Stocks in Focus on March 27: SBI, Dr Reddy’s to Godrej Properties; here are the 5 Newsmakers of the Day
Stocks in Focus on March 27: SBI, Dr Reddy's, Godrej Properties, Yes Bank and other banking stocks are expected to remain in focus today.
Stocks in Focus on March 27: At the stock markets, the Sensex at the Bombay Stock Exchange zoomed 1,411 points, or 4.9 per cent, to end at 29,947, on Thursday, March 26, 2020. The Nifty at the National Stock exchange shot up 324 points, or 4 per cent, to 8,641. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Friday, March 27, 2020. List of such five stocks:
SBI: The Board of Directors of India’s largest lender is scheduled to meet today to consider and approve a proposal to raise equity capital worth Rs 20,000 crore.
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Dr Reddy's: The Board of Directors the company is scheduled to meet today to consider and approve raising of funds by issuance of commercial paper.
Godrej Properties: Enters F&O Segment From Today.
Yes Bank: The board of the cash-starved private sector lender also approved a proposal to raise Rs 5,000 crore by way of share-sale, including qualified institutions and rights issue. Yes Bank had earlier raised Rs 10,000 crore from SBI and other banks and financial institutions through sale of equity under its reconstruction plan approved by the government and the Reserve Bank of India (RBI). Besides, the bank also said that pursuant to the Yes Bank Reconstruction Scheme 2020, the office of the administrator of the bank, Prashant Kumar, "stands vacated" and the Board of Directors of the Bank has been re-constituted comprising of the eight persons with effect from March 26, 2020. With this Prashant Kumar formally becoming the MD and CEO of Yes Bank.
Banks in focus: The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction of Rs 3.5 lakh crore today under the revised Liquidity Management Framework issued on February 6, 2020. Besides, the Tamil Nadu government has ordered private banks, small finance banks and microlenders to refrain from collecting loan repayments till further notice.
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