Friday, December 2, 2022
Home > Stock Market > Stocks in Focus on April 1: ONGC, Oil India, Kotak Mahindra Bank to HAL; here are the expected Newsmakers of the Day

Stocks in Focus on April 1: ONGC, Oil India, Kotak Mahindra Bank to HAL; here are the expected Newsmakers of the Day

[ad_1]

Stocks in Focus on April 1: At the stock markets, the Sensex at the Bombay Stock exchange shot up 1,028 points, or 3.6 per cent, to 29,468, Tuesday, March 31, 2020. The Nifty at the National Stock Exchange jumped 317 points, or 3.8 per cent, to end at 8,598. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Wednesday, April 1, 2020. List of such five stocks: 

ONGC/Oil India: The government yesterday reduced the price of domestically produced natural gas by 26 per cent to $2.39 per million British thermal units (MMBtu) for six months period between April 1, 2020, and September 30, 2020. This is the lowest recorded price of domestically produced natural gas under the Administered Price Mechanism (APM). The price of domestically produced natural gas was set at $3.23 per MMBtu in the prior six months period that ended on March 31, 2019.

See Zee Business Live TV streaming below:

PSU Banks: Ten Public Sector Undertaking (PSU) banks will be amalgamated into four banks from today, 1 April. With this, the number of public sector banks in India will come down to 12 from 27 in 2017. Oriental Bank of Commerce (OBC) and United Bank of India will be merged into Punjab National Bank (PNB). Syndicate Bank will be merged into Canara Bank. Indian Bank will be merged with Allahabad Bank. Union Bank of India will be merged with Andhra Bank and Corporation Bank.

Kotak Mahindra Bank: The bank will be in focus today because the promoters voting rights, which were capped, to be 20% of paid-up voting equity share capital (PUVESC) until March 31, 2020, by the Reserve Bank of India has ended yesterday. Now, the promoters’ voting rights in the bank need to be capped at 15%. And within six months from the date of final approval of the RBI, the promoters’ shareholding in the bank needs to be reduced to 26 per cent. Besides, the bank in a concall said that if the lockdown due to COVID-19 is extended for three months, it will lead to higher slippages and significant problems will emerge with respect to recoveries. It stated that the recovery infrastructure is set up to handle a default rate of up to 5-7 per cent. However, in times like these, the rates can shoot up to 10-15 per cent.

Jubilant Life Sciences: The integrated global Pharmaceutical and Life Sciences Company yesterday said that Jubilant Pharma Limited, a material wholly-owned subsidiary of the Company, has received the Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status from the USFDA for its Solid Dosage Facility at Salisbury, Maryland USA. The facility was inspected by the regulatory agency from February 24, 2020, to February 28, 2020.

Hindustan Aeronautics Limited (HAL): HAL on Tuesday announced a record turnover of over Rs 21,100 crore (provisional and unaudited) for 2019-20. This amounts to a growth of 7 per cent over the previous year’s turnover of Rs 19,705 crore.



[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: