Stocks in focus on August 25, 2020

The BSE Sensex ended 364.36 points or 0.95 per cent higher at 38,799.08. The NSE Nifty jumped 94.85 points or 0.83 per cent to 11,466.45.

Here are Stocks in focus on August 25, 2020

Minda Industries 

The rights issue of Minda Industries will open on Tuesday and close on September 8; and the last date for on market renunciation is September 3, 2020, The Auto components maker has fixed the issue price at Rs 250 per equity share for its Rs 250-crore rights issue. The board of directors of the company approved fixing of issue price at Rs 250 per equity share, including a premium of Rs 248 per equity share over face value of Rs 2 per equity share, Minda Industries said in a regulatory filing.

LIC Housing Finance Ltd

Mortgage lender LIC Housing Finance Ltd (LICHFL) on Monday reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning. The company’s profit after tax stood at Rs 610.68 crore in the April-June quarter of the previous fiscal.

Axis Bank

Axis Bank on Monday said it will acquire 17 per cent stake in Max Life Insurance instead of the 29 per cent proposed earlier as per a revised deal. Axis Bank currently holds about 1 per cent stake in Max Life and is the biggest banking channel partner for the distribution of the insurer’s products. Products sold through the bank reportedly account for 54 per cent of Max Life’s revenues.

IRB Infra

Highways developer IRB Infrastructure Developers Ltd (IRB) on Monday reported a consolidated net loss of Rs 30.13 crore for the quarter ended June 30, 2020 amid the COVID-19 pandemic. The company had clocked a consolidated profit of Rs 206.62 crore in the corresponding quarter of previous fiscal, it said in a regulatory filing to the BSE.

Oil companies

Fitch Ratings on Monday said state-owned oil refiners IOC, BPCL and HPCL may see longer than previously expected time to recover refining margins, increasing downside risks to their credit profiles.