Stocks in Focus on September 20: Yes Bank, Adani Transmission to IIFL Securities; here are the 5 Newsmakers of the Day
The market declined sharply on Thursday, September 19, 2019, with banking and IT stocks leading the fall. Banks stocks tumbled due to weekly expiry of Bank Nifty index options on NSE.
The market declined sharply on Thursday, September 19, 2019, with banking and IT stocks leading the fall. Banks stocks tumbled due to weekly expiry of Bank Nifty index options on NSE. 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 Friday, September 20, 2019. Here is a list of five such stocks:
Yes Bank: Morgan Credits (MCPL), a promoter group of Yes bank, said on Thursday that it has sold 2.3 per cent in the private lender. MCPL held about 3.03 per cent stake in the bank. The proceeds of the sale will be solely used to repay a substantial portion of its outstanding non-convertible debentures (NCDs) subscriber by various schemes of Reliance Nippon Life Asset Management Company (RNAM). The company has sold 5.8 crore shares in the bank at Rs58.16 each aggregating Rs337.3 crore.
Axis Bank: India’s third-largest private-sector lender has opened the Qualified Institutions Placement (QIP) of equity shares at the fixed floor price of Rs661.50 per equity share. The private lender has said that the board will meet again on September 25 to approve QIP issue to investors. The issue size was not revealed, but the bank’s board in July 2019 approved a proposal to raise Rs 18,000 crore.
Adani Transmission: Qatar Fund has plans to buy a minority stake 20-25% in Adani Electricity Mumbai Limited(AEML). Qatar Investment Authority has plans to invest as much as Rs3,000-4,000 crore in the business. AEML is a subsidiary of Adani Group's flagship power transmission and distribution asset. Besides, the Adani Transmission on Thursday signed Share Purchase Agreement with PFC Consulting Ltd. for the acquisition of its entire stake in Bikaner-Khetri Transmission Limited (BKTL). The project is primarily being constructed to establish Transmission System associated with Long Term Applications from Rajasthan Solar Energy Zone (SEZ) Part-D.
IIFL Securities: Equity shares of IIFL Securities Limited will be listed and admitted to dealings on the Exchange in the list of T Group of Securities. The securities of the company will be in Trade-for-Trade segment for 10 trading days from the date of commencement of trading and shall be part of the special pre-open session on the date of commencement of trading. The incumbent owner of seven shares of IIFL Holdings, the listed company, will be eligible to hold seven shares of IIFL Securities.
CARE/ICRA: The Serious Fraud Investigation Office (SFIO) have asked four rating companies namely CARE, ICRA, India Ratings & Research and Brickwork Ratings for information on the money they received from IL&FS and its subsidiaries as rating and non-rating fees. It has asked them to provide data for the past 10 years. The action has been taken to determine if there was any round-tripping of funds or favours granted.