Stocks in focus: RIL, MIDHANI, Bharti Airtel, PNB, Axis Bank, Lakshmi Vilas Bank, Infosys

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November 23, 2020 8:13 AM

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Monday, as suggested by trends on SGX Nifty

RIL, bharti airtelOverhangs on the sector’s performance now seem to have reduced and with the preliminary recovery in economic indicators the outlook is now better than where it was a few months back.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a positive start on Monday, as suggested by trends on SGX Nifty. Nifty futures were trading 53 points up at 12,935 on Singaporean Exchange. In the previous session, headline indices ended the trade in the green, rising 282 points while the broader Nifty 50 index settled 87 points higher. Corporate earnings for the July-September quarter have already come to an end, investors will keep tabs on rising COVID-19 cases and other global developments for further cues.

Stocks in focus today:

Reliance Industries Ltd: The Competition Commission of India (CCI) on Friday approved the acquisition of Future Group’s retail, wholesale, warehousing logistics business by Reliance Retail Ventures Ltd (RRVL).

MIDHANI: The government is planning to sell up to 10 per cent stake in defence PSU Mishra Dhatu Nigam Ltd (MIDHANI) in the current fiscal ending March, PTI quoted an official as saying. The company got listed on stock exchanges in April 2018 and the government had raised Rs 438 crore by selling 26 per cent stake through IPO.

Bharti Airtel: Telecom tariff hike is needed as the current rates are unsustainable and market conditions will be seen before a call is taken, chairman of Bharti Airtel Sunil Mittal has said. “Where tariffs are concerned, the company has already taken a clear stance on the issue,” he said adding that Airtel is of the firm view that tariffs need go up.

Punjab National Bank: ICRA Ratings has upgraded the ratings of bonds issued by the bank and reaffirmed the rating of certificate of deposits. The rating upgrade is based on the recent improvement in solvency profile and capital position, which is likely to sustain on the back of lower-than-previous estimated Covid-19 induced asset quality stress for the bank.

Axis Bank: Axis Bank on Friday informed the exchange that it has become one of the initial subscribers
to the Memorandum and Articles of Association of IBBIC Private Limited (IBBIC) on November 20,
2020, and announced that it will acquire a 6.67 per cent stake in IBBIC for Rs 5 lakh.

Lakshmi Vilas Bank: CARE revised rating on LVB’s unsecured redeemable non-convertible subordinated Lower Tier II bonds to BB- (Under Credit Watch with Developing Implications, from BB-/Negative.

Punjab & Sind Bank: State-owned Punjab & Sind Bank on Saturday said its board has approved a proposal to raise up to Rs 5,500 crore by issuing shares on a preferential basis.

Infosys: Infosys and ATP have announced the renewal of their highly successful partnership for a further three years. The agreement will see Infosys continue as Global Technology Services Partner and Digital Innovation Partner of the ATP, through 2023.

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