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The stock of Credit Analysis & Research will remain in focus at the bourses, as IDBI Bank plans to sell its stake in the rating major. In a post-market hours disclosure to the exchanges, the bank said its board has permitted sale of its stake (either in parts or fully) in CARE. Currently, IDBI Bank owns 48.18 lakh shares or 16.62 per cent in CARE. IDBI Bank is the largest shareholder in CARE, the share price of which closed at around ₹1,420 on the BSE.
Delisting is buzzword now for Spice Mobility
Spice Mobility, a BK Modi group firm, is heading towards delisting, as its promoter is looking to voluntary delist the company from the stock exchanges, according to a stock market disclosure. A board meeting will be held on January 2 to consider the proposal. As of September 30, Smart Ventures held 74.36 per cent stake in Spice Mobility (formerly S Mobility). The stock shot up 20 per cent to hit the upper circuit at ₹26.4 on the BSE.
Decision on excise duty to navigate auto stocks
The Government would soon have to take a decision on the excise duty concessions currently being offered to the automobile industry. In June, the Government had extended till December 31 the excise duty concessions to an ailing automobile sector. Duty was also reduced by four percentage points to a slew of automobiles, including motorcycles, scooters, commercial vehicles and hybrid vehicles and to 24 per cent from 27 per cent on larger vehicles.
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