Stocks to Watch: RIL, Yes Bank, Bank of Baroda, BPCL, IRCON, Indian Bank

By Administrator_India

Capital Sands

Here’s a list of top 10 stocks that could be in focus on Wednesday:

Reliance Industries: Reliance Jio Infocomm Ltd, India’s largest telco, emerged as the top bidder, cornering roughly three-fourths of the spectrum sold in the 4G auction. Reliance Jio bought radio airwaves worth 57,122.65 crore in the first spectrum auction in more than four years. Bharti Airtel Ltd purchased spectrum worth 18,698.75 crore, while Vodafone Idea Ltd’s (VIL’s) participation was limited. VIL placed bids worth 1,993.40 crore, largely for spectrum renewal.

Yes Bank: The shareholders of Yes Bank have approved a proposal for raising 10,000 crore capital with the requisite majority. As many as 98.78% votes were in favour of the resolution to authorise the bank to raise capital through issuance of equity shares or other securities, Yes Bank said in a regulatory filing.

Bank of Baroda: The state-owned lender has closed the qualified institutional placement (QIP) round, which was conducted to raise up to 4,500 crore. “The committee (capital raising committee) at its meeting held today (Tuesday) i.e. March 2, 2021, has passed the resolution approving and adopting the placement document dated March 2, 2021,” Bank of Baroda said in a regulatory filing.

Indian Bank: State-owned Indian Bank held an extra-ordinary general meeting (EGM) to seek shareholder’s nod for raising equity capital up to 4,000 crores through various means.

BPCL: State-run Bharat Petroleum Corp. Ltd (BPCL) will pay dividends to its shareholders after the stake sale in Assam-based Numaligarh Refinery Ltd (NRL) is completed, N. Vijaygopal, director finance, BPCL, said on Tuesday.

Ion Exchange: Rakesh Radheyshyam Jhunjhunwala and his firm Rare Investments on Tuesday offloaded shares worth nearly 65 crores in Ion Exchange India Ltd, through open market transactions. As per bulk deal data on BSE, Jhunjhunwala sold a little over 1.5 lakh shares at 1,205.19 apiece, valuing the deal at 18.17 crore. Rare Investments offloaded 3.87 lakh scrips at a price of 1,205.42 apiece, taking the total deal value to 46.73 crores.

IRCON International: The offer for sale (OFS) for up to 16% government stake at a floor price of 88 per share in railway PSU IRCON will open on Wednesday. The base issue size of the OFS is 10% or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6% or over 2.82 crore shares.

Punjab & Sind Bank: The public sector lender will convene an extraordinary general meeting on March 25 to seek shareholders’ approval for 5,000 crore equity infusion by the government in exchange for shares.

Jaiprakash Power Ventures: The board of directors of the company has approved the disinvestment of 74% stake in Jaypee Powergrid to PGCIL. Jaypee Powergrid Ltd (JPL) is a joint venture of Power Grid Corporation of India (PGCIL) and JPVL. Jaiprakash Power Ventures Ltd said the stake sale is expected to be complete by March 31, 2021.

Motherson Sumi Systems: Crisil has reaffirmed Motherson Sumi’s long-term credit rating at AA+ and revised outlook from Negative to Stable.

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