Stock update for market analysis
Here are the top stocks to watch out for on Thursday.
ONGC: Oil and Natural Gas Corp (ONGC) will soon seek shareholders’ approval to raise a debt of Rs 25,000 crore to fund the planned acquisition of Hindustan Petroleum Corp (HPCL). The board of ONGC has approved raising the debt and would now take the proposal to shareholders.
Tata Motors, Maruti Suzuki: India’s top auto players expect a slump in demand after the cabinet on Wednesday approved an ordinance that will allow the cess on larger passenger cars and sports utility vehicles (SUVs) to be raised to as much as 25% from 15% under the GST regime.
The move, which needs to be approved by the GST Council, will lead to prices increasing after having fallen when the new tax was rolled out on July, 2017.
Schaeffler India: The board of directors of Schaeffler India Limited (formerly FAG Bearings India), INA Bearings India Private and LuK India, at their respective meetings, have approved the draft scheme of amalgamation for the merger of INA India and LuKIndia into Schaeffler India, reported a leading business daily.
Adani Group stocks: Australia’s trade minister on Wednesday said that Adani Group’s USD16.5 billion Carmichael coal project is moving ahead but slower than what his government would have liked.
ABB India: ABB India has surpassed the 5 GW milestone for the supply of solar inverters in India, reported a leading business daily.
Fortis Healthcare: Fortis Healthcare has sold its entire stake in Fortis Medicare.
Majestic Auto: The board of Majestic Auto approved sale of assets worth up to Rs 300 crore