Here is a list of top 10 stocks that may be in focus on Wednesday:
RIL:Reliance Jio, after market hours on Tuesday, said it will hike tariffs of its mobile services . This after a day of rival Bharti Airtel Ltd and Vodafone Idea Ltd announcing a hike in their tariffs starting December. Reliance Jio said it would “take measures including appropriate increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.”
Yes Bank:The private lender on Tuesday said that the Reserve Bank of India (RBI) has found underreported bad loans worth₹ (3, 277 crore for the year ended March 2019. In a regulatory filing, it said it has already classified loans worth₹1, 259 crore as non-performing assets until the quarter-ended September. Divergence, which arises when RBI’s assessment differs from that of a bank’s , was at₹978 crore as on 31 March in provisions for bad loans.
Infosys:Asia’s second largest IT services provider late on Tuesday clarified that allegations made in news reports in the second round of whistleblower complaints against the top management of the company are similar to what was said the first time. The company has been in news since 21 October when a group of anonymous employees alleged unethical accounting practices at the top management level, especially by its chief executive Salil Parekh.
Bharti Airtel:Shares rallied after the telecom operator on Monday said it will hike tariffs for its mobile services. It has added around $ 5.5 billion to its market capitalization in the past three trading sessions despite posting massive loss for the September quarter as it made provisions for dues and penalties to be paid to the government in the adjusted gross revenue case. Vodafone Idea Ltd also added $ 1. 25 billion to its market capitalization In the past three trading sessions alone.
NBFC Stocks:RBI can now direct resolution of non-banking financial companies (NBFCs) with assets worth at least₹500 crore under the insolvency law to address defaulting cases in the sector, according to the ministry of corporate affairs. The decision of the government comes in the wake collapse of Infrastructure Leasing and Financial Services (IL&FS) Ltd and Dewan Housing Finance Corporation Ltd.
Wipro:) The IT company on Tuesday said its subsidiary Appirio has partnered with software provider MuleSoft to provide digital integration solutions that allow businesses to enhance the value and versatility of their customer relationship management systems. The partnership will allow both the companies to leverage Appirio’s ability to develop and execute salesforce strategies and use MuleSoft’s APl-led framework.
Central Bank:The lender has reported an increased net loss of₹6, 430. 5 crore for the fiscal year ended March 2019 due to divergence in non-performing assets (NPAs) after assessment of bad loans by the RBI. The net divergence in NPAs stood at₹2, 565 crore for the said year. The public-sector bank had earlier reported a net loss of₹5, 641 .5 crore for 2018 – 19. Banks are required to report divergence in asset classification and provisioning as per SEBI guidelines of (October) .
TCS:The IT major announced that it has expanded its partnership with UK-based airline Virgin Atlantic to enhance and create innovative customer experiences. Tata Consultancy Services Ltd now covers technology programs on digital channels for Virgin Atlantic. Separately, the IT firm was the lead contributor in₹2.4 lakh crore of market capitalization added last week. Its market cap zoomed₹1, 93, 666. 73 crore to reach₹8, 16, 068. 63 crore.
Reliance Capital:The company said its shareholding in Reliance General Insurance has been transferred to IDBI Trustee Services after invoking of pledge of shares. The Trustee was purported to act on behalf of two parties, claiming against the company under certain guarantees, while another lender has filed a suit in the Bombay High Court, claiming that the shareholding in Reliance General Insurance comprises security for all lenders to the company.
Allahabad Bank:The ministry of finance has given in-principle approval to the proposed merger of Allahabad Bank into Indian Bank. This merger is part of the Center’s mega plan to consolidate weak and small PSU banks with healthy and bigger ones. Finance Minister Nirmala Sitharaman had made the announcement in August, with which India will have only 12 state-run banks.
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