Motherson Sumi, IndusInd Bank stocks gain after foreign brokerage view
Shares Motherson Sumi Systems soared 3% on Wednesday after the global brokerage firm Credit Suisse retained its positive stance on the stock, citing attractive valuations and expected growth going ahead.
As per media reports, Credit Suisse sees little scope for further de-rating in both. In case of Motherson, the brokerage sees normalisation from the second half of FY20, which should help margin, the media report added.
Shares of IndusInd Bank rose after media report stated that the global brokerage firm Deutsche Bank retained buy call on the stock. The brokerage firm said it sees 20% potential upside given attractive valuations.
Thyssenkrupp-Tata Steel JV formally blocked by EU
The European Commission on Tuesday formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel Limited and thyssenkrupp AG.
Both companies, in statements on May 10, 2019, anticipated that the European Commission would not clear the proposed joint venture despite both parties offering a comprehensive package of remedies addressing the concerns of the Commission.
Tata Steel noted with deep disappointment the conclusions of the Commission. The company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its Balance Sheet and working towards creating a sustainable portfolio in Europe.
Reliance and BP sanction third phase of integrated KG D6 development
Reliance Industries Limited (RIL) and BP announced the sanction of the MJ project (also known as D55) in Block KG D6, offshore the east coast of India.
The announcement made on Tuesday after market hours.
MJ is the third of three new projects in the Block KG D6 integrated development plan and its approval follows sanctions for the development of R-Series deep-water gas field in June 2017 and for the Satellites cluster in April 2018, Reliance Industries.
Yes Bank non-executive director Ajai Kumar resigns
Shares of Yes Bank ended lower for the third consecutive session. Ajai Kumar, Non-Executive (Non-Independent) Director of Yes Bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons.
"We would like to inform that Ajai Kumar, non-executive (non-independent) director of the bank has tendered his resignation on June 9, 2019, with immediate effect due to personal reasons," the bank said in a regulatory filing.
Yes Bank faces RBI penalty for violating PPI norms
The Reserve Bank of India on June 11 stated that it has imposed a fine on two prepaid payment instrument (PPI) issuers Yes Bank and ZipCash Card Services for violating regulatory norms.
According to an RBI press release, a penalty of Rs11.25 lakh each has been imposed on the two issuers. The fine was imposed on the two entities through speaking orders dated April 22, 2019.
Varun Beverages to consider bonus issue on June 17
Shares of Varun Beverages rose 1% in the noon trade on Wednesday. The company announced that the board of directors of the company to consider the proposal for declaration of bonus issue of equity shares on June 17, 2019.
The company, if approved by the board, will be issuing bonus equity share for the first time.
The company reported an increase in net profit by 118% at Rs40.63cr in Q4FY19.
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