Stocks in Focus on March 4: Snapping seven days of losses, the stock markets closed with strong gains on Tuesday, March 3, 2020. The Sensex at the Bombay Stock Exchange surged 479.68 points, or 1.3 per cent, to end at 38,623.70. The Nifty at the National Stock exchange jumped 170.55 points, or 1.53 per cent, to 11,303.30. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning March 3, 2020. Here is the list of five stocks:
SBI Cards and Payment Services IPO Update: SBI Card IPO – public offer of Rs 10,335-crore – has seen subscription of 87.55 per cent on March 3, the second day of bidding. The IPO of SBI Cards will close on March 5. The price range for the IPO has been fixed at Rs750-755 per share. The minimum amount one can invest by subscribing a lot of 19 shares is Rs 14,345.
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Max Financial: The board of Max Financial has approved allotment of 7.54 crore (21.87 per cent) equity shares of the company at Rs 565.11 per share on a preferential basis to Mitsui Sumitomo Insurance Company Limited (MSI), for consideration other than cash, being transfer of 39.47 crore (20.57 per cent) equity shares at Rs 565.11 per share held by MSI in Max Life Insurance Company Limited (MLIC). The shares to be issued by the Company are valued at Rs 565.11 per share. With this, Max Financial’s stake in Max life will increase to 93.1 per cent.
Bharti Airtel: Bharti Airtel has paid Rs1,950 crore to Department of Telecommunications (DoT) for the spectrum bought in the 2014 auctions, meeting the deadline for spectrum payments.
United Breweries (UBL): Lenders led by the State Bank of India (SBI) have finalised the plans to sell about 2.8 per cent stake in UBL to Heineken, the largest shareholder of the beer maker. It holds 44% stakes in UBL.
Pharma companies in focus: The government is planning an incentive package to boost domestic manufacturing of active pharmaceutical ingredients (APIs). Besides, the Department of Pharmaceuticals (DoP) has proposed the creation of a corpus fund of Rs3,000 crore for companies that are interested in setting up API or fermentation units in India.