Stocks in Focus on September 19: Axis Bank, NALCO to RITES; Here are 5 Newsmakers of the Day
Stocks in Focus: Axis Bank, which is India’s third-largest private-sector lender, is likely to raise Rs14,000 crore in a share sale through a qualified institutional placement (QIP) which would open by next week.
Key benchmark indices on Wednesday, September 18, 2019, snapped a two-day losing streak and ended the day with decent gains. However, certain stocks came in news after the market was closed for trading and can have an impact on the indices when it reopens on Thursday, September 19, 2019. Here is a list of five such stocks:
Axis Bank: India’s third-largest private-sector lender likely to raise Rs14,000 crore in a share sale through a qualified institutional placement (QIP) which would open by next week.
NALCO: Aluminium major NALCO on Wednesday announced a record 115 per cent dividend payout amounting to Rs1,072.73 crore for 2018-19. This is the highest dividend payout since the inception of the Company in 1981 which works out to Rs5.75 per equity share of Rs5 each.
Bharti Airtel: The telecom major has plans to halve its debt by March 2020. It seeks to reduce its debt to about Rs50,000 crore from Rs1.16 lakh crore debt that Airtel had at the end of June 2019.
RITES: The company has signed a contract of Rs 160 crore ($22.4 million) with the Ministry of Transport and Civil Aviation, Government of Sri Lanka for the supply of two additional fully air-conditioned diesel multiple unit train sets. The supply under the new contract will be done in FY 2020-21.
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Telecom Stocks: Telecom stocks will remain in focus today because the telecom regulator TRAI is rethinking on its proposal to end interconnect usage charges (IUC) by January 1, 2010. For the purpose, it has invited public reviews. A telecom operator pays IUS for connecting calls of its subscribers to the company on whose network a call was made. Scrapping/reducing the IUC would benefit an operator with more outgoing traffic than incoming calls and the latest decision is likely to benefit Vodafone Idea and Bharti Airtel.
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