Stocks in focus: RIL, Mindtree, HDFC Bank, Lakshmi Vilas Bank, BPCL, Voda-Idea, Coal India, financials

Nifty futures were trading 70.60 points or 0.64 per cent higher at 11,102 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Monday. Financials will remain in focus today as the Supreme Court is set to resume hearing in the loan moratorium and interest waiver case. Besides, trends in COVID-19 cases, newsflow related to coronavirus vaccine, stock-specific action, oil prices, rupee movement and other global cues will sway the investor sentiment today. “Participants will be closely eyeing the outcome of MPC’s monetary policy review meet scheduled on October 1. Also, they would be eyeing the auto sales number which starts pouring in the first week of every month. On the global front, COVID related updates and performance of world indices will also be in focus,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

Stocks in focus today:

RIL: Mukesh Ambani’s RIL announced on Saturday that it has received Rs 7,500 crore from US private equity firm Silver Lake Partners. US private equity firm Silver Lake Partners has picked up 1.75 per cent stake in its retail arm, Reliance Retail Ventures Ltd (RRVL). Following the allotment of equity stake, SLP Rainbow Holdings will hold 1.75 per cent of the fully diluted equity share capital of RRVL.

Mindtree: Mindtree co-founder Krishnakumar Natarajan and his family have sold a small portion of their equity shareholding in the company during September 15-23 in multiple tranches. Krishnakumar Natarajan, wife Akila Krishnakumar and son Siddarth Krishnakumar sold 4.66 lakh shares of the company, reducing the combined shareholding to 2.01 per cent from 2.29 per cent earlier.

Lakshmi Vilas Bank: LVB on Sunday said it will continue to evaluate the proposed amalgamation of the Clix Group with it adding the mutual due diligence is substantially complete. The bank is in the midst of a crisis after shareholders on Friday blocked the appointment or re-appointment of seven directors to the board including that of S Sundar, MD&CEO.

HDFC Bank: HDFC Bank is targeting a ten-time increase in the number of small merchants it serves to 20 million in the next three years, PTI quoted sources at the largest private sector lender as saying.

BPCL, Videocon: Bharat Petroleum Corporation Ltd has been forced to pay for its defaulting partner Videocon Industries Ltd after it had relied on a rarely used model to acquire stake in five oil blocks in Brazil, PTI cited sources as saying.

Coal India: Power plants located in the southern part of the country and non-regulated sector (NRS) consumers, including steel and cement, of Mahanadi Coalfields Ltd (MCL) have agreed to substitute imported coal with the dry-fuel produced by the Coal India subsidiary.

Vodafone Idea: Telecom regulator Trai has decided to drop proceedings against Vodafone Idea Ltd (VIL) in priority plan matter after the telco withdrew contentious claims on faster speed and modified its offering, according to PTI.