Stocks

Companies and stocks to watch: October 28, 2020

KS Badri Narayanan | Updated on October 28, 2020 Published on October 28, 2020

Key results: L&T, Axis Bank, AU Small Finance Bank, UTI Asset, Dr Reddy's, Hero MotoCorp, Titan, Tata Coffee

Wedneday is another crucial day for the result season, as over 60 companies are planning to announce their financial performance for the quarter/half-year ended September 2020.

Among them are Aptech, APL Apollo Tubes (also stock split), Apcotex Industries, AU Small Finance Bank, Bal Pharma, CanFin Homes, Carborandum Universal, CG Power Industrial, Century Enka, Cummins India, Dr Reddy's Laboratories, Firstsource Solutions, Glaxo Pharma, Hero MotoCorp, Heritage Foods, HSIL, ICICI Securities, IIFL Wealth Management (also fund raising), Kokuyo Camlin, Kopran, L&T (also special dividend), Marico, Max India, MOIL, Navin Flourine International, Navkar Corp, Orient Electric, Piramal Enterprises, PI Industries, PNB Housing, Radico Khaitan, RBL Bank, Route Mobile, Supreme Ind, Sumeet Ind, Sharda Cropchem, Snowman Logistics, Tata Coffee, Texmo Pipes, Thyrocare Tech, Titan Company, Welspun Enterprises, Uttam Sugar Mills, Unitech, UTI Asset Management and V-Guard Industries.

Also read: Nifty Call: Short the contract below 11,825

Mold-Tek rights issue opens today

The rights issue of Mold-Tek Packaging will open for subscription on Wednesday (October 28). Mold-Tek Packaging will issue right entitlements (RE’s) and warrants to anyone who holds its shares as on October 22, 2020 (record date).

These RE’s will be temporarily traded on the stock exchanges and will then be extinguished. Investors can either use the REs to apply for the rights shares of Mold-Tek Packaging or can sell them in the market.

The company will give one rights share along with 6 detachable warrants for every 50 shares held. While the issue price for equity share is ₹180, the same is ₹184 for a warrant. The issue will close on November 11 while the RE trading period will end on November 6.

Will Ghana exit boost Airtel shares?

The board of Bharti Airtel Ltd has approved the sale of 100 per cent stake in arm Airtel Ghana Ltd known as AirtelTigo to the government of Ghana along with all customers, assets and agreed liabilities.

Bharti Airtel is also voluntarily taking an impairment charge of ₹184 crore. AirtelTigo is a joint venture between Bharti Airtel and Millicom International Cellular SA, wherein the former holds a 49.95 per cent stake.

"The parties are in advance stages of discussions for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the government of Ghana," Bharti Airtel said in a statement to exchanges.

Lakshmi Vilas Bank: Back to square one?

The RBI has asked Lakshmi Vilas Bank Ltd., which is in the midst of a merger process with Clix group, to reconsider the names proposed for the post of new MD and CEO, a PTI report said quoting a senior official.

In September, shareholders of the cash-strapped private sector lender had voted out seven board members, including MD and CEO S Sundar, at the annual general meeting. Subsequently, RBI appointed a three-member Committee of Directors comprising independent directors Meeta Makhan, Shakti Sinha and Satish Kumar Kalra.

"In the first round, we had done interviews of three candidates and sent the names to RBI. But the Reserve Bank has come back to us saying that we have to reconsider. So, we have started the process again. Now, we are broadening our search with more candidates," Shakti Sinha told PTI.

The stock may react negatively to the news, as shareholders are closely monitoring its next move.

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Published on October 28, 2020
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