Top 5 stocks in focus on August 28: IDBI Bank, Jet Airways to GAIL, here are the 5 newsmakers of the day
Domestic stock markets closed in the green on Monday after hitting new highs. But there were certain stocks that came in the news after the market was closed for trade on the day and can have an impact when it will be opened for fresh trade on August 28, 2018.
Domestic stock markets closed in the green on Monday after hitting new highs. But there were certain stocks that came in the news after the market was closed for trade on the day and can have an impact when it will be opened for fresh trade on August 28, 2018. Here is the list of five such stocks:
IDBI Bank: The All India Officers' Association of IDBI Bank have approached Delhi High Court against the government's decision of diluting its stake in the bank to below 51 per cent. The association in its petition has asked the court to direct the regulatory authorities not to give their nod to the LIC to raise its stake to 51 per cent and buying the additional 43 per cent. As per the June shareholding, the union government owns 85.96 per cent stake in IDBI bank at present.
Jet Airways: The cash-strapped Jet Airways on Monday reported a standalone net loss of Rs 1,319 crore for the June quarter compared with a net profit of Rs 55.73 crore a year earlier. It also said that it will monetise the loyalty programme JetPrivilege and wet-lease some of its small aircraft to mobilise urgent working capital.
Oil and Natural Gas Corporation (ONGC): The Union Government is likely to sell a 5 per cent stake in the country's largest oil explorer ONGC. This could be one of the largest disinvestment by the government in the ongoing fiscal and may fetch the exchequer Rs 11,300 crore.
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Power Sector shares: The Allahabad High Court on Monday refused to give any interim relief to private power companies facing the bankruptcy tribunal. Power sector firms had challenged the Reserve Bank of India’s (RBI) 12 February circular on bad loans. The 180-grace period granted by the RBI ended on Monday.
GAIL: Oil Minister Dharmendra Pradhan on Monday ruled out splitting GAIL but he said that the natural gas transmission company should exit its non-core petrochemicals business and concentrate on laying and managing pipelines. The government is likely to ask Indian Oil to buy the petrochemicals business of GAIL.