Stocks in Focus on March 2: SBI Cards, Auto Stocks to RITES OFS; here are the 5 Newsmakers of the Day
The domestic stocks markets nosedived on Friday, February 28, 2020, amid growing fears that the coronavirus outbreak could turn into a pandemic and derail global growth. On the day, Sensex tanked 1448.37 points, while Nifty closed down at 11,201.75.
The domestic stocks markets nosedived on Friday, February 28, 2020, amid growing fears that the coronavirus outbreak could turn into a pandemic and derail global growth. On the day, Sensex tanked 1448.37 points, while Nifty closed down at 11,201.75. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Monday, March 2, 2020.
Here is the list of five stocks:
SBI Cards: The IPO of SBI Cards will open for subscription today and will close on March 5. SBI Cards and Payments Services Ltd, the credit card subsidiary of the country's largest lender State Bank of India (SBI), aims to raise over Rs10,350 crore through this initial public offering. The price range for the IPO has been fixed at Rs750-755 per share.
PNC Infratech: The company on Friday announced that it had received Letters of Award (LoA) from National Highways Authority of India (NHAI) for a Hybrid Annuity Model (HAM) project of Rs 1602 crore in Uttar Pradesh.
Auto Stocks in Focus: Sales of vehicles continued to decline in February as carmakers are shifting their focus on disposing of existing stocks before the transition to a new emission regime.
Maruti Suzuki: Has reported a 1.1% decline in total sales to 1.47 lakh units. Total domestic vehicle sales were down by 1.6% to 1.37 lakh units from 1.39 lakh units, while exports increased by 7.1% to 10,261 units from 9,582 units.
M&M: Total sales declined 42% to 32,476 units. Passenger vehicles sales saw a drop of 58% to 10,938 units in February, while the commercial vehicle sales declined 25% to 15,856 units. Total exports fell by 40% to 1,839 units while domestic sales were down by 42% to 30,637 units.
Eicher Motors: Total sales dropped by 28.7% to 4,586 units. Domestic sales declined 27.4% to 3,875 units, while exports were down by 39.4% to 564 units.
Tata Motors: Total sales were down 32.4% to 40,634 units. Domestic sales declined 34% to 38,002 units, while commercial vehicle sales were down by 33% to 28,086 units. Total passenger vehicle sales down 31% to 12,430 units.
Bharti Airtel: The company on Saturday informed that it has made an additional payment of Rs8,004 crore towards adjusted gross revenue dues to the Department of Telecom. The payment of Rs 8,004 crore is in addition to Rs 10,000 crore the company paid on February 17, 2020, in compliance with the Supreme Court judgment, it said in a regulatory filing.
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RITES OFS Update: The Offer for sale (OFS) retail investors quota of the transport engineering consultancy firm RITES has been subscribed 0.07 times on Friday. 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.
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