Indian equity markets are likely to open lower following losses in global markets as coronavirus outbreak has raised concerns over an economic slowdown. At 7:20 am, the SGX Nifty was trading 29.50 points, or 0.24 percent, lower at 12,043.50, indicating a subdued start for the Sensex and Nifty50. Here are the top stocks to watch out for in today's trade:
Vodafone Idea: The company made a payment of Rs 2,500 crore in its AGR dues to the Department of Telecom and will further pay Rs 1,000 crore before the end of the week. Additionally, CARE Ratings downgraded company’s long-term bank facilities and non-convertible debentures (NCDs) from CARE BBB- to CARE BB-.
Tata Teleservices (Maharashtra) Ltd: The company made a payment of Rs 2,197 crores to the Department of Telecom towards adjusted gross revenue dues. The payment has been made after a self-assessment of AGR dues. According to the government estimate, AGR dues for the company is at Rs 14,800 crore.
Reliance Industries: The company announced a consolidation of its media and distribution businesses spread across multiple entities into Network18. Under the Scheme of Arrangement, TV18 Broadcast, Hathway Cable & Datacom and Den Networks will merge into Network18 Media & Investments. The appointed date for the merger shall be February 1, 2020.
Bank of Baroda: The bank issued a clarification on the Calcutta High Court order pertaining to a bank guarantee issued by it. The bank said that the bank guarantee was issued in the regular course of business which was invoked by the beneficiary. The bank did not pay the amount as the bank guarantee was conditional and valid only upon satisfaction of certain condition which was not fulfilled. The bank believes that it has acted in accordance with the terms and conditions of the bank guarantee. It will take appropriate steps as per the legal advice and comply with all the statutory and regulatory requirements.
JSW Energy: The company announced the acquisition of 100 percent shares in GMR Kamalanga Energy Ltd (GKEL) for a total consideration of up to Rs 5,321 crore. GKEL presently owns and operates a 1050 MW (3 x 350 MW) coal-based thermal power plant located at Dhenkanal in the Kamalanga district of Odisha.
Dewan Housing Finance Limited (DHFL): At least 24 suitors have already submitted an Expression of Interest (EoI) to acquire troubled mortgage lender under the Insolvency and Bankruptcy Code. KKR India Financial Services Ltd, Welspun Group, Adani Group, Oaktree Capital, ARCIL Asset Reconstruction Company and Bain Capital are among the suitors who have placed EoIs under Option I to take over the entire business.
JSW Steel: The company has been declared as the "preferred bidder" for three iron ore mines (Nuagaon Iron Ore Mine, Narayanposhi Iron & Manganese Ore Mine, Ganua Iron Ore Mine) in the state of Odisha. The estimated iron ore resources of the aforesaid mines are around 1091.835 million tonnes.
Finolex Industries: The company said that due to force majeure declared by its major VCM (vinyl chloride monomer) supplier during March 2020, the operations of the company with respect to its VCM to PVC (polyvinyl chloride) route will be affected for 30 to 35 days. This would result in a shortage of PVC production of approx. 15,000 MT.
KPI Global Infrastructure: The company has bagged an order for executing solar power project of 900KW capacity under "Captive Power Producer (CPP)" category from JPB Fibers, Surat and for which the Letter of Intent (Lol) has been received by the company.
Grasim Industries: The company’s board approved raising Rs 500 crore via non-convertible debentures (NCDs) on a private placement basis.
(Disclaimer: Reliance Industries is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)