Stocks in Focus on February 28: RITES OFS, TATA Power to Coal India; here are the 5 Newsmakers of the Day
The domestic stock markets closed in a red for the fifth consecutive day on Thursday, February 27, 2020, amid concerns that global economy is likely to slow down as China is struggling to contain the coronavirus outbreak.
The domestic stock markets closed in a red for the fifth consecutive day on Thursday, February 27, 2020, amid concerns that global economy is likely to slow down as China is struggling to contain the coronavirus outbreak. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Friday, February 28, 2020.
Here is the list of five stocks:
RITES OFS Update: The RITES Offer for sale (OFS) non-retail quota was subscribed 132 per cent (1.3 times) on Thursday. The non-retail quota opened for subscription yesterday. Out of total 1,00,00,000 shares on offer for non-retail investors, the issue has received applications for 1,31,99,881 shares. The state-owned company expects to raise a total of Rs 745 crore from the offer. The company has set the floor price for the OFS at Rs 298 apiece.
Tata Power: The company has warned to stop operating its imported coal-based Mundra ultra-mega power project after February if its five consumer states don't agree to tariff increases. The company will stop power supply in Gujarat, Haryana, Punjab, Rajasthan and Maharashtra from March.
ONGC/HPCL: State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) yesterday entered into a share purchase agreement with consortium of eight public sector banks (PSBs) to acquire 34.56 per cent stake in Petronet MHB Ltd for about Rs 371 crore ($51.8 million). ONGC and HPCL bought 17.28 per cent stake each from lenders. ONGC and HPCL earlier held 32.72 per cent each in the company. They now hold 49.99 per cent each in the company that transports petroleum products from Mangalore Refinery. The acquisition will open up possible opportunities for synergy, better cost economics and revenue maximisation.
IndusInd Bank: The private lender on Thursday said that the Reserve Bank of India (RBI) has approved the appointment of Sumant Kathpalia as the chief executive for three years.
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Coal India: Coal India's dry fuel supply to the non-power sector had expanded by 4.4 per cent from April-January of the current fiscal in contrast to a decline of 6.8 per cent to the power sector for the same period. The muted demand from power plants and sufficient stock of coal had resulted in lower demand.
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