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Stocks in Focus on March 13: SBI, Yes Bank to Sun Pharma to telecom stocks; here are expected 5 Newsmakers of the Day

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Stocks in Focus on March 13: The domestic stock market plunged on Thursday, March 12, 2020, tracking steep losses in other global equity markets. The selloff was triggered by the World Health Organisation (WHO) declaring the novel coronavirus (COVID-19) as a global pandemic. 

The S&P BSE Sensex, slumped 2,919.26 points or 8.18% at 32,778.14, its lowest closing level since March 23, 2018. The Nifty 50 index crashed 868.25 points or 8.30% at 9,590.15, its lowest closing level since June 30, 2017. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Friday, March 13, 2020. Here is the list of five stocks:

SBI/Yes Bank: The government-owned State Bank of India will be joined by private lenders ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank as well as ace investors Radhakishan Damani, Rakesh Jhunjhunwala and Azim Premji Trust in the rescue plan for Yes Bank. They together will invest more than Rs12,000 crore in Yes Bank. These investors will together hold more than 49% stakes of Yes Bank, with SBI holding the largest share at 45%. Besides, State Bank of India will buy shares worth 7,250 crore rupees of cash-strapped Yes Bank. SBI’s Executive Committee of Central Board (ECCB) has allowed it to purchase 750 crore shares of the private lender’s at Rs 10 per share subject to all regulatory approvals. The shares will be bought in accordance with the draft reconstruction scheme envisaged by the Reserve Bank of India. The ace investors are likely to invest Rs 500 crore each in the bank, while the private banks could chip in around Rs1,000 crore in it.

See Zee Business Live TV streaming below:

Telecom Stocks: Union Cabinet during its meet today have a discussion on relief package on AGR to telecom stocks. It can also consider Yes Bank’s draft restructuring scheme by RBI.

Nifty Changes: Troubled Yes Bank will be replaced in the Nifty banking index by Bandhan Bank from March 27, a subsidiary of the National Stock Exchange said on Thursday.

PVR/Inox Leisure: Delhi Government has announced that all cinema halls located in the national capital will remain closed till March 31, 2020, in view of the increasing cases of Novel Coronavirus. Besides, PVR has decided to remain close in Kerala, Delhi and Jammu & Kashmir till March 31, 2020.

Sun Pharmaceutical: The company on Thursday said its board will consider a proposal for buyback of shares on March 17, 2020.



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