The fear over contagion that investors were worried about since September last year after the IL&FS saga is unfolding possibly faster than anticipated. With many uncertainties gripping the sector, brokerages such as Normura, CLSA, Credit Suisse, and Morgan Stanley prefer banks over NBFCs, reports Business Standard. From multibaggers to portfolio destroyers, these stocks stare at a difficult path to retain investor faith, the report added. READ FULL ARTICLE
DHFL: Dewan Housing Finance Corporation (DHFL) is confident of honouring its repayment obligations by the close of the seventh working day (June 13). Of the Rs 961.95 crore due on Tuesday (June 11) towards non-convertible debentures, the company has already paid Rs 276.05 crore of its obligations in interest and principal.
Bank of Baroda:
The state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process.
Anil Ambani Group firm Reliance Power Sunday reported a net loss of Rs 3,558.51 crore for the quarter ended March 31, as against a net profit of Rs 189.21 crore in the year-ago period.
Jammu & Kashmir Bank:
Jammu and Kashmir Governor Satya Pal Malik’s administration on Saturday removed the chairman and managing director of J&K Bank, Parvez Ahmed and appointed the bank’s executive president, RK Chhibber interim chairman.
Den Networks: ICRA has revised ratings of the firm. The Fund-based term loans and Fund-based working capital have been revised to [ICRA] AA- (Stable) from [ICRA] A%; watch with postive implications.
RIL: Global major BP Plc and its partner Reliance Industries (RIL) have jointly emerged as the winner of a block in the fresh round of auction under the Open Acreage Licensing Policy (OALP). This marks the re-entry of RIL into domestic exploration and production after it stopped bidding for acreages in India.
Central Bank of India (CBI) is planning to raise up to Rs 5,000 crore in the current fiscal through various means, including rights issue and FPO, to meet Basel III norms by March 2020.
L&T's open offer to start from June 17 to acquire 31 per cent stake in Mindtree at Rs 980 per share.
Mahindra & Mahindra announced that its Automotive Sector and Farm Equipment Sector, and Mahindra Vehicle Manufacturers (MVML), as part of aligning its production with sales requirements, would be observing 'No Production Days' ranging between 5-13 days in various plants of the Company and MVML during the first quarter of the Financial Year 2019-2020.