At the stock market, Sensex and Nifty erased all its intraday gains and closed in red with Nifty at 11,132.75 points and BSE Sensex at 38,144.02 on Monday, March 2, 2020. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Tuesday, March 3, 2020. Here is the list of five stocks:
SBI Card IPO Update: The mega IPO by SBI Cards and Payment Services (SBI) was subscribed 38.87% on the first day of the bidding process on Monday. The IPO of SBI Cards will close on March 5. SBI Cards is aiming at raising Rs 10,350 crore through this initial public offering. The price range for the IPO has been fixed at Rs750-755 per share. The minimum amount one can invest by subscribing to a lot of 19 shares is Rs 14,345.
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Hero MotoCorp (YoY): The country’s largest two-wheeler maker Hero MotoCorp on Monday reported a 19.27% decline in total sales at 4,98,242 units in February. It sold 4.98 lakh units in February 2020 against 6.17 lakh units in the corresponding month of the previous year. The domestic sales declined to 4.80 lakh units from 6 lakh units, down 20.04%. its exports rose to 18,046 units last month as compared with 16,599 units in February 2019. Besides, the company said that it has added five new BS-VI products in its list.
Vodafone Idea: The telco is likely to pay around Rs3,000 crore as spectrum dues this week for the airwaves it bought in the previous auctions. It will pay the dues with an aim to protect bank guarantees from being invoked.
TATA Chemical/ TATA Consumer Product: Shares of Tata Chemicals and Tata Global Beverages will remain in focus, as today is the ex-date for the proposed demerger. According to the proposal, Tata Chemicals’ consumer products segment will be demerged into Tata Global, which will be renamed as Tata Consumer Products. Tata Chemicals shareholders will receive 114 shares of Tata Global for 100 shares held in the company.
Max Financial Services: The Board of Directors of the company will meet today to consider and approve issuance of equity shares of the Company, on a preferential basis to Mitsui Sumitomo Insurance Company Limited (‘MSI’), for consideration other than cash, i.e., in the form of share swap of a portion of MSI’s shareholding in the Company’s material unlisted subsidiary company, viz., Max Life Insurance Company Limited (‘Max Life’). MFS is the holding company of Max Life Insurance Company, wherein MSI holds a 25.5% stake in it.