Stocks in the news: DHFL, Zee Entertainment, Vodafone Idea, BPCL, Alok Industries
RBI has superseded the board of DHFL, citing “governance concerns and defaults”.
Meanwhile, here is a list of stocks that were creating all the buzz this morning:
DHFL: The Reserve Bank of India (RBI) has superseded the board of troubled mortgage lender Dewan Housing Finance Corp (DHFL), citing “governance concerns and defaults” and said it will start insolvency proceedings against the nonbanking finance company (NBFC).
Zee Entertainment: The promoters of Zee Entertainment Enterprises (ZEE) are looking to sell up to 16.5% of their stake in the media company to repay lenders. Of the total promoter stake earmarked for the sale, up to 15.72 per cent will change hands in block deals on Thursday.
BPCL, Shipping Corporation and Concor: The government kicked off a blockbuster disinvestment plan on Wednesday, lining up the sale of five public sector units (PSUs), including majority stakes in bluechip oil company Bharat Petroleum Corp Ltd (BPCL) and Shipping Corporation of India. Also on sale will be a 31 per cent stake in Container Corporation of India (Concor) along with management control.
Airtel, Voda Idea: The Cabinet on Wednesday cleared a two-year moratorium on spectrum payments, which will give immediate relief of more than Rs 42,000 crore to India’s three mobile phone companies, two of which — Bharti Airtel and Vodafone Idea — have been struggling with high debt and huge losses amid brutal competition.
NTPC: The government will sell its stake in THDC India and North Eastern Electric Power Corporation (NEEPCO) to state-owned NTPC.
CG Power and Industrial Solutions: The company will seek shareholders’ approval at the upcoming annual general meeting for increasing borrowing limit to Rs 5,000 crore. The annual general meeting is scheduled for December 14. CG Power’s borrowings as on March 31 stood at Rs 2,455.39 crore (fund-based, including short-term loans) and Rs 1,380 crore (non-fund based), it said in annual report released on Wednesday.
GE Shipping: The country’s largest private shipping firm GE Shipping said its buyback committee has approved the closure of Rs 100 crore offer, with the firm utilising almost full size of the issue approved.
Dilip Buildcon: The company has received a provisional certificate of completion for the Hybrid Annuity Mode (HAM) Project in Maharashtra. The provisional completion certificate has been issued by the authority and has declared the project fit for entry into operation as on November 20 and completed 190 days prior to the scheduled date of the said project.
Thomas Cook: Thomas Cook’s says its unit completed the acquisition of 51 per cent stake in BDC Digiphoto Imaging Solutions.