- State-owned banks came under pressure
State-owned
banks came under pressure on account of quality assets concerns on
account of their advances to companies whose coal block allocations have
been cancelled. Banking sector has exposure of 8.8% of non-food credit
to the power sector. Cancellation of allotted coal blocks to projects
will adversely impact the chances of recovery of these loans. SBI, Bank
of India, Bank of Baroda, PNB and Canara Bank are some of the top losers
in this space.
- ONGC slips 4% on gas price hike deferral, BoAML cuts EPS
Shares
of Oil and Natural Gas Corporation fell as much as 3.65 percent after
Cabinet Committee on Economic Affairs (CCEA) deferred its decision on
gas price hike again.
- Aban Offshore slips over 16% on profit taking
Aban
Offshore slipped over 16% continuing its downtrend seen over the past
five trading sessions. Last week, the company has started its plans to
raise around $500 million by listing its Singapore subsidiary. The fund
mobilised would be used to repay part of its debt, which is currently
around Rs 14,000 crore.
- RIL plans to raise $800 mn from Korea co
Reliance
Industries is reportedly planning to raise $800 mn from Korea Exim.
This move will be the first international financing for RJio.
