Indian shares are likely to open little changed on Monday in line with global markets and in absence of major cues. Among the stocks in news, S&P has revised Tata Steel’s rating outlook to ‘Stable’ from ‘Positive’ on weaker steel prices, while Bharti Airtel has withdrawn its bid to purchase assets of RCom. Meanwhile, finance minister Nirmala Sitharaman said the government intends to address the concerns of the crisis-ridden telecom companies. Here are the top stocks in focus today:
S&P has revised Tata Steel’s rating outlook to ‘Stable’ from ‘Positive’ on weaker steel prices while affirmed its rating at 'BB-'. S&P expects Tata Steel to deleverage slower than its earlier expectations as the outlook for steel prices weakened materially over the last three quarters. Tata Steel's ratios likely to move to the higher end of our current rating in 12-18 months, assuming gradual price recovery and controlled capital expenditure, the rating agency said. The stable outlook reflects our view that Tata Steel's FFO to debt will stay below 15% over the next 12 months due to weak steel prices, it added. (Image: Reuters)
Bharti Airtel: Telecom operator Bharti Airtel has withdrawn its bid to purchase assets of Reliance Communications (RCom) after terming the process as "extremely unfair" and "biased". Bharti Airtel Director (Finance) Harjeet Kohli in a letter to resolution professional Anish Niranjan Nanavaty said his company's request to extend the deadline was turned down by the committee of creditors (CoC) of RCom but surprisingly, the dates have been extended to accommodate submission by a bidder. (Image: Reuters)
Cadila Healthcare: Zydus Cadila has received tentative approval from the USFDA to market Apremilast Tablets (US RLD— Otezla®) 10 mg, 20 mg, and 30 mg. This medication is used to treat a certain type of arthritis (psoriatic arthritis) and a certain type of skin condition (moderate to severe plaque psoriasis). The drug will be manufactured at the group’s manufacturing facility at 3132, Ahmedabad. (Image: File Photo)
Tata Motors said it has raised Rs 500 crore by preferential allotment of non-convertible debentures to three different entities.
Unichem Laboratories Ltd. received ANDA approval for its Buspirone Hydrochloride Tablets USP, 5 mg, 10 mg, 15 mg, and 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Bristol-Myers Squibb Company (BMS), Buspar Tablets, 5 mg, 10 mg, 15 mg, and 30 mg. The drug is indicated for the management of anxiety disorders and will be commercialized from Unichem's Ghaziabad Plant. (Image: Reuters).
Finance Minister Nirmala Sitharaman said the government intends to address the concerns of the crisis-ridden telecom companies which are facing billions of dollars of fresh statutory liability following a recent Supreme Court ruling. "I want no company to shut operations. I want everyone to be up and running. We want the economy to have good number of companies in business and flourish in their business.
Bank of India reported a fall in its net NPA divergence by Rs 329 crore for 2018-19 as the NPAs reported by the bank were higher than that assessed by the Reserve Bank of India. However, the lender's net loss for the year expanded to Rs 6,992.90 crore from Rs 5,546.90 crore reported by the bank due to divergence in provisioning requirement. The bank's divergence in provisioning for the year was at Rs 1,446 crore, Bank of India said in the regulatory filing. (Stock Image)
State-run NBCC (India) Ltd sweetened its bid to acquire bankruptcy-bound Jaypee Infratech, by offering lenders 1,426-acre land worth Rs 5,000 crore instead of 950 acres earlier and also providing half of 3,000 benami flats to them, PTI reported. The company has offered 75 percent of 858 acre land which is expected to be transferred back to Jaypee Infratech from the parent company Jaiprakash Associates. NBCC will infuse Rs 120 crore as equity capital and transfer the Yamuna Expressway that connects Noida and Agra to bankers along with concessional right and flats to over 20,000 distressed home buyers will be delivered over the next four years. (Stock image)
Bajaj Electricals: CARE Ratings downgraded long term ratings of Bajaj Electricals to ICRA A- from ICRA A and Short term to ICRA A2+ FROM ICRA A1. The Rating Agency has inter alia considered significant decline in profitability of the Engineering, Procurement and Construction (EPC) business of the company particularly pertaining to the orders in rural electrification in H1FY2020 and the subsequent weakening in the company’s debt coverage metrics.
Real estate and specialty packaging films firm Max Ventures and Industries Ltd (MaxVIL) reported net profit of Rs 9.15 crore in Q2FY20 as against a loss of Rs 4.6 crore in the same period last year. Revenue during the quarter rose 63 percent to Rs 437.45 crore while EBIDTA rose to Rs 41.6 crore versus Rs 6.6 crore YoY. The company will develop another Grade A+ Office Complex on Noida Expressway, it said.
HIL, the CK Birla Group company, has added additional capacities of 5250 MT/P.A and commenced the production of its CpVC, UpVC and 'SWR (Soil, Waste & Rain) Pipes at its plant located at Thimmapur, Telangana. This is in line with HIL's intention to expand the plumbing solutions business with an extended portfolio.
Indian Bank: Government has advised that the Alternative Mechanism (AM) has accorded its in-principle approval to the proposed amalgamation of Allahabad Bank into Indian Bank.