Reliance Industries, Axis Bank, Kotak Mahindra Bank, OMCs


NEW DELHI: Here is are the top 10 stocks that could be in focus on Friday:

Reliance Industries: The joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden Sintex Industries has been moved before the NCLT for approval after it was unanimously cleared by the lenders of the company.

Axis Bank: Securities and Exchange Board of India on Thursday levied a fine of 5 lakh on Axis Bank Ltd for violating the Merchant Bankers Regulations while handling certain public debt sales. Cases are from the 2016-2019 period, when the lender had handled debt issues of 22 companies and acquired securities in nine public issues of debt of the entities but failed to make disclosures.

Kotak Mahindra Bank: Canada Pension Plan and Investment Board has sold 4 crore shares of Kotak Mahindra Bank worth around 6,800 crore. As per bulk deal data on BSE, the pension fund sold the shares at an average of 1,700.10 apiece. Separately, Regents of the University of California bought 1,12,27,404 equity shares in the private sector lender at an average of 1,699.05 per share

Oil marketing companies (OMCs): Raised petrol and diesel prices by 80 paise a litre each on Friday, the third increase in four days. Meanwhile, India’s top fuel retailers IOC, BPCL and HPCL together lost around $2.25 billion in revenue between November and March by keeping petrol and diesel prices unchanged despite a sharp rise in global crude oil prices.

Future Enterprises: Has defaulted on payment of 93.99 crore to Punjab National Bank and Canara Bank under the one-time restructuring (OTR) plan. The due date for payment was 23 March. Future Enterprises is part of the 24,713 crore deal announced by Future group in 2020, under which 19 companies operating in retail, wholesale, logistics and warehousing will be sold off to Reliance Retail.

IndusInd Bank: The private sector lender has agreed to sell its 247 crore principal loans of Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company at a consideration of 195 crore. The bank had invited offers for a 142 crore secured principal loan given to Kishore Biyani promoted Future Retail and 105 crore principal loan given to Asian Hotel Delhi under 15:85 basis.

Bharti Airtel: The telecom major will not buy 5G network equipment from Chinese vendors and will instead use equipment from European vendors such as Nokia and Ericsson, as well as openRAN-based 5G network provider Mavenir, among others. Airtel may also look at taking 100 MHz of 5G spectrum if it is affordable, but will be open for a lower quantum of airwaves if prices are high.

Punjab National Bank: Public sector lender Punjab National Bank has acquired nearly 6% stake in public digital e-commerce platform ONDC for 10 crore. Open Network for Digital Commerce (ONDC) is an initiative of the commerce ministry to promote open networks for all aspects of the exchange of goods and services over digital networks.

Tata Consumer Products: The board of the company will meet on 29 March to consider raising funds via preferential share sale. The Tata Group firm plans to issue preferential shares equivalent to 1.5% of its paid up equity capital to a foreign buyer

Exide Industries: Subsidiary Chloride Metals has started commercial production at its newly set-up green field manufacturing unit of battery recycling at Haldia, West Bengal. The total installed capacity of the plant is 108,000 MT per annum.

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Divyansh Singh

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