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Here is a list of top ten stocks that may be in focus on Thursday:
Vodafone Idea: Ratings agency Brickwork has downgraded its rating for non-convertible debentures worth ₹2,500 crore from BWR BBB- to BWR BB- and has retained its outlook for the debt instrument under watch with negative implications. The downgrade is attributed to the impact of potential financial risk due to no relief from the Supreme Court (SC) in the adjusted gross revenue (AGR) case.
Bharti Airtel: The telecom company has called of its deal with Subhash Chandra’s Essel group, the promoters of direct-to-home (DTH)) company Dish TV due to differences over valuation. According to a Business Standard report, the promoters are now in talks with a global financial investor, which has no operations in the country, to pick up half their stake.
Axis Bank: The private lender is in talks to acquire more than 20% stake in Max Life Insurance through fresh issue of equity, the Economic Times reported on Thursday, citing multiple sources. The deal is aimed at building a strategic and long-term partnership with Axis Bank, which is also Max Life’s largest source of revenue at 54%, according to the report.
Asian Paints: The board of the paint maker will meet on 25 February to consider and approve payment of second interim dividend for the current fiscal ending March. The company will pay the second interim dividend, if declared, on 4 March 2020, according to a regulatory filing on Wednesday.
GAIL: The state-owned energy firm on Wednesday said the amount of ₹1.83 trillion that it has to pay as AGR dues and penalties derived in provisional assessment orders by the department of telecommunications (DoT) is legally not tenable. The company also said it has filed an plea at the SC to seek clarification on the orders passed.
IDBI Bank: The public-sector lender, along with UCO Bank and Central Bank of India, has approached the Reserve Bank of India, seeking permission to exit the prompt corrective action framework (PCA). According to a Financial Express report, one of these state-owned banks may come out of PCA by the end of this month. IDBI Bank is a wholly-owned subsidiary of Life Insurance Corporation of India.
NIIT: The board of the company on Wednesday declared an interim dividend of ₹8 per equity share of face value of ₹2 each fully paid-up, for the financial year 2019-20. The board will ascertain the eligibility of shareholders for payment of the said interim dividend on 3 March 2020.
Jayant Agro-Organics: Ratings agency Crisil has revised the company’s long-term rating to CRISIL BBB+ with a negative outlook, while the short-term rating is at CRISIL A2. The revision is due to sharp decline in the prices of castor seeds, which is a major raw material for the Jayant group.