Stocks in focus on October 1, 2020


New Delhi: Markets edged higher on Wednesday after a positive commentary on a recovery in retail loans and growth outlook.

The BSE Sensex closed at 38,067.93, up 94.71 points, or 0.25 per cent, from the previous close of 37,973.22. The Nifty50 on the National Stock Exchange closed at 11,247.55, up by 25.15 points, or 0.04 per cent, from its previous close.

Here are Stocks in focus on October 1, 2020

PNB 

Public sector Punjab National Bank (PNB) on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd as fraud. Pursuant to the applicable provisions of Sebi”s Listing Obligations and Disclosure Requirements (LODR) and the bank”s policy, “we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd (SIL),” PNB said in a regulatory filing. The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office, it added.

PVR, INOX, PHOENIX

The Union Home Ministry’ has issued guidelines, permitting the opening up of cinema halls outside the containment zones from October 15.  Cinema halls across the country had been shut after a lockdown was imposed from March 25 due to the coronavirus pandemic. The ministry said activities permitted from October 15 include cinemas, theatres and multiplexes that can open with up to 50 per cent of their seating capacity, for which the SOP will be issued by the Ministry of Information and Broadcasting.

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ONGC

Natural gas price in India touched the lowest rate on record after the government on Wednesday slashed the price by 25 per cent to USD 1.79, denting revenues of producers like ONGC. The price of gas, which is used to generate electricity, make fertiliser and CNG for automobiles, has been cut to USD 1.79 per million British thermal unit for six months beginning October 1 from the current USD 2.39, an order of the Oil Ministry”s Petroleum Planning and Analysis Cell (PPAC) said. This is the third straight reduction in rate in one year. The price was cut by a steep 26 per cent to USD 2.39 in April.

Banking stocks

Rating agency ICRA on Wednesday revised down its credit growth outlook for banks to 2-3 per cent for the current fiscal, and said the coronavirus pandemic-driven stress may leave 3.1-3.7 per cent of assets into bad loan list by March. Earlier, it had forecast credit growth for banks at 6-7 per cent.

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Sagar Biswas

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