Stocks in focus: Vodafone Idea, HDFC, Lakshmi Vilas Bank, BoB, Union Bank, Future Lifestyle Fashions
Nifty futures were trading 60.75 points or 0.53 per cent lower at 11,314.20 in early trade on Monday, suggesting a negative start for BSE Sensex and Nifty 50. Market participants will watch President Ram Nath Kovind and Prime Minister Narendra Modi’s address on the National Education Policy (NEP) 2020 at 10.30 AM through video conference. Besides, developments related to the India-China border issue, trends in COVID-19 cases, along with oil and rupee movement will be tracked. “Indian markets have been in sync with their global counterparts and will have an impact. Markets seem to have lost its momentum in the near-term and could be heading into a round of consolidation. Investors advised to be alert and cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.
Stocks in focus today
Vodafone Idea: The board of Vodafone Idea approved a fund-raising plan to the tune of Rs 25,000 crore through share sale and debt which indicates that the company, after FY22, would be able to meet its payment of adjusted gross revenue (AGR) dues’ instalments and that of the deferred spectrum. The telco also informed investors that it will be making a strategic announcement today.
Lakshmi Vilas Bank: LVB plans to raise up to Rs 1,500 crore to fund business growth and increase foreign shareholding to up to 74 per cent, the private lender said in a notice. The bank said it will seek approval for the proposals from its shareholders in the upcoming annual general meeting (AGM) on September 25.
Housing Development Finance Corporation: HDFC has disbursed subsidy to over 2,00,000 homebuyers under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) which is the flagship housing scheme of the government.
BoB, BoI, Canara Bank, Union Bank: Moody’s Investors Service downgraded the long-term local and foreign currency deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India to Ba1 from Baa3. The rating agency also downgraded Baseline Credit Assessments (BCAs) of all the four lenders to B1 from Ba3.
Future Lifestyle Fashions, Future Market Networks: A total of 52 companies including CG Power and Industrial Solutions, Future Lifestyle Fashions, Future Market Networks, General Insurance Corporation of India, Hindustan Oil Exploration and Info Edge India are scheduled to report their quarterly earnings today.