Auto stocks can be in the spotlight after the launch of month-to-month sales information on 1 September 2019. Mahindra & Mahindra (M&M) announced its overall auto sales fell 25% to 36, half devices in August 2019 over August 2018. M&M’s Farm Equipment Sector (FES) announced its general tractor sales fell 17% to 17,785 units in August 2019 over August 2018.
M&M stated the company had signed a Share Subscription and Shareholder Agreement for subscribing up to 55% of the equity share capital of Meru Travel Solutions in tranches. Meru was one of the first radio taxi operators in the ride-hail section. Maruti Suzuki India stated its general sales fell 32.7% to one.06 lakh devices in August 2019 over August 2018.
Tata Motors announced its income in the domestic & global marketplace, stood at 32,343 cars in August 2019 as compared to 62,688 units throughout August 2018. Public sector financial institution shares will be in recognition after the authorities unveiled mega-merger of kingdom-run banks. In a press briefing after marketplace hours on Friday, 30 August 2019, the finance minister introduced that Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), and United Bank of India could be merged. The combined entity can be 2d largest PSU bank in India, with an enterprise of Rs 17. Ninety-four lakh crore. It may have the second-largest banking network in India, with 11,437 branches.
Union Bank of India, Andhra Bank, and Corporation Bank can also be merged. The entity could be the fifth biggest public region financial institution with Rs 14.59 lakh crore business. Canara financial institution and Syndicate Bank could be merged. The entity might be the fourth biggest public area financial institution with Rs 15.20 lakh crore’s commercial enterprise. The Finance minister also announced that Indian Bank and Allahabad Bank might be merged. The entity will be the 7th largest public quarter financial institution with an enterprise of Rs eight.08 lakh crore.
In the location of fragmented lending potential with 27 public sector banks in 2017, there could be 12 public quarter banks post the modern spherical of PSU banks’ consolidation. The consolidation of public region banks will deliver the scale, FM said. L&T stated that the Transportation Infrastructure and Buildings & Factories businesses of L&T Construction had secured an assignment from the Navi Mumbai International Airport Private (NMIAPL) for the Engineering, Procurement, and Construction of the greenfield Navi Mumbai International Airport at Navi Mumbai.
Yes, Bank announced after market hours on Friday, 30 August 2019, that it’s going to raise the accepted share capital by growing the equity stocks to 450 crore fairness stocks of Rs 2 every, aggregating to Rs 900 crore from the modern 300 crore fairness stocks of Rs 2 each that aggregates to Rs six hundred crores. The preference shares would be stored regularly at crore shares of Rs 100 every aggregating to Rs 200 crore. The suggestion is a concern to needful approvals.
Dewan Housing Finance Corporation (DHFL) said its board authorized the plan to transform the complete or a part of its debt into stocks. The board additionally approved elevating the authorized percentage capital from Rs 828 crore to Rs 1090.39 crore. Among other selections, the DHFL board also permitted availing additional credit facilities based on the present borrowing limits and disposal of the whole or a part of the corporation’s undertakings or assets. The declaration was made after market hours on 30 August 2019.