Indian Stock Market Daily News: 26th August 2020
Two wheeler stocks will be in focus as GST reduction is being considered for two wheelers.
- State Bank of India | Moody’s Investors Service has downgraded State Bank of India’s standalone profile to ba2 from ba1 saying it sees the bank’s asset quality and profitability deteriorating.
- Punjab National Bank | The bank has received Rs 24.33 crore as the first tranche of recoveries in the Nirav Modi case.
- Bank of Maharashtra | The bank has raised Rs 831 crore via preference issue of shares. The lender issued 73.6 crore shares to the government at Rs 11.29 per share.
- IRCON International | The company’s Q1FY21 net profit fell to Rs 34.46 crore from Rs 144.66 crore while revenue declined to Rs 526.87 crore from Rs 1,069.85 crore, YoY.
- Can Fin Homes | The company’s net profit in Q1FY21 rose to Rs 93.16 crore from Rs 80.98 crore and total income increased to Rs 522.5 crore from Rs 484.14 crore, YoY.
- Tata Consultancy Services | S&P has revised outlook on TCS to ‘Stable’ on weakening business sentiment and affirmed ‘A’ rating. S&P says TCS will face slower revenue growth and profitability over 12-18 months.
IL&FS Transportation Networks | The company has defaulted on interest payment on non-convertible debentures due on August 25.
Steel & Iron Products
Adhunik Industries | The company’s net profit in Q1FY21 net profit fell to Rs 34 lakh from Rs 2.6 crore while revenue from operations declined to Rs 72.56 crore from Rs 158.95 crore, YoY.
Pharmaceticuals & Drugs
- SeQuent: Mr. Gopakumar G Nair to step down as Chairman. Dr. Kamal K Sharma and Mr. Milind Sarwate inducted as Independent Directors. Mr. Neeraj Bharadwaj and Mr. Rahul Mukim of the Carlyle Group also joined the board
- FDC launches two variants of the COVID-19 drug, Favipiravir — PiFLU and Favenza — which will be used to treat mild to moderate cases of COVID-19 in India
- JMC Projects (India) Ltd. has secured new orders of Rs 554 crores
- VA Tech Wabag to issue 75 lacs equity shares on prefential basis to Mrs. Rekha Rakesh Jhunjhunwala (50 lacs), M/s. Basera Home Finance Pvt Ltd (15 lacs) and Mrs. Sushma Anand Jain and Mr. Anand Jaikumar Jain (10 lacs) for Rs 120 cr
F&O BAN New Entries And Exits
Enters F&O Ban: Canara Bank
Out Of F&O Ban: Adani Enterprises
Stocks In F&O Ban: Ashok Leyland, BHEL, Canara Bank, GMR Infra, LIC Housing, Nalco, PNB, SAIL, Vedanta, Vodafone Idea
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