Stocks in Focus on November 18: Lakshmi Vilas Bank, IIFL Securities, IRB Infrastructure to Tata Steel; here are the 5 Newsmakers of the Day
The equity indices ended near the days high after a volatile session on Tuesday, November 17, 2020. The S&P BSE Sensex rose 314.73 points or 0.72% at 43,952.71. The Nifty 50 index advanced 93.95 points or 0.74% to 12,874.20. But certain stocks came in news after the market was closed
The equity indices ended near the day's high after a volatile session on Tuesday, November 17, 2020. The S&P BSE Sensex rose 314.73 points or 0.72% at 43,952.71. The Nifty 50 index advanced 93.95 points or 0.74% to 12,874.20. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, November 18, 2020. List of such five stocks:
SC Loan moratorium hearing: Loan moratorium case is scheduled to the heard at Supreme Court today.
Lakshmi Vilas Bank: In view of its weak financials, the Reserve Bank has placed the Lakshmi Vilas Bank Limited under moratorium with immediate effect. In a statement issued on Tuesday, RBI said the moratorium will be effective for thirty days (i.e. till December 16, 2020) to protect depositors’ interest. Accordingly, RBI has capped all cash withdrawals from the bank to Rs 25,000. Besides, RBI has also announced the draft scheme of amalgamation of The Lakshmi Vilas Bank with Delhi based DBS Bank India Limited - DBIL. RBI said DBIL has a strong parentage and a healthy balance sheet with strong capital support, adding that its combined balance sheet would remain healthy even after the proposed amalgamation. The apex bank said the draft scheme has been sent to both the banks for their consideration while public comments, including those of their depositors and creditors, will be accepted till November 20, 2020, and a final decision taken thereafter. The Reserve Bank assures the depositors of the bank that their interest will be fully protected and there is no need to panic.
IIFL Securities: Board of Directors of the Company is scheduled to meet on November 20, 2020, to consider the proposal for Buy-back of fully paid-up equity shares of the Company.
IRB Infrastructure Developers: IRB Infrastructure Trust - Private InvIT has successfully closed 2nd Tranche of fundraising by way of Rights Issue of Units amounting to Rs 510 Crore.
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Tata steel: HDFC Asset Management lightened its position in Tata Steel in October from 5.02% to 2.96%.
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