NEW DELHI: Here is the list of the 10 best actions that could be put forward on Friday:
Dependency industries: RIL on Thursday became the first Indian company to cross a market value of $ 200 billion, with shares up nearly 166% since mid-March, driven by its retail and telecommunications operations. Meanwhile, reports have indicated the company plans to sell an estimated $ 20 billion stake in its retail business to Amazon.com Inc.
Automotive stocks: Auto dealers fear that they will be struggling with huge inventories after the festival season, despite the recent rebound in sales. Inventories at two-wheeler and passenger vehicle dealers are expected to increase to at least 35-40 days before the Navratri festival which falls in mid-October this year as automakers increase their supplies in anticipation of a resumption of sales.
Bank shares: The Ministry of Finance announced Thursday that it had set up a committee of experts to assess the impact of waiving interest payments on loans subject to the moratorium and suggest measures to relieve borrowers. The Supreme Court extended an interim loan moratorium until September 28 and asked banks not to consider any loans as non-performing until further orders.
Yes Bank: Yes, the Bank said on Thursday it has fully repaid the Reserve Bank of India (RBI) ₹50,000 crore of special liquidity facility he had benefited from. Chairman Sunil Mehta, at the AGM, also said there was no plan to merge with the State Bank of India.
Hindalco: Will be back to pre-covid levels by the second half of FY21, Aditya Birla Group Chairman Kumar Mangalam Birla said at the company’s AGM on Thursday. He added that Novelis’ capex for FY21 has been set at ₹$ 450-500 million while Hindalco’s domestic investments at ₹1500 crore.
Manufacturing: India plans to offer incentives worth 1.68 trillion rupees ($ 23 billion) to entice companies to locate in the country, Bloomberg reported. The government will offer production-related incentives to auto makers, solar panel makers and specialty steel to home appliance companies.
IRCTC: The government has postponed to September 14 the date for the submission of offers by investment bankers for the sale of its stake in the company. Offers had previously been solicited between September 4 and September 10. The government plans to sell 15-20% of its 87.4% stake through an offer to sell (OFS).
Motherson Sumi: On Thursday, said he had increased his first unsecured NCD problem from three years to ₹2,130 crore. The original size of the problem was ₹1,500 crore, which was increased using the green shoe option on the back of overwhelming demand from investors, MSSL said in a statement.
Hexaware Tech: Promoter HT Global IT Solutions Holdings took advantage of $ 600 million by pledging more than 18 crore of the company’s stock, which is expected to be voluntarily delisted from the stock exchanges.
ITI Ltd: The state-owned tech company said on Thursday it plans to sign a telecommunications network contract worth ₹7,796 crore with MoD soon. The company was declared the lowest bidder for the Army Static Switched Communication Network (ASCON) Phase IV tender in 2017.