Axis Bank, Electrosteel Steels, IL&FS and Unitech among stocks in the news
Leading exchange NSE has issued notices to 36 firms, including banking fraud accused Mehul Choksi’s Gitanjali Gems and debt-laden ABG ShipyardNSE 2.15 %, for not submitting their financial results for the June 2018 quarter within the prescribed time limit, the Central Depository Services (India) Ltd has said. The firms also include Kwality Ltd, Unitech, Amtek Auto, Electrosteel Steels, Moser-Baer (I) Ltd, SRS, JVL Agro Industries, Bharati Defence and Infrastructure and Shilpi Cable Technologies.
A second downgrade of IL&FS by Moody’s affiliate ICRA in a month will not only worsen the company’s ability to raise funds, but it could also force mutual funds to sell their investments in the company. With the parent IL&FS being downgraded, analysts believe there is a risk of lower ratings for its subsidiaries – IL&FS Transportation, IL&FS Tamil Nadu Power, IL&FS Energy Development, IL&FS Security Services, and IF&FS Financial Services.
Indiabulls Real Estate: The company expects to garner a sales revenue of over Rs 30,000 crore from its 14 ongoing projects, being developed mainly in Delhi-NCR and Mumbai, the company said. In his message to shareholders in the annual report, Indiabulls Real Estate Chairman Sameer Gehlaut said the company has well-diversified presence in both commercial and housing segments.