Stocks to Watch: PB Fintech, NMDC, Axis Bank, Yes Bank, ONGC, Auto, Airline

Stocks to Watch Today: SoftBank Group is likley to sell a 5 per cent stake in PB Fintech via block deal at a base price of Rs 440 per share on Friday.

Stocks to Watch Today: The key benchmark indices are likely to start trade on a tepid note today tracking subdued trend in global markets. At 08:00 AM, the SGX Nifty futures quoted at 18,918 as against the spot Nifty close of 18,813 yesterday.

Meanwhile, following stocks are likely to be in focus in Friday's trade. 

PB Fintech: SoftBank Group plans to sell a 5 per cent stake in India's PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, through a block deal, according to reports. As per a tweet by the business channel, the block deal on Friday could be at a base price of Rs 440 per share. READ MORE

Yes Bank: The Reserve Bank of India has issued conditional approval to PE investors Carlyle and Advent International for planned acquisition of 9.99 per cent share capital of YES Bank. The fund-raising would be conducted through a combination of $640 million (Rs 5,100 crore) in equity shares and $475 million (Rs 3,800 crore) through equity share warrants. READ MORE

ONGC, Oil India RIL: The government on Thursday slashed to less than half the windfall profit tax on domestically produced crude oil and also reduced the levy on diesel.  The tax on crude oil produced by firms such as state-owned ONGC has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne. In the fortnightly revision of windfall profit tax, the government cut the rate on export of diesel to Rs 8 per litre from Rs 10.5 per litre. 

Airline: Reflecting softening international oil prices, jet fuel (ATF) price was reduced by 2.3 per cent. The rate reduction, which will provide relief to airlines for whom fuel makes for almost 40 per cent of the operating cost, comes on the back of a Rs 4,842.37 per kl, or 4.19 per cent, reduction last month.

Auto: This was the best November ever for carmakers, with cumulative despatches at India’s top 10 passenger vehicle makers rising 31.7 per cent YoY to 310,807 units last month. It was also the sixth straight month when domestic car sales zipped past 300,000 units. READ MORE

NMDC: The finance ministry on Thursday invited initial bids for NMDC’s Steel Plant (NSL) at Nagarnar and offered to sell a 50.79 per cent stake in the company. Post divestment the shares of NSL will be listed on the exchanges. The last date for submitting queries is December 29, 2022, and that for submission of bids is January 27, 2023. READ MORE

OMCs: Shares of oil marketing companies are likely to be in focus as petrol and diesel sales in India saw a double-digit year-on-year growth in November on increased demand from the agriculture sector. 

Vedanta: In a interview to Business Standard, Anil Agarwal, founder and chairman of Vedanta Resources has that he wants Electrosteel’s capacity to increase to 15-20 mt from 3 mt at present. The firm had acquired Electrosteel Steels in 2018. READ INTERVIEW

ACC, Ambuja Cements: The Adani group is in talks with several foreign banks to refinance $3.5 billion of bridge loans taken for the acquisition of Ambuja Cement and ACC this year. The tenure of the refinanced loans may be extended to five years. READ MORE

Axis Bank: The bank’s MD, CEO Amitabh Chaudhry said that they were trying to ensure the completion of its purchase of Citibank’s retail business by March 1, 2023; however there is a possibility that the process could spill over to May. READ MORE

Larsen & Toubro (L&T): The engineering major has closed a $107 million sustainability-linked loan with Sumitomo Mitsui Banking Corporation (SMBC). Sustainability-linked loans aim to facilitate and support environmentally and socially sustainable economic activity and growth. 

Britannia: The company is unlikely to increase prices of its products any more in FY23 as inflation is just 1 or 2 per cent more than in the previous quarter and some of the raw material prices have already cooled off, said Executive Vice-Chairman and Managing Director Varun Berry. READ MORE

Orchid Pharma: The company’s board has approved to raise Rs 500 crore from institutional investors.

Bank of India: The PSU bank raised capital worth Rs 1,500 crore through additional tier I bonds (AT1 bonds) to meet regulatory norms and support business growth. Following a strong response, the coupon was fixed at a finer rate of 8.57 per cent against an indicative range of 8.75-9.0 at the start of bidding.

Stocks in F&O ban: BHEL, Delta Corp, Indiabulls Housing Finance and PNB are the stocks in F&O ban period on Friday.