New Delhi: Here’s a list of stocks that may be in news on Monday:
PSB stocks: Finance Minister Nirmala Sitharaman on Saturday held a meeting with the chiefs of public sector banks (PSBs) and assured the bankers that prudent commercial decision making would be protected and there will not be any harassment from the investigating agencies. Sitharaman further launched an online platform for auctioning of assets attached by banks and announced absorbing of merchant discount rate (MDR) fee on the payments made by RuPay cards and UPI.
Bharti Airtel: The telecom giant has raised the minimum monthly recharge for prepaid users to ₹45 with effect from Sunday, over a year after it set this tariff at ₹35. This means every Airtel prepaid user will have to shell out ₹10 more every month to stay on its network.
GAIL, RailTel & PowerGrid: The Department of Telecommunications (DoT) has said that any relief to non-telecom companies from payment of adjusted gross revenue (AGR) can come only from the Supreme Court. The DoT has made it clear that the AGR order will apply to all licencees, including companies such as GAIL, RailTel, and Power Grid. DoT seeking ₹1.25 trillion from PowerGrid which had both a national long-distance as well as an internet licence. From GAIL, the DoT has sought ₹1.72 trillion following the Supreme Court’s AGR ruling.
Reliance Capital: Reliance Capital on Sunday said the Insurance Regulatory and Development Authority of India has cancelled pledge enforcement of Reliance General Insurance Company Ltd’s (RGICL) shares by Credit Suisse and Nippon India MF. Insurance regulator Irdai has directed IDBI Trusteeship Services not to give effect to any encumbrance or transfer or any change in the shareholding of RGICL, according to a BSE filing by Reliance Capital (RCAP).
DHFL: The Reserve Bank of India-appointed administrator of the crippled Dewan Housing Finance Ltd (DHFL) called for a meeting of its creditors for the first time on Monday after the mortgage lender was admitted for insolvency proceedings, according to a PTI report. The meeting will be attended by all creditors of the company including banks, bondholders, insurance and mutual fund companies.
Adani Ports: Adani Logistics Ltd, a wholly-owned subsidiary of Adani Ports and SEZ Ltd, signed definitive agreements to acquire 40.25% stake in Snowman Logistics Ltd from Gateway Distriparks Ltd, the company said in a BSE filing. “The purchase price of ₹44 per share represents a 3.2% premium to the market price of December 27, 2019 and a 12% premium to 60-day average,” it said.
JSW Steel: The company has entered into an agreement for selling 39% out of its 49% stake held in Geo Steel LLC, a Joint Venture (JV) based in Georgia, to its JV partner – Georgian Steel Group Holdings Limited, according to a regulatory filing. Post the completion of the aforesaid sale, JSW Steel (Netherlands) B.V. will continue to hold 10% stake in Geo Steel LLC.
Tata Motors: Tata Motors Ltd (TML) has bagged an order to supply 500 units of its electric Tigor sedans from a Delhi-based mobility service provider called Prakriti E-Mobility Pvt Ltd, the company said on Friday. This is the second instance where the company has announced the sizable order for its electric cars, all meant to be deployed for commercial applications.
Nalco: State-owned aluminium company Nalco is looking to revisit its expansion plans, Chairman and Managing Director Sridhar Patra said on Friday after market hours. Last year, the company had said it was all set to invest over ₹30,000 crore over the next four years to launch a number of new projects and undertake major expansion programmes.
Coal India: Amid concerns that Coal India Ltd (CIL) may fall short of its 660 million tonne (MT) production target for the current fiscal, the miner has planned to ramp up daily output to meet the goal, officials said. Till December, the miner is expected to produce close to 390 MT of coal and will require another 270 MT in the last quarter of this fiscal to meet the annual production target.