Stocks in Focus on November 20: Cabinet Meet, Yes Bank to SBI Life; here are the 5 Newsmakers of the Day
Cabinet Meet, Yes Bank, Reliance Jio Infocomm, SEBI Board to SBI Life to SBI Life — these are the top 5 newsmakers today at Indian stock market.
The benchmark indices ended with decent gains after a volatile session on Tuesday, November 19, 2019. Updates on the PSU disinvestment front led to heavy buying momentum in the last hour of trade. However, certain stocks came in news after the market was closed for trading purposes and can have an impact on the indices when it reopens on Wednesday, November 20, 2019. Here is a list of five such stocks:
Cabinet Meet: Union Cabinet is supposed to meet today to take decisions on the proposal of strategic disinvestment of 5 PSUs, alternative mechanism for insurance merger as well as amendments to IBC. BPCL, Shipping Corporation, Concor, North Eastern Electric Power Corporation and THDC are possible candidates for divestment.
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SEBI Board: The market regulator SEBI during its meet today may revamp the process for a rights issue in the capital market. It may review PMS rules and announce regulations for the proxy advisory firms.
Reliance Jio Infocomm (RJio): India's largest telecom company on Tuesday said that it is planning to hike tariffs in the next few weeks.
YES Bank: Rana Kapoor and promoter entities YES Capital and Morgan Credits have sold 20.4 million shares (remaining 0.8 per cent stake) in private lender YES Bank from November 13-14, 2019. Rana Kapoor now owns just 900 shares in the bank. Besides, the private lender Yes Bank on Tuesday reported a gross non-performing assets (NPA) divergence of Rs3,277 crore for FY19, while its net NPA divergence stood at Rs2,299 crore in the same period and provisioning diversion was of Rs978 crore. It also said that it will need to make additional provisioning of Rs632 crore. With this update, its adjusted profit fell from Rs1,720 crore to Rs1,084 crore.
SBI Life: The global private equity major Carlyle Group on November 19 divested 3 per cent stake in SBI Life Insurance for over Rs 2,800 crore through an open market transaction.