Overnight Digest: Stocks to watch on January 8, 2019
The stocks most likely to witness significant movement on the bourses on January 8, 2019 are Syndicate Bank, Reliance Communications, Mahindra & Mahindra, Jet Airways and Bandhan Bank.
Syndicate Bank: The board has approved the issuance and allotment of requisite equity shares on a preferential basis to the Government of India in exchange for Rs. 1,632 crore. The stock is likely to witness movement in Tuesday’s trading session.
Reliance Communications: The Supreme Court has granted 4 weeks’ time to the company to respond to the contempt petition filed by Ericsson. The company has deposited a partial payment of Rs. 131 crore to Ericsson. The stock will be watched on Tuesday.
Mahindra & Mahindra: Despite the company refuting the allegations of infringing the intellectual property rights of Fiat’s jeep design, Fiat refuses to budge from its stance. As such, the United States International Trade Commission (ITC) has passed an initial determination order and will continue its investigation of M&M. The stock will be monitored on Tuesday.
Jet Airways: The company is trying to renegotiate contracts with its vendors since lenders are demanding a revival plan by the end of the month. The stock will be watched on Tuesday.
Bandhan Bank: The bank is likely to acquire mortgage lender Gruh Finance by means of a share swap deal. The stock was down more than 5 per cent at the close of trade on Monday. The stock is likely to be in focus during Tuesday’ trading session.