Stocks to watch out for on Tuesday, August 7: ICICI Bank, PNB
Indian markets expected to open flat. Overall trend is still bullish with long build up in Nifty Futures. Nifty resistance seen around 11,600 level and support seen around 11,180 level, for the Bank Nifty resistance seen around 28,400; support seen around 27,500.
Here are some stocks which will be in focus today.
ICICI Bank: Mint reports that ICICI Bank masked NPAs by changing accounting policy. ICICI Bank used technical write off for corporate loans in March 17. Bank's management wrote off unsecured portions of doubtful loans of Rs 5600 cr which helped the bank keeps its FY17 NPA ratios low.
SBI: Economic Times reports SBI has invited bids from ARCs to sell Bombay Rayon loans worth Rs 2200 cr at a reserve price of Rs 900 cr.
COAL INDIA: Business Standard reports that government may sell 5% stake in company this fiscal, which may fetch Rs 8800 cr at current M-Cap levels.
Bank of Baroda: Financial Express reports that Bank of Baroda is looking to sell 4% stake in Clearing Corporation of India for Rs 124 cr.
PNB: Punjab National Bank's board approved Rs 2,816 cr preferential allotment of shares to government.
RIL/Eros Intl: RIL has completed acquisition of 5% stake in Eros International PLC at $15/Share. Co has acquired 31.1 Lakh ordinary shares for total cash consideration of $46.6 mn
JET AIRWAYS: Airlines offers upto 30% discount on international fares for 9 Days.
PSU Banks: ET reports that the government will hold talks with RBI to leave more capital with banks. Government has approached RBI for less stringent Basel III capital norms for Indian banks. Easing Basel-III norms would free up Rs 60,000 cr capital for lenders.
HDFC Bank: HDFC Bank has raised fixed deposit rates by upto 0.6%, the move comes within a week of RBI hiking rates, deposit rate hike may be a precusor to lending rate hike.
Kwality: Kwality has delayed Q1 earnings citing technical issues in ERP software.