Overnight Digest: Stocks to look out for on September 28, 2018
The stocks most likely to see significant movement on the bourses on September 28, 2018 are Bank of Baroda Ltd., Leel Electricals Ltd., SREI Infrastructure Finance, L&T and Indo Amines Ltd
Bank of Baroda Ltd.: The bank witnessed a revision in Fitch Ratings as its Viability Rating (VR) of BB was placed on Rating Watch Negative (RWN) after the government announced its plans to merge the bank with Vijaya Bank and Dena Bank. Also, its Issuer Default Rating stands at ‘BBB’ – with a Stable Outlook, Support Rating at ‘2’ and Support Rating Floor at BBB. The stock will be watched tomorrow.
Leel Electricals Ltd.: The company has bagged an order of Rs 73 million from Hindustan Aeronautics Limited, whereby it will design, develop, manufacture, and supply oil cooling system, including heat exchanger to HAL for its helicopter platform. The stock is likely to be in the limelight in tomorrow’s trading session.
SREI Infrastructure Finance: The stock fell 20 per cent and hit a fresh 52-week low of Rs 32 on September 27, 2018, despite management’s assurance that the company is in a stable position to meet its liabilities. The NBFC environment following IL&FS default has created a negative sentiment in the market. The stock is likely to be in focus in tomorrow’s trading session.
L&T: Larsen & Toubro’s arm has won two orders worth Rs 1,400 crore from state-owned NTPC to set up flue gas desulphurisation (FGD) systems at NTPC’s Vindhyachal super thermal power plant in Madhya Pradesh and Darlipali super thermal power project in Odisha . The stock is likely to be in the limelight in tomorrow’s trading session.
Indo Amines Ltd.: The company’s board has approved the proposed merger of Core Chemicals (Mumbai) Pvt. Ltd. (CCMPL) with its wholly owned subsidiary Key Organics Private Ltd. The shareholders of CCMPL will receive 50 shares of Indo Amines Ltd., with a face value of Rs. 10 each, for every share held in CCMPL. The shareholders of Key Organics Ltd. will not receive any allotment of equity shares. The shares of Indo Amines Ltd. will be monitored tomorrow.