Stocks To Watch: State Bank of India, L&T, IRB Infra, Muthoot Finance
The S&P BSE Sensex index opened 226.71 points - or 0.51 per cent - higher at 44,749.73 and the broader NSE Nifty 50 benchmark began the day at 13,130.00, adding 74.85 points - or 0.57 per cent - from its previous close -- both all-time highs. Gains across most sectors, led by banking, financial services and pharmaceutical shares, supported the upmove.
Here are some stocks to watch in trade on Wednesday
State Bank of India
State Bank of India shares are likely to be in the limelight after India's largest bank said that it raised Rs 2,500 crore from bonds to fund business growth. The committee of directors for capital raising, at its meeting held on Tuesday, approved allocation of 25,000 Basel-lll compliant non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as AT 1 capital of the bank to subscribers, the bank said in a regulatory filing to the exchanges on Friday.
L&T
L&T shares will witnesss buying interest after L&T Construction, the construction arm of L&T, bagged a contract to construct India's longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya. The bridge will have huge strategic relevance as it will improve the connectivity of the North Eastern States with the rest of the country and establish a vital link between Assam and Meghalaya.
IRB Infra
IRB Infra shares could see some action after the infra company received the completion certificate for Agra Etawah Bypass BOT project. The Agra Etawah BOT Project implemented by AE Tollway Limited (SPV), which is now part of IRB Infrastructure Trust - Private InvIT, has been issued a Completion Certificate by the Competent Authority, IRB Infra said in a a regulatory filing to the stock exchanges. Consequently, toll rates for the SPV would be increased by 70 per cent and the SPV will collect toll at revised toll rates on this project, the company added.
Muthoot Finance
The RBI has turned down the proposal of Muthoot Finance to acquire IDBI Bank's mutual fund business on the ground that sponsoring a mutual fund is not in consonance with the activity of an operating NBFC, Muthoot Finance has said in a regulatory filing to the stock exchanges. Consequently, we have informed SEBI that Muthoot Finance Limited is unable to proceed with the proposed transaction, Muthoot Finance added.
