Equity markets are now past the phase where investors could take a top-down approach when going stock shopping. In the last few days, leading global brokerage firms have made a case for now taking a bottom-up approach and being stock specific. Sensex and Nifty are near their all-time highs and might continue to scale new highs in the coming months. New flow around the vaccine development and containing the virus is positive and has been aiding a run-up in equity markets. India Inc too has surfaced well from the pandemic with quarterly results painting a sound picture.
Lakshmi Vilas Bank: The troubled lender was placed under a moratorium by the Reserve Bank of India on Tuesday. Lakshmi Vilas Bank is likely to be merged with DBS Bank India. According to the draft scheme of amalgamation, the entire amount of the paid-up share capital of the bank is likely to be written-off.
Indiabulls Housing Finance: The housing finance firm holds a 4.99% stake in Lakshmi Vilas Bank and the troubles of the lender could ripple down and affect Indiabulls Housing Finance during the day’s trade.
Embassy REIT: On Tuesday Embassy Office Parks REIT announced that it has agreed to acquire a ‘Embassy TechVillage’ in Bengaluru from realty firm Embassy Group, Blackstone and some other investors for Rs 9,782 crore. The move will increase Embassy REIT’s commercial office portfolio.
DLF: Realty major DLF on Tuesday said that it has listed on the Dow Jones Sustainability Indices (DJSI) in the emerging markets category. With this DLF will join 11 other Indian firms that have been recognised for this benchmark for corporate sustainability. It will be the only Indian real estate firm to be included in the DJSI.
ONGC: The state-run firm on Tuesday signed contracts for seven oil and gas blocks it had won in the latest bid round. A total of 12 bids, including seven bids by ONGC and four by OIL, were received for the 11 blocks on offer at the close of bidding on June 30.
UCO Bank: Public-sector lender UCO Bank has said that it is confident of meeting Rs 3,000 crore lending target for retail and MSME segments during this festive season as around Rs 1,900 crore has already been sanctioned. At the end of the July-September quarter bank’s retail and MSME advances stood at Rs 26,311 crore and Rs 26,426 crore, respectively.
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