Stocks to Watch: SBI, Adani Group, Paytm, RIL, Coforge, Vedanta
State Bank of India: SBI Chairman Dinesh Khara is likely to remain at the top post for another 10 months. The official – appointed in October 2020 – may now remain in the role beyond this three-year term. SBI rules mandate retirement at the age of 63 for its chairman – an age that Khara will reach in August next year.
According to a CNBC TV18 report quoting sources, SBI MD Ashwini Kumar Tewari may also receive an extension. While his current term is slated to end in January 2024, the publication indicates the possibility of a two-year extension. Adani Group: Adani Group said cash and profit generated from its sprawling infrastructure business can cover all the debt maturing each year in the coming decade, as billionaire Gautam Adani tries to restore investor confidence days before India’s markets regulator is due to submit findings from a probe into the group’s alleged wrongdoings.
In a credit report released Thursday, the conglomerate said its cash flow generated from business operations and balances stood at ₹77,890 crore by the end of March. That provides enough liquidity for the company to cover debts that will mature within a year. One97 Communications: The parent company of Paytm, One97 Communications, promoter Antfin is expected to conduct a block deal on August 25.
During this deal, they plan to sell approximately 3.6% of their stake, equivalent to around 2.3 crore shares, in the fintech firm Paytm. The proposed floor price for this transaction is anticipated to be set at a discount of ₹880.10 per share, representing a reduction of 2.7% from the closing price recorded on August 24. This information was reported by Bloomberg.
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