rs 57.50 per share for a maximum aggregate amount of Rs 150 crore.
Vodafone Idea: The telecom major has asked the government to allow it to pay AGR dues over 15 years. In a letter to the Department of Telecommunications (DoT), the telco has sought a goods and services (GST) refund of Rs8,000 crore, which can be adjusted against the AGR dues. The letter has been sent to Digital Communications Commission (DCC) which may discuss some steps on providing relief to the stressed telcos like Vodafone. DCC is the highest decision-making body of the DoT.
Watch Zee Business live TV below:
IDBI Bank: HDFC Life Insurance, ICICI Prudential Life Insurance and Rakesh Jhunjhunwala's RARE Equity have been shortlisted from the suitors who submitted the proposals to acquire a significant stake in IDBI Federal Life Insurance. These three companies have bid for up to 74% stake in the life insurance company. IDBI Bank owns 48% stakes in the joint venture. The other two partners are Belgian Insurer Ageas and Federal Bank.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.