Stocks in Focus on March 11: Yes Bank, Tata Power to Infosys; here are expected 5 Newsmakers of the Day

Stocks in Focus on March 11: Yes Bank, Tata Power, Granules India, Lakshmi Vilas Bank and Infosys are the expected five newsmakers today.

Stocks in Focus on March 11: Certain stocks came in news after the market was closed and can impact the indices when it reopens today. Photo: Reuters

Stocks in Focus on March 11: Domestic Stock markets crashed on Monday, March 9, 2020, as panic gripped financial markets amid the double threat of a coronavirus-driven global recession and an oil-price war. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Monday, March 9, 2020. Here is the list of five stocks:

Yes Bank: Axis Trustee Services Ltd, a debenture trustee of Yes Bank, has moved the Bombay High Court against the RBI's proposal to write-down additional tier-1 (AT-1) bonds, worth Rs 8,600 crore, to zero, till it is heard and given enough time to formally put across the views of bond investors. Axis Trust's total exposure to AT 1 bond is Rs 8,400 crore. The Bombay High Court will hear the matter on today, March 11, 2020. Besides, SBI has prepared a Rs 20,000 crore bailout plan to rescue Yes Bank. The Enforcement Directorate called in Yes Bank's former MD and CEO Ravneet Gill for questioning on Monday evening. Gill was quizzed for several hours over the ongoing crisis. Apart from this, the Reserve Bank of India (RBI) will check whether Yes Bank’s statutory auditor had raised any red flags in the past year or not.

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Tata Power: The company will gradually stop supplying power to certain states, Haryana, Rajasthan, Punjab, and Maharashtra, from its beleaguered ultra-mega power plant in Mundra from March 11, 2020. The extreme step has been taken as the buyer states are not agreeing to a tariff hike for the power being supplied from the imported coal-based 4,159 MW power plant.

Infosys: Infosys said that it has completed the process of dissolution of its minority stake in Waterline Data, worth $4.5 million.

Lakshmi Vilas Bank (LVB): The bank has approached the Reserve Bank of India (RBI) with a plan to raise $250-300 million (Rs 1,800-2,200 crore) from overseas investors through the sale of a 49-60% stake. The bank has said that the talks with 3-4 investors are in initial stages. Lakshmi Vilas Bank’s capital adequacy ratio is at 3.46% against the regulatory minimum of 9%.

Granules India: Shareholders of Granules India have approved a buyback proposal worth Rs 250 crore. It had cleared a proposal to buyback up to 1.25 crore shares for an amount not exceeding Rs 250 crore, being 4.92 per cent of the total paid-up equity share capital, at Rs 200 a share.

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