Stocks in Focus on October 7: Domestic equity benchmarks surged on Tuesday, October 6, 2020, rising for the fourth straight session. The S&P BSE Sensex, rallied 600.87 points or 1.54% at 39,574.57. The Nifty 50 index climbed 159.05 points or 1.38% at 11,662.40. Both indices appreciated for the fourth session in a row. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, October 7, 2020. List of such five stocks:
MPC Meeting + TCS:
MPC Meeting: The RBIs Monetary Policy Committee (MPC) is scheduled to meet from October 7 to October 9, 2020. The policy decisions will be announced on October 9, 2020.
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Tata Consultancy Services (TCS): The board of the IT consultancy company TCS will meet today to consider and approve the financial results of the second quarter of the financial year (Q2FY21). Besides, the Information technology consulting company will also consider a buyback of shares of the company at a board meeting to be held on October 7.
Likhita Infrastructure IPO Update: The Rs 61.20 crore initial public offer of Likhita Infrastructure was subscribed 9.5 times on the fifth and the last day of subscription on Tuesday. The qualified institutional buyer (QIB) quota was subscribed 0.45 times, while the portion set aside for non-institutional investors (NIIs) saw 6.03 times subscription. The retail portion was subscribed 23.93 times. The price band for the issue has been changed from Rs 117-120 to Rs 116-120. The issue will close today, i.e. October 7, 2020.
Reliance: Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore in Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries. ADIAs investment will translate into a 1.20% equity stake in RRVL on a fully diluted basis. With this investment, RRVL has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.
State Bank of India (SBI): The government on October 6, 2020, appointed Dinesh Khara as the new Chairman of State Bank of India for a period of three years. His appointment is effective from October 7, 2020.
Bajaj Finance (Q2 Business update): Bajaj Finance on Tuesday said its consolidated deposit book rose by 22% to Rs 21,600 crore as of September 30, 2020, as compared to Rs 17,633 crore posted last year in the same period. Assets under management (AUM) stood at approximately Rs 1,37,300 crore as of September 30, 2020, compared to Rs 1,35,533 crore as of September 30, 2019. The company continues to remain well-capitalized with a capital adequacy ratio (CRAR) of approximately 26.5% as of 30 September 2020 while maintaining highest ever liquidity buffer. It said that the company will continue to accelerate its provisioning for COVID-19 in Q2 FY21 as well to further strengthen its balance sheet.