Saturday, April 13, 2024
Home > Uncategorized > Stocks in Focus on March 9: SBI/YES Bank, BPCL to Suven Pharmaceuticals; here are the 5 Newsmakers of the Day

Stocks in Focus on March 9: SBI/YES Bank, BPCL to Suven Pharmaceuticals; here are the 5 Newsmakers of the Day


Domestic Stock markets crashed on Friday, March 6, 2020, after YES Bank was placed under a moratorium in the evening of March 5, 2020, and the withdrawals was capped at Rs 50,000 per account for a month. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Monday, March 9, 2020. Here is the list of five stocks:

SBI/Yes Bank: State Bank of India will acquire 49 per cent stakes in the troubled Yes Bank at an investment of up to Rs 10,000 crore as part of a bailout and revival plan. The bank would initially invest Rs 2,450 crore. The bank is in touch with other investors to pump funds into the struggling lender. SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital. SBI has got its time till Monday to respond to the draft scheme of reconstruction for crisis-hit Yes Bank. Besides, Yes Bank would announce its third quarter and nine months ended December 2019 financial results on March 14. Meanwhile, the Enforcement Directorate (ED) has arrested Yes Bank founder Rana Kapoor under money laundering charges under the provision of the Prevention of Money Laundering Act (PMLA). Rana was questioned by the ED sleuths for over 20 hours after the central agency raided his residence on Friday night.

BPCL: The government on Saturday, March 7, 2020, invited bids for a majority stake in Bharat Petroleum Corp Ltd (BPCL) for the sale of its entire 52.98 per cent stake in India’s second-biggest oil refiner. Private companies with a net worth of over $10 billion (Rs 74,000 crore) will be eligible to bid by May 2.

Antony Waste Handling Cell: The Rs 206 crore initial public offering of Antony Waste Handling Cell has subscribed 50 per cent or 0.50 times on Friday, the third day of the bidding process. The price band of the issue has been changed from Rs 295-Rs 300 per equity share to Rs 294-300 per equity share. Besides, the company also extended its initial public offer subscription deadline by five working days to March 16. As of March 6, the reserved portion of qualified institutional buyers (QIB) was subscribed 88.86 per cent or 0.89 times, while that of non-institutional investors (NII) 25.38 per cent or 0.26 times and retail 38.16 per cent or 0.38 times.

Welspun India, Amara Raja Batteries, West Coast Paper: Boards of these three companies are scheduled to meet today, separately, to consider and approve a proposal of interim dividend. Board of Directors of Welspun will meet to consider the proposal to recommend interim dividend on equity shares of the Company for the financial year 2019-20. While the board of Amara Raja will meet today to approve payment of second interim dividend by way of circular resolution. Board of West Coast Paper Mills will meet to consider and approve Interim Dividend if any.

See Zee Business Live TV Streaming Below:

Suven Pharma Lists Today: Suven Pharmaceuticals Ltd (SPL) will be listed today after its demerger from Suven Life Sciences Ltd (SLSL). The company was created by the demerger of its Contract Research And Manufacturing Services (CRAMS) business. Suven Pharmaceuticals will be a wholly-owned subsidiary of the Suven Life. In consideration for the demerger, SPL will issue one fully paid up an equity share of Rs 1 each for every one fully paid-up an equity share of Rs 1 held by each shareholder of SLSL as on the Record Date, on a proportionate basis. Post listing the scrip of the Suven Pharmaceuticals Limited will be in Trade-for-Trade segment for 10 trading days.


Source link

Leave a Reply

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