Escorts, Cipla, SAIL, Phoenix Mills and more: Top stocks to watch out for on Nov 16
Escorts | The company will increase prices of its tractors, effective November 21, owing to the steady rise in commodity prices. The price increase would vary across models and variants, Escorts said.Steel Authority of India | Brickwork Ratings reaffirmed the ratings of the NCD issues of SAIL with a change in outlook from ‘negative’ to ‘stable’. The change in outlook follows the strengthening of its balance sheet along with deleveraging supported by increased cash accruals from business operations, global economic scenario and increase in commodity prices since 3Q of FY21. Steel demand is expected to be at elevated levels during FY22 which is expected to benefit SAIL.Cipla | The company has been added to the ‘Dow Jones Sustainability Emerging Markets Index’. The index comprises 108 companies from 12 emerging economies.Karnataka Bank | Pradeep Kumar assumes charge as Chairman of Karnataka Bank. He is a seasoned banker with nearly 4 decades of banking experience at the largest bank of the country, State Bank of India.Sagar Cements | The company’s board of directors at its meeting to be held on November 18, is likely to take up for consideration, inter-alia, a proposal to raise resources to fund its expansion or acquisitions as opportunities may arise.Graphite India | ICRA reaffirmed the long term rating at AA+ and short term rating at A1+ for Rs 1,000 crore bank working capital facilities of the company. The outlook on the long-term rating is revised to ‘stable’ from ‘negative’. ICRA assigned short-term rating at A1+ for Rs 300 crore commercial paper programme of the company.Phoenix Mills | Canada Pension Plan Investment Board through its entity, CPP Investment Board Private Holdings (4) Inc, will invest up to Rs 1,350 crore in multiple tranches in Phoenix Mills’ subsidiary Plutocrat Commercial Real Estate. Post the subsequent tranches of investment by CPP Investments, it is envisaged that CPP investments may further increase its stake to 49 percent from 35.90 percent.Ashiana Housing | The company has entered into a development agreement for developing a residential project in Jaipur on revenue sharing basis.Kesoram Industries | The company’s board of directors will meet on November 20 to consider and approve various fund-raising options.EPL | The company announced a major conversion of a leading brand partner Vicco Labs to 100 percent recyclable packaging. Vicco labs and EPL have jointly worked to convert Vicco’s ‘Turmeric’ range of products to recyclable Platina tubes. (Image source: company website)
