All You Need To Know Going Into Trade On March 6

Indian ADRs

Stocks To Watch

• Yes Bank: The Government of India placed the lender under moratorium and capped withdrawals for a month, while the Reserve Bank of India superseded the board of the private lender citing a steady decline in its financial position. The Ministry of Finance took the decision after considering an application submitted by the Reserve Bank of India, said a ministry statement on Thursday evening. The moratorium will last till April 3 and all legal proceedings against the bank will be stayed during the period, it said. The bank is not allowed to pay any depositor more than Rs 50,000 without written permission from the RBI during the period of moratorium.
• State Bank of India: The board of directors of government-owned lender have given an in-principle approval to explore investment opportunity in Yes Bank Ltd., according to a statement filed with stock exchanges. The statement is in response to a Bloomberg report, on Thursday morning, that the government had approved a plan for SBI to lead a consortium that will buy a stake to rescue the capital-starved Yes Bank.
• Dr. Reddy’s Laboratories received three Form 483 observations for active pharmaceutical ingredient manufacturing plants at Telangana by U.S. FDA.
• Lupin has launched the authorized generic version of Vimovo tablets, used for the treatment of arthritis and ulcers.
• Reliance Industries acquired 37.7 percent stake in Alok Industries for Rs 250 crore. On March 8, NCLT had approved the resolution plan in which Alok Industries had allotted 83.3 crore shares for Rs 3 per share.
• Agro Tech Foods: The board approved an increase in royalty payments from 1.6 percent to 2.5 percent, of net proceeds of sales for all products under ‘Act-II’ brand with its holding company Conagra Foods RDM. There will be an additional 1.75 percent royalty for all microwave popcorn products with the brand name “Act II”. The royalty payment is for the usage of licensed trademark and know-how.
• JSW Steel: ICRA Ratings has downgraded the company’s long-term ratings to AA- from AA, outlook remaining negative. Agency stated that change in the rating has taken into account weaker than anticipated financial performance due to moderation in domestic demand and weak steel prices and expected increase in leverage in the near to medium term owing to the proposed acquisition of Bhushan Power and Steel.
• HCC: Default in loans stand at Rs 622.27 crore and total financial indebtedness to the bank and financial institutions stand at Rs 3,182.74 crore, as on Feb. 29.
• Sagar Cements: The February cement sales rose 2.44 percent to 294,518 million tons.
• Force Motors: The February Domestic Sales fell 19 percent to 2,000 units.
• Cipla: LIC has increased its stake in the company from 2.5 percent to 4.52 percent.
• Lemon Tree Hotels has signed a license agreement for a 62-room hotel at Agra.
• Orient Refractories: The NCLT has disapproved of a scheme of amalgamation between the company and RHI India and RHI Clasil. The company said in its press release, that it is examining the order in detail.
• Pidilite Industries has incorporated a joint venture company ‘Pidilite C-Techos Walling’ to carry on the business of construction of building works, manufacturing of ACC panels and other ancillary products. The Company will hold a 60 percent stake in the venture.
• Sudarshan Chemical Industries clarified that none of its plants have closed down for violation of pollution norms.
• Music Broadcast said that it has redeemed the last outstanding non-convertible debentures of Rs 50 crore. Apurva Purohit, the director of the company said that the above redemption will help the company become almost debt-free with only approximately Rs. 16.5 crore outstanding as on date on a gross basis and reduce interest outgo by Rs. 4.85 crores per annum.
• Cyient has appointed Karthikeyan Natarajan as president and chief operating officer of the company.
• Ester Industries: The board has approved an expansion plan of setting up a new BOPET film line in India, with a proposed capacity expansion of 48,000 MTPA and a capital outlay of Rs 500 crore.