Stocks to Watch: IDBI Bank, Jio Financial Services, Axis Bank, Adani Ports
IDBI Bank: The proposed sale of the government’s stake in IDBI Bank is unlikely to happen this fiscal, posing a challenge to the Centre’s ability to meet the ₹51,000 crore disinvestment target for the year. The government expected more than ₹15,000 crore from the IDBI Bank stake sale, the financial due diligence for which began in July. It had planned to issue financial bids for IDBI Bank by December and completing the transaction in the fourth quarter of the fiscal.
Jio Financial Services: The demerged subsidiary of Reliance Industries Ltd (RIL), Jio Financial Services (JFSL), will list on Indian stock exchanges on Monday, 21 August. After the 20 July special pre-open call auction session, Jio Financial Services' share price was fixed at ₹261.85 apiece on the National Stock Exchange. According to market observers, Jio Financial Services GMP, or grey market premium, is currently between ₹50 and ₹54, translating to a market cap of over ₹2 lakh crore.
Shares are expected to list between ₹315 and ₹325. Axis Bank: The Competition Commission of India has imposed a penalty of ₹40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The watchdog in an order said that the transaction under consideration comprised acquisition of a 9.91% stake in CSC e-Governance by Axis Bank and was completed in November 2020.
The leading private sector lender was required to give a notice to the fair trade regulator as part of the transaction, however, it failed to do so, according to the order. Adani Ports: GQG Partners purchased 2.2 million shares of Adani Ports on Thursday, raising its stake in the company to 5.03%, the investment firm said in a disclosure on Saturday. It held a 4.93%
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