Here Are The Stocks In Focus Today 20-07-2020

HDFC Bank | Bank reported a 19.6 percent year-on-year growth in standalone profit for the quarter ended June 2020, led by lower tax cost and NII. However, elevated provisions, and lower other income due to slowdown in economic activity limited profit growth. Profit during the quarter increased sharply to Rs 6,658.62 crore, compared to Rs 5,568.16 crore in the same period last year. Net interest income in Q1 FY21 climbed 17.8 percent year-on-year to Rs 15,665.42 crore supported by healthy loan growth of 21 percent in the quarter and deposits growth of 24.6 percent, said the bank in its BSE filing.

Blue Dart Express | Radhakishan Damani-owned Bright Star Investments cut stake in the company to 3.11% in June quarter from 3.35% in March quarter.

Bank of India | Bank has appointed Shri Shankar Sen, as Chief Financial Officer.

JSW Energy | Promoter Glebe Trading released a pledge on 47.67 lakh shares.

Banco Products Q1 | Profit stood at Rs 17.56 cr versus Rs 29.92 cr in the year-ago, revenue at Rs 274.28 cr versus Rs 392.54 cr.

Sunteck Realty | The company issued commercial paper worth Rs 25 crore.

Prakash Industries | Promoter GMK Builders created a pledge on additional 1.18 lakh shares.

Elgi Equipments | Subsidiary Elgi Compressors USA Inc made further investment in Evergreen Compressed Air and Vacuum LLC.

ICICI Lombard General Insurance Company Q1 | Profit stood at Rs 398.10 cr versus Rs 309.81 cr in the year-ago, revenue at Rs 2,729.67 cr versus Rs 2,664.15 cr.

Hathway Cable & Datacom Q1 | Profit stood at Rs 65.92 cr versus a loss of Rs 9.72 cr in the year-ago, revenue at Rs 419.56 cr versus Rs 449.78 cr.

Gravita India Q4 | Profit came in at Rs 13.47 cr versus a loss of Rs 0.87 lakh in the yar-ago, revenue at Rs 379.25 cr versus Rs 338.98 cr.

Winsome Yarns | Board appointed Sanjay Sharma as Chief Financial Officer (CFO) of the company.

Rallis India | Rakesh Jhunjhunwala raised stake in the company to 10.31% in June quarter from 9.93% in March quarter.

Nandan Denim | Rameswar Retailers LLP sold 3.3 lakh shares of the company at Rs 20 per share.

Bharat Wire Ropes | Mayank Mittal resigned from the position of Joint Managing Director.

Dish TV | Pledge invoked on 1.08 crore shares.

Canara Bank | Bank will raise up to Rs 5,000 crore equity capital through various modes in the current fiscal year to boost its capital adequacy ratio in view of expansion plans, and will seek nod from shareholders for the same in its AGM next month. In view of certain expansion plans of the bank, the implementation of Basel III norms, and consequent capital charge, there is a need to increase the capital to further strengthen the capital adequacy ratio, Canara Bank said in its annual report for 2019-20. The bank will seek shareholders’ nod at the annual general meeting (AGM) to be held on August 10 through audio/visual means in view of the coronavirus pandemic.

HDFC | Company has finalised a legion of as many as 19 merchant banks for its fundraising exercise aimed at raising up to Rs 14,000 crore and bolstering its balance sheet, multiple sources with knowledge of the matter told. “Morgan Stanley, Kotak Mahindra Capital, Bofa Securities, Jefferies, JP Morgan, Citi, Nomura, HSBC Securities, BNP Paribas, Credit Suisse, UBS, Goldman Sachs, SBI Capital, ICICI Securities, JM Financial, Motilal Oswal, Axis Capital, HDFC Bank and IIFL Capital are the 19 merchant banks which have been shortlisted by HDFC Ltd,” said an individual familiar with ongoing deliberations.

M&M Financial Services | The board of directors of the company approved the conditions of an earlier-approved rights issue of fully paid-up equity shares of the face value of Rs 2 each. The board of the company, on June 1, 2020, had approved fundraising by the company for an amount not exceeding Rs 3,500 crore, through a rights issue of its equity shares of the face value of Rs 2 each. Its consolidated profit after tax (PAT) stood at Rs 432 crore during the quarter ended June 30, 2020, as against Rs 108 crore during the corresponding quarter last year, registering a growth of 300 percent over the same period the previous year.

Divi’s Laboratories | After allegations of insider trading, Divi’s Laboratories chief financial officer, L Kishore Babu has gone on leave for three months.

Dhanuka Agritech | Board to meet on July 22 to mull share buyback.

Vodafone Idea | Company paid additional Rs 1,000 crore gross revenue due to DoT. Vodafone Idea had earlier deposited Rs 6,854 crore in three tranches. Company has paid an aggregate amount of Rs 7,854 crore towards AGR dues.

Glenmark Pharma | DCGI issued notices to Glenmark seeking clarification from the company regarding false claim that its antiviral drug Fabiflu, is effective on COVID-19 patients with co-morbodities. “It has been mentioned in representation that Glenmark has claimed that this drug is effective in co-morbid conditions like hypertension, diabetes whereas in reality, as per protocol summary, this trial was not designed to assess the Fabiflu in co-morbid conditions. No clinically sufficient data specific to these conditions are available,” said VG Somani, DCGI in the notice to the company.

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