Stocks in focus on September 29, 2020
New Delhi: Markets ended on a positive note on Monday led by gains in auto and banking stocks.
The BSE Sensex soared 592.97 points or 1.59 percent to end at 37,981.63; Nifty rallies 177.30 points or 1.6 percent to 11,227.55.
Here are Stocks in focus on September 29, 2020.
Kalpataru Power Transmission Ltd (KPTL) on Monday said the firm and its joint venture partner have completed 74 per cent equity stake sale in Jhajjar KT Transco Pvt Ltd (JKTPL) to IndiGrid. KPTL has completed sale of about 37.78 per cent of equity shares (which includes 1.32 per cent equity shares held by KVPL and acquired by the Company), the filing added.
Divestment-bound Bharat Petroleum on Monday defended it paying USD 54 million on behalf of its bankrupt partner Videocon group in its Brazilian joint venture, saying it was to defend the asset and to follow the law of the land and that the move has increased its stake in the JV to over 54.5 per cent now. The company also said it will continue to protect the Brazilian asset meaning it will continue to make more payments on behalf of the Videocon group which has gone bankrupt and is in NCLT since 2018. State-owned oil refiner in September 2008 roped in Videocon Industries into a 50:50 joint venture to acquire a Brazilian oil exploration firm for USD 283 million.
Moody”s Investors Service on Monday downgraded IIFL Finance corporate family rating (CFR) by a notch to B2 from B1 on the company”s asset quality concerns. Obligations rated B2 are considered speculative and are subject to high credit risk. The global rating agency has also downgraded senior secured debt rating to B2 from B1, and senior secured medium-term note (MTN) programme rating to (P) B2 from (P) B1, Moody”s Investors Service said in a statement. However, the rating outlook has been changed to stable from rating under review.
The Board of Directors of the Company is scheduled on October 3, 2020, to consider and approve the unaudited financial results of the Company for the First Quarter ended June 30, 2020.