Stocks in Focus on February 6: Avenue Supermarkets, IT Companies to Yes Bank; here are the 5 Newsmakers of the Day
Avenue Supermarts, ITI, Yes Bank, NALCO, IT Companies are expected to remain newsmakers throughout the intraday trade session today
Key indices advanced for third straight trading sessions on Wednesday, February 5, 2020. The Nifty managed to end above the 12,000 level. 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 6, 2020. Here is the list of five stocks:
Avenue Supermarts: Avenue Supermarts Ltd, which runs the supermarket chain DMart, on Wednesday launched a Qualified Institutional Placement (QIP) to raise up to Rs4,000 crore. The company will be selling 2 crore shares through QIP at a floor price of Rs1,999.04 apiece. The QIP will reduce the promoter's stake to 75% in adherence to SEBI rule of shareholding coming down achieving minimum public shareholding by March 20, 2020. The company will use the money to expand its store network, invest in supply chain and repay loans. Besides, the company's board will meet on February 10, 2020, to consider and approved the issue price.
ITI: State-owned telecommunications technology company ITI on Wednesday withdrew the follow-on public offer (FPO) issue due to the prevailing market conditions. Yesterday was the last day for ITI's FPO, which was subscribed only 62% till 4.45 pm. ITI Ltd had plans to raise Rs1,400 crore through FPO issue of which Rs607 crore would have been used in repaying loans.
IT Companies in focus: US Government likely to ease the H-1B visa process to help US companies to access skilled foreign talent and boost innovation. The US-based think tank, the Committee for Economic Development (CED) has asked for a more streamlined H-1B visa process.
Yes Bank: The Indian lender has appointed Cantor Fitzgerald LP, IDFC Securities Ltd. and Ambit to help it in raising as much as $2 billion (nearly Rs14,000 crore) for bolstering capital buffers.
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NALCO: Odisha-based NALCO on Wednesday said its board is scheduled to meet on February 10, 2020, to consider Interim Dividend for the financial year 2019-20.
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