All You Need To Know Going Into Trade On March 11

Indian ADRs

Stocks To Watch

• Yes Bank: Nippon Mutual Fund and Axis Trustee filed petitions against the decision to write-down Yes Bank's AT-1 bonds under reconstruction plan. The Bombay High Court will hear petitions on March 11. RBI’s draft reconstruction plan for Yes Bank had sought full write-down of AT-1 bonds. Mutual funds and other bondholders have invested over Rs 8,400 crore in Yes Bank’s AT-1 bonds.
• ABB India: The board has approved the proposal to sell the company’s solar inverter business to the group’s wholly-owned Italian arm ‘Fimer’ for Rs 100.6 crore. The business transfer agreement will be effective from April 1.
• Biocon: The U.S. FDA has accepted the biologics license application for Mylan’s Avastin, which is used for cancer treatment, according to a Bloomberg report.
• Narayana Hrudayalaya said that the company has agreed for non-extension of the contract with Karnataka Chinmaya Seva Trust to operate a heart centre in Bengaluru.
• Oriental Bank of Commerce reduced its one-year MCLR by five basis points to 8.1 percent which is effective from March 10.
• Max Financial Services will seek shareholders’ nod for the restructuring of its business with Mitsui Sumitomo Insurance and Max Life Insurance on April 2.
• Muthoot Finance to consider raising funds via NCDs on March 17.
• Firstsource Solutions: HDFC Mutual Fund increased its stake from 5.03 percent to 7.03 percent, on March 6.
• Future Retail said in its strategic update that the break-even for small stores to be achieved by September 2020 and the first 7 Eleven stores will open by April 2020 in Mumbai. Target Net/Ebitda of 1.5 times by financial year 2022 and less than 0.2 times in the next three years.
• HBL Power Systems received order worth Rs 155 crore technology solutions to Railways and the Indian Navy. The company also received export orders of $3.6 million dollars for the supply of Lithium Thermal Batteries.
• Infosys said that it has completed the process of dissolution of its minority stake in Waterline Data.
• Shriram Transport Finance: The Enforcement Directorate imposed a penalty of Rs 5 crore for contraventions in forex markets, and penalty of Rs 1.5 crore on three persons, the then directors of Shriram Holdings (Madras).
• Granules India: The record date of March 20 set as the record date for a share buyback.
• Wonderla Holidays: In the view of emerging cases of coronavirus in Kerala, the company has decided to temporarily close Kochi Park between March 11-20.