Stocks in Focus on November 23: Private Banks, NBFCs, IIFL securities, Ashok Leyland to BEML; here are the 5 Newsmakers of the Day

Domestic equity benchmarks ended the volatile session of Friday, November 20, 2020, with modest gains. The S&P BSE Sensex rose 282.29 points or 0.65 per cent to settle at 43,882.25. The Nifty 50 index advanced 87.35 points or 0.68 per cent to settle at 12,859.05. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Monday, November 23, 2020. List of such five stocks:

Pvt Banks/ NBFC in focus: Reserve Bank of India (RBI) on Friday released Internal Working Group (IWG) report on Extant Ownership Guidelines for Indian private sector banks. The recommendations of IWG include increasing promoter stake in the long-run (15 years) from the current 15 per cent to 26 per cent of the paid-up voting equity share capital of the bank. It also says, well run Non-Banking Finance Companies (NBFCs), with an asset size of Rs 50,000 crore and above, including those owned by a corporate house, may be considered for conversion into banks subject to completion of 10 years of operations. 

IIFL Securities: The board of IIFL Securities at its meeting held on November 20, 2020, approved buyback plan of company’s shares at Rs 54 per share for an aggregate cash consideration of Rs 90 crore. 

Ashok Leyland: Hinduja Group flagship Ashok Leyland has announced a Voluntary Retirement Scheme (VRS) for its employees for the second time in two years. The VRS scheme is open for all those who have completed a minimum one year service with the organisation. The scheme will be implemented over a period of nine months, the company said

BEML: BEML has received variation order worth Rs 501 crore from Delhi Metro Rail Corporation(DMRC).

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BSE Ltd.: A big value unlocking is scheduled to happen on leading stock exchange BSE, which is mulling to sell stake in its mutual fund distribution platform StAR MF, Zee Business exclusive. ICICI Securities has been appointed as banker to the transaction. Several PE firms have shown interest in buying the stakes. Valuation of StAR MF is being seen at around Rs 2,200 crore. StAR MF has processed 76.74 lakh transactions worth around Rs 23,000 crore in October. BSE has said the process of value unlocking is going on.