Top 5 stocks in focus on September 10: IFCI Ltd., Axis Bank to IL&FS; here are the 5 newsmakers of the day
The key Indian stock markets closed in a green on Friday. But there were certain stocks, like IFCI, IL&FS and others that came in the news after the market was closed for trading and can have an impact on the market on September 10, 2018.
The key Indian stock markets closed in a green on Friday. But there were certain stocks, like IFCI, IL&FS and others that came in the news after the market was closed for trading and can have an impact on the market on September 10, 2018. Here is the list of 5 such stocks:
IFCI Ltd: The infrastructure sector lender IFCI on Saturday reported Q1 results and posted a standalone net loss of Rs 340.77 crore for the April-June quarter of current fiscal. The company had a net profit of Rs 277.05 crore in the same quarter of previous fiscal. Total income of the company declined to Rs 673 crores in the first quarter of this fiscal, from Rs 907 crores in the same period last year, IFCI said in a filing to the BSE.
Axis Bank: The bank has appointed Amitabh Chaudhry, currently Managing Director of HDFC Life, as the new Chief Executive Officer (CEO) and Managing Director of Axis Bank. He will take over from incumbent Shikha Sharma who demits office on December 31, 2018.
Infrastructure Leasing & Financial Services (IL&FS): Rating agency ICRA downgraded loan and debentures of infrastructure financing firm IL&FS to 'default risk' citing liquidity pressure on the group on the back of sizeable repayment obligations. The rating company has downgraded the company’s bonds and long-term loans to BB from AA+.
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Steel Companies: Stocks of steel companies will be in focus because reports are there that the government may impose an anti-dumping duty of up to USD 185.51 per tonne for five years on certain varieties of Chinese steel with a view to guard domestic players from cheap imports of the commodity from the neighbouring country.
RITES Ltd.: RITES has said that the company has secured additional work of Rs 294.67 Crores from Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. The said work has been awarded to RITES on a cost-plus basis in which RITES will be paid fee at the rate of 8.5 pct of the cost of work.