Stocks in Focus on March 5: Tata Power, SBI Card IPO to Allcargo Logistics; here are expected 5 Newsmakers of the Day

Stocks in Focus on March 5: SBI Card IPO, Tata Power, Antony Waste Handling IPO, Allcargo/Gati and telecom stocks are expected to remain newsmakers today.

Stocks in Focus on March 5: 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 5: The domestic stock market sharply ended with modest losses on Wednesday, March 4, 2020. Shares slumped in the afternoon after India's Health Minister Harsh Vardhan said that a total of 28 cases of coronavirus have been confirmed in India. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Thursday, March 5, 2020. Here is the list of five stocks:

Tata Power: The company will gradually stop supplying power to five states from its beleaguered ultra-mega power plant in Mundra from March 11, said Praveer Sinha, CEO and managing director of the firm. He said the extreme step is being 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. Mundra supplies power to Gujarat, Haryana, Rajasthan, Punjab, and Maharashtra.

See Zee Business Live TV streaming below:

TRENDING NOW

SBI Card and Payment Services IPO: Today is the last day for the subscription of the IPO. It saw a 15.48 times subscription on March 4, the third day of bidding. The portion set aside for non-institutional investors saw 2.18 times subscription, while that of retail bidders 1.76 times. The reserved portion of employees has subscribed 3.29 times while that of SBI shareholders saw 3.54 times subscription. March 4 was the last day for qualified institutional bidders whose reserved portion was subscribed 57.18 times. The issue will remain open till March 5 for all other investors. SBI Card is the biggest public issue after GIC Re which was launched in October 2017. The price range for the IPO has been fixed at Rs750-755 per share. SBI Cards is aiming at raising Rs 10,350 crore through this initial public offering.

Antony Waste Handling IPO: The initial public offering of Antony Waste Handling Cell was subscribed 9.25% on March 4, the first day of bidding. The price band of the issue is set at Rs 295-Rs 300 per equity share. The Rs 203-crore public issue has received bids for 4.29 lakh equity shares against an IPO size of 48.20 lakh equity shares after excluding anchor investors' portion, the exchanges data showed. The Rs 206-crore public issue will close on March 6, 2020.

Allcargo/Gati: Allcargo Logistics said on Wednesday that it has received SEBI approval on its open offer to acquire approximately 3.17 crore shares or 26% stake in express logistics company Gati at Rs 75 a share. This will mark the completion of the acquisition process which was initiated on December 5, 2019. On full acceptance of the open offer, it will take Allcargo's stake in Gati to 46.83%. The open offer is expected to be launched in March 2020 and closed by April 2020, Allcargo said.

Telecom Stocks in Focus: Niti Aayog and the Competition Commission of India (CCI) have opposed any move to fix floor tariff for voice and data services. It said that any such shift would disincentivise competition, deter innovation and deprive consumer benefits. Besides, the Department of Telecommunications (DoT) has sent notices to all telcos asking them to pay their balance adjusted gross revenue (AGR) dues without any further delay.

TAGS: