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Stocks in news: PNB, InterGlobe Aviation, Tata Steel, Federal Bank and more

Stocks to watch out for: PNB, InterGlobe Aviation, Tata Steel, Federal Bank and more

twitter-logoBusinessToday.In | May 11, 2021 | Updated 09:30 IST
Stocks in news: PNB, InterGlobe Aviation, Tata Steel, Federal Bank and more
Stocks to watch today: PNB, InterGlobe Aviation, Tata Steel, Federal Bank, SBI General Insurance Company and more

Benchmark indices are likely to open lower on Tuesday as Nifty futures on the Singapore Exchange traded 183 points, or 1.22 per cent, lower at 14,895.50. On Monday, Sensex reclaimed the key 49,500 level by closing 295 points higher at 49,502 and Nifty jumped 119 points to 14,942.  L&T was the top Sensex gainer, rallying 3.89 per cent, followed by Dr Reddy's, Sun Pharma, NTPC, IndusInd Bank, PowerGrid, ONGC and M&M.

Here's a look at stocks which may remain in news today.

Punjab National Bank: The bank's board has approved raising equity capital from qualified tional investors to enhance its capital base. For the Qualified Institutional Placement (QIP) purposes, the bank has fixed the floor price at Rs 35.51 per equity share.

InterGlobe Aviation: Parent of the country's largest airline IndiGo said its board has approved raising up to Rs 3,000 crore through sale of shares to institutional investors.This will be done through issuance of equity shares by way of Qualified Institutions Placement (QIP).

Tata Steel: S&P Global Ratings said that continued strength in steel prices will support Tata Steel's commitment to deleverage. The company has guided for average prices to increase by about Rs 6,000 to 7,000 per tonne quarter-over-quarter in the three months ending June 2021.

Federal Bank: The Kerala-headquartered bank has inked a strategic tie-up with UAE-based Mashreq Bank to facilitate money transfers from the UAE to India. The partnership will support Mashreq's faster payment product, QuickRemit, which was launched in 2017. This will further improve Federal Bank's position among remittances.

SBI General Insurance Company: Regulator IRDAI has imposed a penalty of Rs 30 lakh on SBI General Insurance Company for its failure to comply with the third-party motor insurance regulations. The SBI General Insurance Company had failed to meet the minimum obligations under Motor Third Party business as specified in concerned IRDAI Regulations for 2018-19, the insurance regulator said in its order.

Indian Overseas Bank: The lender said its board will meet next week to issue preference shares to the government for Rs 4,100 crore capital infusion. A meeting of the board of directors for the issue of equity share capital would be held on Monday, May 17, 2021, to issue and allot shares to the government on a preferential basis for the capital infusion of Rs 4,100 crore, the bank said.

JMC Projects: The firm reported a consolidated net profit of Rs 41.44 crore in Q4 driven by higher revenues. The company had reported a consolidated net loss of Rs 54.76 crore in the quarter ended on March 31, 2020.

Coforge: The only promoter of IT firm, Hulst BV offloaded shares worth a little over Rs 616 crore in the firm, through an open market transaction. As per BSE's bulk deal data, the promoter sold 19 lakh shares at an average price of Rs 3,242.

Zydus Wellness: The consumer wellness company's net profit grew over 92 per cent to Rs 133 crore, while total revenue rose 24 per cent to Rs 608 crore in Q4. Zydus Wellness said five of its brands -- Glucon-D, Sugar Free, EverYuth Scrub, Peel Off Face Mask and Nycil -- maintained their leadership positions in-their respective categories as on March 2021.

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