Stocks to watch: PB Fintech, ONGC, Yes Bank, Britannia, PNB | Popgen Tech


Here is the list of the top 10 stocks that will be in focus today:

PB Fintech: Japanese conglomerate SoftBank Group Corp plans to sell a 5% stake in PB Fintech, the parent of online insurance marketplace Policybazaar, through a block deal on Friday, Reuters reported citing a report. Citi is the sole broker of the deal. Tomorrow’s block deal, through which Softbank is aiming to collect 1,000 crore, may be at a base price of 440 shares, at a 4.5% discount to today’s closing price, according to reports.

ONGC: The Central Government on Thursday reduced to less than half the crude tax on crude oil to 4,900 ($60.34) per ton, according to a government order. The government has also reduced the diesel export tax to 8 per liter. The tax on crude oil produced by companies such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to 4,900 per tonne from the existing ones 10,200 per ton.

Yes Bank: The Reserve Bank of India (RBI) has given conditional approval to private equity investors Carlyle Group and Advent International to acquire up to 9.99% each in private lender Yes Bank, the bank said in regulatory filing on Thursday. Iva Bank and its investors will engage with RBI for an early resolution of the conditions to get the final approval, the bank added. However, he did not elaborate on what these conditions were.

Hero MotoCorp: The country’s largest two-wheeler maker Hero MotoCorp on Thursday said its wholesale sales rose 12 percent to 3,90,932 units. The company shipped 3,49,393 units in November 2021. In the domestic market, the company’s sales rose to 3,79,839 units compared to 3,28,862 units in November last year. However, exports fell to 11,093 units last month from 20,531 units in 2021.

Britannia: Bakery food company Britannia Industries expects its cheese products business to grow about fivefold in the next five years to touch about 1,250 crore. The company that earlier this week announced a joint venture with the French cheese producer Bel, currently has approx 250 crore turnover from its cheese business, its Vice President and Managing Director Varun Berry said on Thursday.

Punjab National Bank: The Appointments Committee of the Cabinet (ACC) has approved the appointment of M Paramasivam as the executive director of the government-owned Punjab National Bank, with effect from today for a period of three years. He has served the bank for the last 32 years in various capacities as branch head of Vijaya Laghubita Bittiya Sanstha, as regional and circle head of various regional and circle offices and also headed the branch of priority credit at Canara Bank head office.

NMDC: The government on Thursday invited preliminary bids for the strategic sale of NMDC’s Nagarnar Steel Plant. The last date for submission of tenders for NMDC Steel Ltd is 27 January 2023, while the last date for submission of queries is 29 December 2022, said the Department of Investment and Public Asset Management (DIPAM). NISP is in the process of demerging from NMDC into a separate company NMDC Steel Ltd (NSL). Subsequent to the demerger, NSL’s shares will be listed on the BSE, NSE, and the Calcutta Stock Exchange.

Nazara Technologies: Listed gaming startup Nazara Technologies Ltd founder Nitish Mittersain has taken charge as the company’s chief executive officer (CEO) from Thursday. The development comes after Nazara’s former CEO, Manish Agarwal, stepped down to continue his entrepreneurial journey. However, he still has a 1.15% stake in the company. Mittersain took to the social media platform LinkedIn to inform us that he will be taking up the position of CEO at Nazara from today (December 1st) onwards.

Orchid Pharma: Drug firm Orchid Pharma on Thursday said its board has approved the increase 500 crore from institutional investors. The company’s board approved a Qualified Institutional Placement (QIP) program to raise 500 crore, it said in a regulatory filing. With this QIP, the Dhanuka group, which took over the company in 2018, is also fulfilling its mandatory obligation to acquire a 15% stake in it by March 2023.

Bank of India: Public sector lender Bank of India raised 1,500 crore through Basel-compliant Additional Tier 1 (AT-1) bonds. The bond issue was oversubscribed 12 times and the coupon rate is 8.57 percent per annum. On Thursday, the bank in a statement said that the matter consisted of a 500 crore base issue and green shoe option of 1,000 crores.

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