Top 5 stocks in focus on October 4: Reliance Communications, IDFC Bank to OMCs, here are the 5 newsmakers of the day
Benchmark domestic indices plunged around one and a half per cent amid negative Asian share markets on October 3, 2018. Sensex tumbled 550.51 points or 1.51 per cent to trade below 36,000 mark at 35,975.63. The Nifty also declined below 11,000 level, losing 150.05 points or 1.36 per cent, to 10,858.25.
Benchmark domestic indices plunged around one and a half per cent amid negative Asian share markets on October 3, 2018. Sensex tumbled 550.51 points or 1.51 per cent to trade below 36,000 mark at 35,975.63. The Nifty also declined below 11,000 level, losing 150.05 points or 1.36 per cent, to 10,858.25. But there were certain stocks that came in news on the day after the market was closed for trade and can have an impact on the market on October 4, 2018. Here is the list of five of such stocks:
Reliance Communications: The company will remain in focus today because the Supreme Court is likely to hear telecom equipment maker Ericsson's plea seeking contempt action against Anil Ambani led RCom and others for failing to pay Rs 550 crore towards a settlement to the company by September end.
Capital First Ltd. and IDFC Bank: The shareholders of IDFC Bank have cleared the amalgamation of Capital First, Capital First Home Finance and Capital First Securities with the private sector lender. The resolution approving the amalgamation was passed by the equity shareholders with an overwhelming majority of 99.98 per cent votes in favour of the resolution on Monday. Similarly, shareholders of Capital First and its two wholly-owned subsidiaries will be meeting on October 4, Thursday, to clear the merger.
Oil Marketing Companies (OMCs): OMCs will remain in focus today because the Reserve Bank of India (RBI) on Wednesday allowed them to tap the external commercial borrowing (ECB) route to raise dollar loans for working capital needs of up to $10 billion from all recognised lenders under the automatic route. In the post-market notification, the central bank said the minimum maturity profile of the borrowings should be three years and five years. Further, the RBI said the individual limit of $750 million or equivalent and mandatory hedging requirements as per the ECB framework have also been waived for borrowings under this dispensation.
Larsen & Toubro: The Board of Directors of the company has approved the buyback of equity shares of the company at Rs 1475. It has fixed October 15, 2018, Monday, as the Record Date for the purpose of determining the entitlement. The company will buy back up to 6,10,16,949 equity shares at a price of Rs 1475 per equity share, aggregating to a total consideration not exceeding Rs 9000 crore
Gati Ltd: The company has submitted its clarification on the news of its talks with TVS to sell Kintetsu joint venture stake for Rs 2000 crore. In its clarification, the Gati has said that the deal had not been finalised and the management was still evaluating options.