Stocks To Watch: State Bank Of India, ONGC, IDBI Bank And More 

The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, declined nearly 0.4 percent to 8,937.

Here are the stocks to watch out for in today’s session:

IDBI Bank

• ICRA downgrades debt instruments of the bank on account of the substantially weak operating and financial performance in the third quarter.
• ICRA has downgraded Infrastructure bonds and senior and lower tier II (subordinated bonds) of Rs 8,000 crore and Rs 25,742.72 crore from [ICRA] AA to [ICRA] AA-

ONGC

• Oil major’s board approved an investment of Rs 7,327 crore in five projects, which could lead to production of 14.97 million metric tonne of oil and 2.97 billion cubic meters of gas.
• The board also approved execution of a ‘farm-in/farm-out’ agreement with Gujarat State Petroleum Corporation to acquire 80 percent of its stake in deepwater gas block in the Krishna Godavari basin.

Coal India

• The government run company's subsidiary, Northern Coalfield, will buyback 76,356 equity shares representing 4.29 percent of the total shares in the subsidiary.
• The Rs 1,244.1 crore buyback will be carried out at a price of Rs 1,62,937 per share, the company said in an exchange filing.

Larsen & Toubro

• A wholly owned subsidiary of the company, L&T Hydrocarbon Engineering, won a Rs 1,100 crore order from Indian Oil Corporation.
• The engineering-procurement-construction order includes setting up of an LPG treatment unit at Indian Oil's refinery in Assam.

Bharat Electronics

• The 5 percent stake sale by the government saw a good response from retail and institutional buyers worth Rs 1,670 crore.
• The government sold 1.11 crore shares through the offer for sale at a floor price of Rs 1,498 per share.
• Non-retail investors subscribed more than 2.3 times their limit while retail investors subscribed 3.7 times their limit.

• Max Ventures and Industries: Company to seek shareholders’ approval to sell 35.93 percent stake in Max Specialty Films for Rs 146.75 crore. It will also increase its borrowing limit to Rs 180 crore.
• Jagran Prakash: The company's subsidiary will be open for subscription to public on March 6, 2017 and will close on Wednesday March 8, 2017.
• Canara Bank: Bank dilutes its 13.45 percent stake in Can Fin Homes at a base price of Rs 2,000 per share for the company.
• State Bank of India: Acquisitions of associates such as State bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad will be effective from April 1, 2017.
• Gayatri Projects: The infrastructure company's joint venture, Sembcorp Gayatri Power, concluded the construction of a 1320 megawatt thermal power plant.
• Tata Consultancy Services: Community Savings Bank Association has selected the company's digital banking solutions as its core banking solution for its member banks across U.K.
• Tata Power: Unit Tata Power Renewable Energy started commercial operations at a 15 megawatt solar plant in Telengana.
• Cadila Healthcare: The drug maker received approvals from Indian regulators to market Tetravalent Inactivated Influenza vaccine meant for seasonal flu. Zydus Cadila will be the first Indian company, and second in the world, to launch the vaccine.

Media Reports

• Tata Motors: May raise Rs 500 crore via non-convertible debentures. Partnership talks with Volkswagen are expected to accelerate at the Geneva International Motor Show. (Financial Express and Economic Times)
• IDBI Bank: To freeze lending, branch expansion plans (Economic Times)
• Maruti Suzuki: Car maker said to be developing an in-house facility to conduct crash tests for Rs 3,800 crore. (Economic Times)
• ITC: Launched a range of spices under a newly created brand, called ITC Master Chef, offering export quality 'super safe spices' to the Indian market. (Business Standard)
• Aurobindo Pharma: Founder PVR Reddy transferred 33.56 percent of entire shareholding to a trust before the implementation of a 10 percent tax on dividend from income from shares held by trusts. (Business Standard)
• Bharti Airtel: May scrap national roaming charges (Economic Times)
• Eveready: Commences operation in Assam unit. (Business Line)
• Dena Bank: Rolls Out RFID enabled cards to serve valued clients better. (Business Line)
• Suzlon: Company looks to exit corporate debt restructuring by first half of the financial year 2017-18. (Business Standard)
• Zydus Cadila: Drug maker gets nod for India’s first tetravalent flu vaccine. (Business Standard)
• JSW Steel: JSW Consortium submits bid for Italian plant Ilva. (Business Standard)
• Zee Entertainment Enterprise: Zee moves closer to demerger of print business. (Business Standard)
• IL&FS Engineering and Construction: Company to focus on debt reduction, group synergy. (Business Standard)

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