Stocks To Watch: CESC, IndusInd Bank, IDBI Bank, PNB Housing Finance, Sobha

Asian stocks headed for their first back-to-back gain in two weeks on continuing optimism that the deadly coronavirus epidemic may be waning in some key epicenters. The dollar dipped. Stocks gained more than 2 percent in Tokyo and Sydney, and over 1 percent in Seoul.

Here are the stocks to watch going into trade today.

• Moody’s Investors Service placed IndusInd Bank's domestic and foreign currency issuer ratings under review for downgrade. Action owing to IndusInd Bank's relatively higher concentration of microfinance and vehicle finance loans. IndusInd Bank's funding is weak when compared to other rated domestic banks, owing to a lower concentration of retail deposits.
• Sobha March Quarter Update: Total new sales volume decreased by 20 percent to 9.06 lakh square feet on a year on year basis. The company stated in its press release that sales volume was impacted due to lockdown announced by the Government. Total sales value fell by 25 percent to Rs 694.5 crore while Sobha’s share in total sales declined by 22 percent to Rs 553.6 crore.
• MSCI Update: NSDL has uploaded FDI FPI limits for stocks. Kotak Mahindra Bank FPI limit is updated and revised to 74 percent now. Stocks such as L&T, Britannia, and Nestle will see an increase in weights.
• CESC: HDFC Mutual Fund increased stake from 6.66 percent to 9.09 percent on March 31.
• IBDI Bank to consider approval of the Rupee Bond Borrowing limit of Rs 7,500 crore for the fiscal year 2021 on April 8.
• PNB Housing Finance: ICRA downgraded NCDs and bond worth Rs 1,675 crore to ICRA AA from ICRA AA+, with the outlook remaining negative. The revision in the rating factors in the weakening of the company’s asset quality, especially in the wholesale loan portfolio, and the delays in its capital-raising programme along with the lower-than-expected planned equity infusion.
• GMR Infrastructure stated that the Airports Economic Regulatory Authority of India has issued Tariff Order for the second control period (April 2020 to March 2026) for GMR Hyderabad International Airport. Upon implementation of this Tariff Order, the user development fees on domestic and international departing passenger shall be levied at Rs.281 and Rs.393 respectively
• Shipping Corporation of India has entered into a contract for transferring a vessel.

Covid-19 Impact

• Thyrocare Technologies’ arm has suspended its PET-CT scanning operations at selective centres.
• NTPC, Power Grid Corporation: CERC has relaxed tariff regulations in order to provide relief to discoms. If the delay happens for bills presented between March 24 and June 30, for beyond 45 days then late payment surcharge by distribution companies to power generators reduced to 1 percent per month, from 1.5 percent. Relief to be claimed in terms of the force majeure provisions of the respective power purchase agreements.
• Mahindra & Mahindra said that it will not be able to inject any fresh equity in-unit SsangYong Motor the South Korean carmaker to find alternate sources of funding. In a special meeting, the board authorized Mahindra’s management to consider a one-time infusion of as much as $32 million in SsangYong over the next three months to have continuity of business operations in light of the coronavirus impact.
• Century Textiles & Industries said that local authorities have permitted the company’s pulp and paper division to operate its factories in Uttarakhand in a limited manner to cater to the requirement of essential services industries.

Bulk Deals

• Shalby: Goldman Sachs India Fund sold 25.32 lakh shares (2.34 percent) at Rs 43.03 per share.
• Embassy Parks REIT: Promoter Veeranna Reddy sold 1.56 crore units (2.02 percent) at Rs 321.5 per unit, American Balanced Fund acquired 95.15 lakh units (1.23 percent) and Capital Income Builder acquired 43.18 lakh units (0.56 percent), at Rs 321.5 per unit, apiece.
• NCC: KBC Eco Fund sold 33.65 lakh shares (0.56 percent) at Rs 17.58 per share.

Who’s Meeting Whom

• Mahindra & Mahindra to meet Franklin Templeton Asset Management, SBI MF and Pinpoint Asset Management from April 7-9
• Tata Steel to meet ARGA Investments and ICICI Prudential MF on April 7

Trading Tweaks

• Ircon International: record date for share split (from face value at Rs 10 to Rs 2 per share)
• Sadhna Nitrochem: record date for share split (from face value at Rs 5 to Rs 1 per share)
• Price Band Revised From 20 Percent To 10 Percent: CARE Ratings, Himadri Speciality Chemical price band revised from 20 percent to 10 percent.
• Move Into ASM Framework: Indosolar
• Move Out Of ASM Framework: Walchandnagar Industries
• To Move Into Short-Term ASM Framework: GHCL, HT Media, LT Foods, JBM Auto, Zee Media Corporation
• To Move Out Of Short-Term ASM Framework: PSP Projects, Bajaj Holdings & Investment, Finolex Cables, PNC Infratech, Sunteck Realty, Allcargo Logistics, DCB Bank, Tube Investments, Sonata Software, MT Educare.

Insider Trading

• Graphite India: Promoter Emerald Company acquired 1.07 lakh shares on March 27
• GMR Infra: Promoter GMR Enterprises acquired 53 lakh shares on March 31

(As Reported On April 3)

Money Market Update

• The rupee ended weaker at Rs 76.17 against the dollar on Friday versus Rs 75.54 against the dollar on Tuesday.