Stocks in Focus on August 18: Canara Bank, Sugar Stocks, Auto Stocks, SpiceJet to Bharat Dynamics; here are the 5 Newsmakers of the Day
Domestic benchmark indices ended at record highs on Tuesday. BSE Sensex rose 209.69 points to 55,792.27. The Nifty 50 gained 51.55 points to settle at 16,614.60. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, August 18, 2021. Here is a list of such five stocks
The last hour buying pushed the domestic benchmark indices to the record high led on Tuesday, August 17, 2021. The S&P BSE Sensex rose 209.69 points or 0.38 per cent to 55,792.27. The Nifty 50 index gained 51.55 points or 0.31 per cent to 16,614.60. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, August 18, 2021. List of such five stocks:
Canara Bank + HDFC Bank
Canara Bank: Canara Bank on Tuesday launched the Qualified Institutions Placement (QIP) of equity shares to raise funds up to Rs 2,500 crore. The board of the public sector lender has approved a floor price of Rs 155.58 per share and the bank may at its discretion offer a discount of not more than 5 per cent on the floor price so calculated for the QIP. Besides, the Board of Directors of the Company is scheduled to meet on August 23, 2021, to consider and approve the issue price of the QIP.
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HDFC Bank: The Reserve Bank of India (RBI) on Tuesday lifted the ban on issuing new cards on the private lender, HDFC. On December 3, 2020, the regulator imposed an embargo on the private lender’s new digital launches till the bank resolve the tech issues. The bank is the largest issuer of credit cards in India. The embargo on other new digital offerings continues.
Sugar Stocks: Government may end sugar export subsidy from the new season, Reuters.
Auto Stocks: Automated fitness test required for Heavy Commercial Vehicles (HCV) from April 1, 2023, a report from COGENCIS. Automated fitness test mandatory for private cars from June 2024. The central government will prepare a draft of rules to reduce road tax. It had appealed to states to give up to a 25% rebate on vehicle tax
SpiceJet: SpiceJet did not get any relief in tax matters from the Punjab and Haryana High Court. The excise and taxation officer of Gurugram has raised the demand of about Rs 80 crore. SpiceJet has asked for a staggered payout option to pay it and said that it will pay the taxes in 24 months. The court has asked the authority to file a reply on this option. Besides, SpiceJet has initiated the stake sale process of its cargo and logistics services to its subsidiary SpiceXpress and Logistics Pvt. Limited (“SpiceXpress”) subject to the approval of shareholders and also such other approvals as may be required. It has sought approval from shareholders for the transfer of cargo and logistics business to its logistics unit SpiceXpress & Logistics Pvt. on a slump sale basis. Reportedly, it has initiated talks with several private investors for the stake sale. The logistics business has been valued at Rs 2,555.77 crore.
HAL + Bharat Dynamics
HAL: State-run aerospace behemoth Hindustan Aeronautics Limited on Tuesday said it has placed an order of Rs 5,375 crore for 99 F404-GE-IN20 engines and support services with GE Aviation, the USA to power the Tejas Light Combat Aircraft.
Bharat Dynamics: Bharat Dynamics Limited (BDL) and MBDA have signed an agreement to establish an Advanced Short Range Air-to-Air Missile (ASRAAM) facility in India.
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