Stocks in Focus on January 8: Bank & Steel sector to Coal India; here are the 5 Newsmakers of the Day
Coal India, Yes Bank, Tata Steel, banking and steel sector stocks are expected to remain newsmakers throughout the intraday trade session.
Supported by the positive global markets, the Key domestic equity market bounced back on Tuesday, January 7, 2020. However, some stocks that came in news after the market was closed for trading purposes. They can impact the indices when they will reopen for trading on Wednesday, January 8, 2020. Here is a list of five such stocks:
Banks in focus: The Reserve Bank of India on Tuesday rejected banks' demand to extend January 7, 2020, deadline to come up with resolution plans on stressed assets under inter-creditor agreements (ICAs). This will force them to refer the pending cases to the bankruptcy court. Now, the banks, who were working on resolution plans for cases worth Rs3 lakh crore, will have to make additional provisions against accounts where resolution plans are not signed and then refer them to the National Company Law Tribunal (NCLT). The last date of signing ICA was January 7 for loans exceeding Rs 2,000 crore.
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Steel Sector in Focus: Central trade unions have called for a nationwide strike on January 8, 2020, to protest against the government's "anti-people" policies. The strike will be supported by employees of the steel sector, banks and railways among others.
Coal India: Union Cabinet is likely to meet today to consider an ordinance to amend laws to open up coal mining to firms other than those in the steel and power sectors. This will pave a way for commercial coal auctions in FY20.
Yes Bank: The bank's board will meet on January 10, 2020, to discuss fundraising by issue equity shares or depository receipts/ convertible bonds/debentures or any other equity-linked securities.
Tata Steel: TS Alloys, a subsidiary of Tata Steel, has won the licence for a chromite ore mine in Odisha for 50 years. Chromium that extracted from the ores of chromite is used in the manufacturing of stainless steel, armour-piercing projectiles and tool steel, among others.
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