Stocks in Focus on September 5: Reliance Industries, Banks and United Spirits; here are the 5 Newsmakers of the Day
Reliance Industries Limited, PNB, Reliance Capital, Reliance Home Finance and United Spirits are the stocks that are expected to remain in focus today.
Indian stock markets, Sensex and Nifty, closed with modest gains of more than 0.40 per cent on Wednesday, September 4, 2019. But certain stocks came in news after the market was closed and can have an impact on the market when it reopens for trading purpose on Thursday, September 5, 2019. Here is a list of five such stocks:
Reliance Industries Limited (RIL): Reliance will roll out its Jio Fiber broadband services commercially today, on September 5, 2019.
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Banks: Banks will remain in focus today because the Reserve Bank of India (RBI) has mandatorily asked banks to link their loan products to key repo rates or external benchmarks. The change will come into effect from October 1, 2019. The facility will be linked to all new floating rate personal or retail loans (auto, housing etc) and floating rate loans to Micro and Small Enterprises.
Punjab National Bank (PNB): Global rating agency Moody's on Wednesday, September 4, 2019, upgraded the outlook on Punjab National Bank (PNB) to 'positive' from 'stable'. PNB will merge OBC and United Bank of India with itself. It also affirmed the local and foreign currency deposit ratings of Syndicate Bank, OBC, Canara Bank and Union Bank at Baa3/P-3. The outlooks on Canara Bank, OBC, Syndicate Bank and Union Bank are maintained at stable.
Reliance Capital/Reliance Home Finance: Lender grouping led by Bank of Baroda (BoB) has appointed Grant Thornton to conduct a forensic audit of two Reliance Capital arms, namely Reliance Home Finance and Reliance Commercial Finance, media reports. The auditor has been asked to submit the report within 30-45 days.
United Spirits: CIB and Enforcement Directorate (ED) are probing the Foreign Investment Promotion Board (FIPB) approvals given to Diageo when Chidambaram was the finance minister of the country, media reports. They suspect that the approval was given in contravention of rules and there was payment of kickbacks.
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