Check out the companies making the biggest headlines before the bell
Shriram City Union Finance | Banking and Securities Management Committee of the company on March 16, 2021, approved the issue of secured rated listed redeemable principal protected market-linked (PP-MLD) non-convertible debentures (NCDs) of face value Rs 10,00,000 each, aggregating up to 5,000 NCDs, or Rs 500 crore, in one or more tranches either as fully paid-up or partly paid-up on private placement basis. The announcement was made post market hours, so the stock did not react to the news development. It closed 0.39 percent lower at Rs 1497.15 on March 16. It hit a 52-week high of Rs 1,640 on March 1, 2021, and a 52-week low of Rs 617 on May 29, 2020. The market-cap of the company stands at Rs 9,881.84 crore. In terms of technical charts, the current rating by Moneycontrol on the stock is neutral. The important support levels for the stock are placed at Rs 1,489.03 and Rs 1,474.72, while resistance is at Rs 1,523.13 and Rs 1,542.92, data on moneycontrol.com showed. (Image: Shutterstock)
State Bank of India | The Reserve Bank of India (RBI) has slapped a penalty of Rs 2 crore on the State Bank of India (SBI) over “deficiencies in regulatory compliance”, an official statement said on March 16. The monetary penalty was imposed on the SBI through an order issued by the central bank on March 15, 2021. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” the RBI said in a press release. The SBI came under statutory inspection in reference to its financial position as on March 31, 2017 and March 31, 2018 and the Risk Assessment Reports (RARs) pertaining thereto, the central bank said. The stock closed at Rs 378.45, down Rs 5.25, or 1.37 percent. PSU banks have been rallying (with bouts of consolidation) since the Finance Minister announced privatisation of two public sector banks in her Budget speech on February 1. SBI has jumped over 20 percent since Budget 2021, and the PSU Bank index has gained over 15 percent. FII / FPI or institutions are increasing their shareholding and the book value per share is improving for last 2 years. Moneycontrol technical rating is neutral with moving averages and technical indicators being neutral.
SBI Card | Private equity firm Carlyle has launched a block deal to sell around 4 percent stake in the country’s second largest credit card firm SBI Cards & Payment Services and raise around $ 513 million, according to a deal term sheet viewed by Moneycontrol. The offer price range is Rs 981.80/share to Rs 1,022.10/share (the upper end reflecting a 3.94 percent discount to the closing price of Rs 1,022.1 on 16th March), as per the term sheet. BofA Securities is the sole bookrunner to the transaction. Carlyle held 15.86 percent stake in SBI Cards and Payment Services at the end of trade on 16th March, 2021. SBI Cards and Payment Services hit the markets in March 2020 with a mega $ 1.6 billion IPO. The stock closed at Rs 1,022.10, up Rs 5.80, or 0.57 percent on March 16.
Karur Vysya Bank | The company informed that promotor S Nirupama pledged 40,000 shares of the company on March 12, 2021, with Bajaj Finserv. The announcement was made post market hours, so the stock did not react to the news development. It closed 1.97 percent lower at Rs 59.60 on March 16. It hit a 52-week high of Rs 64.50 on March 12, 2021, and a 52-week low of Rs 18.15 on March 27, 2020. The market-cap of the company stands at Rs 4,763.85 crore. In terms of technical charts, the current rating by Moneycontrol on the stock is bullish. The important support levels for the stock are placed at Rs 59.73 and Rs 58.77, while resistance is placed at Rs 62.03 and Rs 63.37, data on moneycontrol.com showed.
Vedanta | Anil Agarwal-led Vedanta Resources Plc on March 16 raised the open offer price for buying shares in its flagship Indian firm to Rs 235 per share, nearly 4 percent higher than the current trading price. In January, Vedanta Resources had offered to buy up to 10 percent in Vedanta Ltd at Rs 160 apiece. The open offer starts on March 23 and closes on April 7, it said. On March 16, the company also raised the offer size to 651 million shares representing 17.5 percent stake in Vedanta Ltd, the company said in a filing to the stock exchange. If successful, it will cost Rs 15,298.5 crore. In October last year, Vedanta Resources had failed to garner the required number of shares to delist its Indian arm at the offer price of Rs 87.5 apiece. The stock price closed at Rs 226.55, up Rs 0.60, or 0.27 percent. The stock is showing strong momentum with price above short, medium and long term moving averages. Moneycontrol technical rating on the counter is very bullish.
United Nilgiri Tea Estates Company | The board of directors on March 16 declared an interim dividend of Rs 1 per share for FY21. The record date for the purpose is March 26, 2021. The announcement was made post market hours, so the stock did not react to the news development. It closed 1.32 percent lower at Rs 305.85 on March 16. It hit a 52-week high of Rs 390 on July 28, 2020, and a 52-week low of Rs 170.05 on March 24, 2020. In terms of technical charts, the current rating by Moneycontrol on the stock is neutral. The important support levels for the stock are placed at Rs 304.63 and Rs 299.32, while resistance is placed at Rs 317.68 and Rs 325.42, data on moneycontrol.com showed. (Image: unitednilgiritea.com)
Kabra Extrusion Technik | The management of the company has agreed to withdraw the application of voluntary delisting of the equity shares, made to the BSE. The announcement was made post market hours, so the stock did not react to the news development. It closed 0.70 percent lower at Rs 170.30 on March 16. It hit a 52-week high of Rs 182 on March 15, 2021, and a 52-week low of Rs 36 on March 24, 2020. In terms of technical charts, the current rating by Moneycontrol on the stock is ‘very bullish’. The important support levels for the stock are placed at Rs 163.23 and Rs 155.22, while resistance is placed at Rs 180.13 and Rs 189.02, data on moneycontrol.com showed. (Image: kolsite.com)
Asian Hotels (West) | The company informed in a regulatory filing that Saurabh Kirpal, an Independent Non-Executive Director of the company, submitted his resignation with effect from March 15, 2021. The announcement was made post market hours, so the stock did not react to the news development. It closed 2.27 percent lower at Rs 223.80 on March 16. It hit a 52-week high of Rs 344.95 on December 8, 2020, and a 52-week low of Rs 190 on March 23, 2020. The market-cap of the company stands at Rs 260.75 crore. In terms of technical charts, the current rating by Moneycontrol on the stock is ‘very bearish’. The important support levels for the stock are placed at Rs 215.90 and Rs 210.15, while resistance is placed at Rs 232.05 and Rs 242.45, data on moneycontrol.com showed. (Image: Shutterstock)
PNB Gilts | Rating agencies ICRA and CRISIL on March 16, 2021, reaffirmed the credit ratings of “ICRA A1+” and “CRISIL A1+”, respectively, assigned to Rs 1,000 crore commercial paper programme of the company. The announcement was made post market hours, so the stock did not react to the news development. It closed 1.26 percent lower at Rs 50.80 on March 16. It hit a 52-week high of Rs 61.45 on February 8, 2021, and a 52-week low of Rs 21.50 on March 23, 2020. The market-cap of the company stands at Rs 914.45 crore. In terms of technical charts, the current rating by Moneycontrol on the stock is ‘neutral’. The important support levels for the stock are placed at Rs 50.97 and Rs 50.48, while resistance is placed at Rs 52.22 and Rs 52.98, data on moneycontrol.com showed. (Image: Shutterstock)
Housing & Urban Development Corporation (HUDCO) | The company said its board of directors will meet on March 18 to consider and approve interim dividend for FY21. The record date for interim dividend will be March 26, 2021. The stock closed 2.10 percent lower at Rs 48.95 on March 16. It hit a 52-week high of Rs 54.95 on March 2, 2021, and a 52-week low of Rs 18.05 on March 24, 2020. The market-cap of the company stands at Rs 9,799.30 crore. In terms of technical charts, the current rating by Moneycontrol on the stock is ‘bullish’. The important support levels for the stock are placed at Rs 48.65 and Rs 47.30, while resistance is placed at Rs 51 and Rs 52, data on moneycontrol.com showed. (Image: hudco.org)
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