Top stocks in focus today: Axis Bank, SBI, Tata Steel, Kolte-Patil India Infoline N
Sebi ordered Axis Bank to strengthen its systems and conduct an internal probe to fix responsibility as the initial investigation showed the leakage due to “inadequacy” of processes at the bank.
SBI said it has received board approval for raising Rs8,000cr to meet Basel III capital adequacy norms through various instruments, including masala bonds.
Tata Steel is ramping up production at its Khondbond iron ore mine in Odisha to fuel expansion of the Kalinganagar plant, according to media reports.
Vedanta arm Cairn India has acquired controlling stake in AvanStrate, a Japanese manufacturer of LCD glass substrate, with an investment of $158 million, the company informed the bourses.
The Aion Capital-JSW Steel consortium, which last week emerged as the frontrunner to acquire bankrupt Monnet Ispat and Energy, submitted a Rs3,500cr resolution plan that involves paying Rs2,500cr to lenders and an equity investment of Rs1,000cr, backed by a letter of comfort from ICICI Bank, as per media reports.
Aurobindo Pharma said it has received final approval from the US health regulator to manufacture and market its generic version of Fondaparinux Sodium injection used to prevent deep vein thrombosis.
Kolte-Patil Developer said that global investment firm KKR will invest Rs193cr in its township at Pune.
Auto stocks in focus today. The Lok Sabha approved a bill to hike cess on luxury vehicles from 15% to 25% with a view to enhance funds to compensate states for revenue loss following the rollout of GST.
Star Cement said it has received Rs158.8cr towards capital investment subsidy claim from the government.
DLF’s shareholders approved an issue of debentures and warrants to promoters in lieu of Rs11,250cr equity infusion into the company to reduce company’s net debt significantly.
United Bank has raised Rs100cr through Tier-1 bonds.
Alkem Lab received USFDA aproval for generic of Vytorin tablets.
Granules India received USFDA nod for cetirizine hydrochloride tablets.
Riddhi Siddhi board approved proposal to de-list shares of the company. Promoters set the offer floor price at Rs510 a piece.