Key Stocks in Focus Today: RITES, Canara Bank, Jubilant Food & Power Grid

Indian stocks witnessed a steep correction on Friday as selloff continued in global markets as well on account of coronavirus fears. At 10:52 am, the benchmark BSE Sensex was down 1,146 points, or 2.9%, to 38,599.65, while the Nifty 50 index slid 337.20 points, or 2.9%, to 11,296.10.

RITES, Canara Bank, Jubilant Food, Power Grid and Dhanlaxmi Bank were among the key stocks in news today:

RITES: RITES Ltd shares fell another 4% in second day of losses on news that the government will exercise the oversubscription option in OFS (offer for sale), selling an additional 39 lakh shares.

Canara Bank: Canara Bank Ltd shares also plunged 10% as the bank executed a share purchase agreement for the sale of the entire equity stake of 3.25% in Petronet MHB.

Jubilant Food: Jubilant FoodWorks Ltd shares dipped 6.4% after company declared an interim dividend of Rs 6.

Power Grid: Power Grid Corporation of India Ltd shares dropped 3.7% as the board said it would consider interim dividend on 6 March.

Dhanlaxmi Bank: Dhanlaxmi Bank Ltd shares lost 5.2% after Sunil Gurbaxani took charge as managing director and CEO of the bank with immediate effect.

DIC India: DIC India Ltd shares climbed over 7% after the company announced plans to sell Mumbai land for Rs 150 crore to Godrej Properties Ltd (down over 5%).

Pidilite Industries: Pidilite Industries Ltd shares dropped 2.8% after the company said it would buy a 70% stake in Tenax India for Rs 80 crore.

Bank of Baroda: Bank of Baroda Ltd shares shed over 6% after the lender said it would sell the entire Petronet MHB stake for Rs 52.5 crore.

GTPL Hathway: GTPL Hathway Ltd shares dropped 5% after promoter Jio Content said it would sell 43 lakh shares via OFS. Floor price for OFS has been set at Rs 63.

lnduslnd Bank: Indusind Bank Ltd shares are trading down 1% after RBI approved appointment of Sumant Kathpalia as MD and CEO for 3 years with effect from 24 March.

Lakshmi Vilas Bank: Lakshmi Vilas Bank Ltd shares dropped 2% after a media report said Singapore government’s investment company Temasek Holdings has advanced in its talks with Indian authorities to acquire a controlling stake in the private lender.