Stocks

Companies and stocks to track today: November 18, 2020

K S Badrinarayanan | Updated on November 18, 2020 Published on November 18, 2020

Scrips that will likely see action: LVB, Tanla Platforms, Eveready

Moratorium may singe Lakshmi Vilas Bank

Shares of Lakshmi Vilas Bank may witness selling pressure on the bourses after the Government has imposed a one-month moratorium on the private lender and capped deposit withdrawals at ₹25,000. Immediately the announcement, the Reserve Bank of India unveiled a scheme to merge Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd. (DBIL).

According to RBI proposal, DBIL will bring in additional capital of ₹2,500 crore upfront, to support credit growth of the merged entity. DBIL is a wholly-owned subsidiary of DBS Bank Ltd, Singapore, which in turn is a subsidiary of Asia’s leading financial services group, DBS Group Holdings Limited.

Banyan Investments sells Tanla Platforms’ shares worth nearly ₹587 cr

Will Banyan sell further stake in Tanla Platforms?

Banyan Investments Ltd on Tuesday offloaded 1.5 crore Tanla Platforms (erstwhile Tanla Solutions ) shares (worth about ₹587 crore) through an open market transaction. According to BSE block deal data, Banyan Investments sold 1.5 crore scrips at an average price of ₹391.3 a share.

Banyan Investments holds 16.17 per cent stake or 2.2 crore shares in the firm.

Tanla’s promoter Mobile Techsol Pvt Ltd picked 17.1 lakh scrips, and American Funds Insurance Series a/c International Fund bought 86 lakh scrips of Tanla Platforms.

Shareholders will closely monitor whether Banyan will offload the balance too.

IndusInd Bank exits Eveready

IndusInd Bank has sold 23.90 lakh shares representing 3.29 per cent stake in Eveready Industries India Ltd, according to an exchange filing.

The Bank, which had acquired these shares in the company through the invocation of pledged shares, sold the shares in three tranches.

As per the bourse data today, IndusInd Bank sold 8.50 lakh shares of the company, representing 1.16 per cent stake at ₹156.37 a share through a bulk deal on the National Stock Exchange.

Following the stake sale, IndusInd Bank does not hold any shares of Eveready Industries, the filing said.

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Published on November 18, 2020
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