Stocks in Focus on January 1: IDBI Bank, Mahindra & Mahindra, BEL, Bharat Dynamics to Rain Industries; here are the 5 Newsmakers of the Day

The markets closed almost flat on Thursday, December 31, 2020. The Sensex at the Bombay Stock Exchange gained a minuscule 5.11 points, to close the last trading session of the year at another record high of 47,751.33. The Nifty 50 at the National Stock Exchange ended flat at 13,981.75. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Friday, January 1, 2021. List of such five stocks:

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IDBI Bank: Private lender IDBI Bank has concluded the sale of 23 per cent stake in IDBI Federal Life Insurance Company Ltd (IFLI) to Ageas Insurance International NV for a consideration of Rs 507 crore. With this, Ageas will hold 49 per cent stake in the insurance venture, which is now being rebranded as Ageas Federal Life Insurance Company.

Mahindra & Mahindra: Mahindra & Mahindra, a part of the USD 19.4 billion Mahindra Group and Ford Motor Company have mutually, amicably determined they will not complete a previously announced automotive joint venture between their companies. The action followed passing of the December 31, “longstop”, or expiration, date of a definitive agreement the organizations entered into in October 2019. The outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic – since the agreement was first announced.

Bharat Electronics Limited + Bharat Dynamics 

BEL: Ministry of Defence (MoD) has signed a contract with Bharat Electronics Limited (BEL) for procurement of 10 Lynx U2 Fire Control systems for frontline warships of Indian Navy for Rs 1,355 crore under Buy (Indian) category in New Delhi. The Lynx system has been designed and developed indigenously that would further the ‘Atmanirbhar Bharat’ vision of Prime Minister Shri Narendra Modi.

Bharat Dynamics: With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for Export, Bharat Dynamics Limited (BDL), the manufacturer of Akash Missile is geared up to take up export orders. 

MOIL Ltd.: Price of all grades of manganese increased by 10% -15%.

Rain Industries: Rain CII Carbon LLC., a wholly-owned step-down subsidiary of the Company has completed the sale of its wholly-owned subsidiaries namely RUTGERS Polymers Limited, Canada and Handy Chemicals (U.S.A.) Limited for an aggregate cash consideration of Rs 6,374 Million.