Stocks in the news: YES, Bandhan Bank, Titan Company, ONGC and Sobha


NEW DELHI: Nifty futures on the Singapore Exchange were trading 107.50 point, or 1 per cent, higher at 10,886, indicating a strong start for the Nifty50. Here are a few stocks which may buzz the most in today’s trade:

Bandhan Bank: Bandhan Banks’s talks with HDFC to either buy into or merge with Gruh Finance, a mortgage-lender for the less affluent, have reached an advanced stage, although the regulatory response to the proposal would decide the fate of the transaction, two people familiar with the matter told ET.

Titan Company: The company said it saw good growth momentum across all its businesses in the seasonally strong third quarter. It expects the full year growth in Jewellery business to be around 22 per cent. The division added 27 Tanishq stores and closed 3, for the year to date, with the net retail space addition being approximately 65,000 sq. ft, the company told exchanges.

ONGC: ONGC Videsh (OVL) has made a significant discovery of oil in its onshore block CPO-5 in Columbia, the company said in a statement. OVL, the overseas arm of ONGC, is the operator of the block and holds 70 per cent interest. State-run oil behemoth ONGC Sunday said it will pump in Rs 6,000 crore in drilling 200 wells over the next seven years in Assam in order to increase the output from the state.

Sobha: The company during the third quarter has achieved new sales volume of 908,824 square feet total valued at Rs 698.80 crore with an average realisation of Rs 7,669 per square feet. Sales volume rose 11 per cent YoY for the first nine months.

YES Bank: Rajesh Sud, former MD and CEO of Max Life Insurance, and current Yes Bank executive director Rajat Monga are in the race to head the private sector lender, as the incumbent CEO Rana Kapoor steps down on January 31 following a central bank advisory, said two people in the know of the development.

ICICI Bank: ICICI Bank and ICICI Venture Funds Management have pulled out of the race to buy the securities and private equity business of IL&FS due to likely conflict of interest as the bank’s chairman GC Chaturvedi is also on the debt-laden company’s new board

Godrej Agrovet, UPL: Two global private equity funds KKR & Co and Blackstone Group and two local companies, Godrej Agrovet and TPG Capital-backed United Phosphorus Ltd, have put in independent bids to buy a controlling 57.7 per cent in Gharda Chemicals.

Reliance Communications (RCom): The company has accused Ericsson of “distorting issues” by attempting to sensationalise its contempt petition against Anil Ambani, which will hurt attempts to repay other lenders.

Maruti Suzuki: Antique Stock Broking has downgraded Maruti Suzuki India to sell from hold and cut target price to Rs 6,084 from Rs 6,601. The best in terms of both market share and margins is behind and the valuation multiple is likely to trend back to its historical mean, said Antique.

Federal Bank: UBS has maintained buy rating on Federal Bank and raised target price to Rs 120 from Rs 95. UBS is positive on Federal Bank given its inexpensive valuations and improving profitability. Federal Bank’s strong loan book growth, stable asset quality and acceleration in fee income is likely to drive a more than 25% CAGR in earnings over the next two years

Tata Sponge: The company will pay Rs 200 crore in the form of inter corporate deposit (ICD) to Usha Martin (UML) to settle immediate dues of operational creditors and outstanding statutory dues. The amount is part of the overall sale proceeds of Rs 4,525 crore of Usha Martin’s steel business to Tata Steel and will help UML meet its obligations in the interim period before the transfer of steel business is completed.

Srei Equipment Finance: Srei Equipment Finance and United Bank of India have entered into an agreement for financing the MSME and agriculture sectors.

Andhra Bank: State-owned Andhra BankNSE 1.17 % will deploy over 1,600 business correspondents to provide a host of services like account opening, door-step banking, ATM deployment and NPA recovery under its financial inclusion project.

Nestle India: FMCG major Nestle India is planning a media blitz to tell consumers that instant noodles Maggi is safe for consumption, a company official said Friday.

Birla Corp: Birla Corporation, the flagship company of the M P Birla Group, has entered the construction chemicals and wall putty segments as additives, the company said Friday.

Jindal Stainless: The company is keen to tap the Rs 14,000 crore stainless steel kitchenware market more aggressively following the Goods and Services Tax (GST) rollout which has helped the industry to become more organised, a company official said Friday.

(With inputs from PTI)

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