The Indian market is likely to open steady on Tuesday as the SGX Nifty, an indicator of the opening for the Nifty and the Sensex, was trading 3 points or 0.03 percent lower at 11,961.50, at 6:55 am, indicating a flat start for the domestic market. Among the stocks in the news today, Hero MotoCorp announced price hike form Jan 1 while HDFC will buy 9.12 percent stake in its subsidiary HDFC Credila for Rs 395 crore. Here are the stocks to watch out for in trade today:
Yes Bank: The bank’s board is likely to reject Canadian industrialist Erwin Singh Braich's $1.2 billion bid at its December 10 meeting, according to media reports. The offer from Braich and Hong Kong-based SPGP Holdings that is backed by him was expected to make up a bulk of Yes Bank's $2 billion fundraising plans.
Hero MotoCorp Ltd: The largest two-wheeler manufacturer, Hero MotoCorp, will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective January 1, 2020. The price increase across its range of two-wheelers will be up to Rs 2,000, although the exact quantum of the increase will vary on the basis of the model and the specific market, the company said.
Housing Development Finance Corporation Ltd (HDFC): The largest mortgage lender proposed to buy 9.12 percent stake in its subsidiary HDFC Credila for Rs 395 crore. HDFC currently holds 90.88 percent stake in the education loan arm.
Bharti Infratel: The board will meet today to consider and approve the interim dividend.
South Indian Bank: India rating revised ratings to IND A+/Negative from IND A+/Stable. The rating action reflects a higher proportion of stressed assets to net worth, subdued profitability along with lower provision coverage compared to peer banks, thereby increasing the importance of raising tier I capital in the medium term.
Time Technoplast Ltd: The company appointed Ernst & Young LLP, India, to evaluate and advise on strategic alternatives such as consolidation of business activities, including hiving off/disposal/induction of partner in some business activities and sharing of information with potential partners.
Quess Corp: The board approved allotment of 7.15 crore shares to eligible shareholders of Thomas Cook.
PC Jeweller Ltd: CRISIL has downgraded long-term and short-term ratings of the bank loan facilities of the company to CRISIL D.
SRF: SEBI exempted ABR Family Trust from complying with requirements with respect to proposed indirect acquisition of control in SRF.
Jindal Steel & Power: Promoter released pledge on 25 lakh shares (0.25 percent equity) on December 3.