Stocks in Focus on September 11: Yes Bank, Indiabulls Housing to Reliance Capital; here are the 5 Newsmakers of the Day
Key equity benchmarks reversed early losses on Monday, September 9, 2019, and ended with modest gains amid positive global cues. But certain stocks came in news after the market was closed and can impact the market when it reopens for trading purpose on Wednesday, September 11, 2019.
Key equity benchmarks reversed early losses on Monday, September 9, 2019, and ended with modest gains amid positive global cues. But certain stocks came in news after the market was closed and can impact the market when it reopens for trading purpose on Wednesday, September 11, 2019. Here is a list of five such stocks:
Yes Bank: Co-founder and promoter Rana Kapoor looks at exiting Yes Bank by selling his and his family’s stake in the bank to Vijay Shekhar Sharma, founder and CEO, One97 Communications & and Paytm, media reports. However, the bank on Tuesday termed the report as speculative.
Indiabulls Housing Finance: CRISIL on Tuesday downgraded long-term debt instruments rating to 'CRISIL AA+' from 'CRISIL AAA'. The rating agency reaffirmed commercial paper (CP) issue and short-term non-convertible debenture rating at 'CRISIL A1+'.
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Indiabulls Real Estate: The company has plans to sell its certain commercial and leasing business assets to Blackstone Group Inc, a globally renowned real estate private equity investor, at an aggregate equity value of around Rs4,420 crore. The stake sale will help the company to embark on the path to achieving zero debt in the current financial year (FY). The deal is subject to closing adjustments and is expected to complete soon. Blackstone had concluded a similar deal for 50% of the portfolio for nearly Rs4,750 crore in March 2018. Indiabulls Group has plans to exit completely from the real estate business.
Reliance Capital: Anil Ambani’s Reliance Capital will sell up to 3.15% (1.93 crore shares) equity in Reliance Nippon Life Asset Management on stock exchanges for Rs505 crore through Offer for Sale (OFS) rough on Wednesday (for non-retail investors) and Thursday (for retail investors). The floor price of the sale shall be Rs 262 per equity share of the company. Besides, Brickwork Ratings has downgraded the rating to BWR BB and revised rating outlook to Negative from credit watch with negative implications for long-term debt program of the company.
Tata Power /Voltas: Voltas announced, and Tata Power have announced a partnership to promote energy-efficient ACs in Mumbai. As part of the exclusive scheme, the consumers will be able to avail up to 50% discount on the purchase of Voltas' 5-star rated ACs. The partnership is in line with the Group's energy conversation drive. Under the scheme, consumers of Tata Power can exchange their ACs for Voltas' 5-star rated inverter split AC (1-ton, 1.5-ton and 2-ton).
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