Stocks in Focus on March 12: The benchmark indices witnessed a volatile day of trade on Wednesday, March 11, 2020, but managed to end the day in the green with the S&P BSE Sensex ending 62.45 points higher at 35,697.40, while Nifty 50 gained 6.95 points and closed at 10,458.40. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Thursday, March 12, 2020. Here is the list of five stocks:
SBI: The State Bank of India (SBI) on Wednesday announced that it has waived off the requirement of holding average monthly balance (AMB) for savings bank accounts. From now on all SBI customers will enjoy the zero balance facility in their savings bank accounts. The bank has also waived off SMS charges levied quarterly.
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Yes Bank: State Bank of India has prepared a Rs 20,00-crore bailout plan for Yes Bank, while Rs 30,000 crore will come from various institutions like banks in the form of bulk deposits. This could pave the way for relaxing the moratorium on Yes Bank. The moratorium is likely to be lifted once the RBI approves the names of investors and their contribution. SBI, private banks will invest money for equity, while Bulk deposit will come from PSU banks and Mutual Funds.
L&T/Yes Bank: After Axis Trustee, infrastructure giant Larsen & Toubro (L&T) along with L&T officers and Supervisory Staff Provident Fund have moved Bombay High Court to get relief on their troubled exposures to additional tier-I (AT-1) bonds of YES Bank. The petition of Axis Trustee is scheduled to be heard on March 16, 2020.
IndiGo: The country’s largest airline IndiGo on Wednesday said its earnings are set to take a hit due to the impact of coronavirus outbreak. It said that the flyer has witnessed a 15-20% decline in daily bookings in the past few days and that’s why it expects that its quarterly earnings will be materially impacted.
Biocon: Biopharmaceutical major Biocon and partner Mylan have won litigation in a US court which invalidates a Sanofi patent on a device to deliver insulin glargine. With this, Biocon reaches a step closer to commercialise its glargine biosimilar Semglee in the US. The market opportunity for insulin glargine in the US is estimated at $2.2 billion.