NEW DELHI: Here is the list of top 10 stocks that could be in focus Friday
HDFC Bank: US-based Rosen Law Firm has filed a class action lawsuit against HDFC Bank for losses suffered by some investors because of alleged false and misleading statements by the lender. The case concerns reports that HDFC Bank car loan customers were forced to buy vehicle tracking devices from 2015 to 2019.
State Bank of India: The Supreme Court on Thursday dismissed a petition filed by the State Bank of India (SBI) seeking to lift a stay on initiating personal bankruptcy proceedings against Anil Ambani, chairman of Reliance Group. An apex court bench, however, gave SBI liberty to seek a modification of the stay order passed by the high court.
Auto stocks: Automakers should cut royalty payouts to foreign parents and boost efficiency to reduce vehicle prices instead of asking the government to lower taxes, a senior finance ministry official said, ruling out tax breaks for the companies to ride out the coronavirus crisis and the economic slowdown that has crimped demand.
Telcos: The adjusted gross revenue (AGR) of the telecom service sector rose almost 10% on a sequential basis during the March quarter, according to data from Trai, which also pointed to improved realisations from customers driven by tariff hikes.
Tata group companies: Shapoorji Pallonji (SP) Group has slapped a notice on Tata Sons Ltd’s board, seeking unspecified damages for blocking the group’s plan to raise funds by pledging its shares in the Tata group holding company. It added that Tata Sons has created panic among its lenders and financial institutions and caused damage to the SP group.
Aviation stocks: Many more air passengers are booking return flights now than three months ago, indicating a greater openness for both business and leisure travel, and a likely return to work. The share of return fares has witnessed a marked increase in overall air travel bookings.
Insurance stocks: India’s insurance regulator plans to prescribe risk-based solvency requirements and greater equity capital to ensure insurers have sufficient capital adequacy to withstand socioeconomic shocks such as the coronavirus pandemic. The regulator also wants insurers to improve the persistency ratio and introduce new products.
Happiest Minds Technology: Shares of the company more than doubled at their debut on Thursday, highlighting a resurgent equities market and increasing demand for software services firms during the coronavirus pandemic. Shares listed at ₹350, a whopping premium of 110.84% over its issue price of ₹166 per share. They hit a high of ₹394.95 apiece on the NSE before closing at ₹370.95.
Essel Propack: The world’s biggest alternative asset manager Blackstone is looking to sell a large chunk of its shareholding in packaging firm Essel Propack Ltd through block trades, which could fetch the investor as much as $251 million. Epsilon Bidco Pte. Ltd, a Blackstone entity which owns 75% of Essel Propack, is looking to sell up to 23% stake representing around 72.5 million shares of the company.
Economy: Advance tax collections from top jurisdictions fell around 25% on an average compared to a 40% decline seen in the first quarter (Q1), indicating optimism on earnings of corporate houses as the economy gradually comes out of the lockdown.