Stocks in Focus on November 7: Real Estate Stocks, Yes Bank to Tata Steel; here are the 5 Newsmakers of the Day
At the stock markets, the Sensex advanced 221.55 points, or 0.55 per cent, to end at 40,469.78, on Wednesday, November 6, 2019. The Nifty at the National Stock exchange climbed 48.85 points, or 0.41 per cent, to close at 11,966.05.
At the stock markets, the Sensex advanced 221.55 points, or 0.55 per cent, to end at 40,469.78, on Wednesday, November 6, 2019. The Nifty at the National Stock exchange climbed 48.85 points, or 0.41 per cent, to close at 11,966.05. 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 Thursday, November 7, 2019. Here is a list of five such stocks:
Real Estate Stocks: Real estate stocks will be in focus today as the government on Wednesday announced the setting up of an Rs25,000 crore alternative investment fund (AIF) to provide funds to housing projects that are stuck and bring relief to home buyers. Finance Minister Nirmala Sitharaman said the government has earmarked Rs 10,000 crore towards the fund, while State Bank of India and LIC would provide Rs 15,000 crore, taking the total size to Rs 25,000 crore. Approximately 1,600 projects are stalled, which is around 4.5 lakh housing units.
Yes Bank: Moody's Investors Service on Wednesday placed YES Bank’s foreign currency issuer rating of ‘Ba3’ under review for downgrade. Moody's estimates that Yes Bank's total pool of stressed assets is at 12 per cent of loans and investments as of September 30, 2019. The action was taken in the backdrop of weak financial performance in the September quarter and the bank’s capital raising announcement of $1.2 billion from a financial investor on October 31. Moody's also ruled out an upgrade in the next 12-18 months saying the outlook can be changed to stable if the asset quality is stable and the capital raise happens.
JB Chemicals & Pharma: The Board of Directors of the Company is scheduled to meet on November 12, 2019, to consider the proposal for Buy-back of fully paid-up Equity Shares by the Company.
Tata Steel: The company's revenue fell by 15.4 per cent to Rs34,579 crore in the September quarter against Rs40,897 crore posted in the same quarter of the last fiscal. However, its net profit rose by 6 per cent. Ebitda fell 56.61 per cent to Rs 3,819.2 crore. Margin stood at 11.04 per cent versus 21.52 per cent.
Manappuram Finance: Net Interest Income (NII)rose 23.64 per cent to Rs861.9 crore against Rs697.1 crore posted in the same quarter of the last fiscal. Net profit rose 82.04 per cent to Rs402.3 crore from Rs221 crore. Gold loan assets under management (AUM) increased by 20.4 per cent to Rs 15,168 crore, from the same quarter last year.
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