Stocks to Watch: Yes Bank, BPCL, RITES, Prestige Estate, Tata Communications

Here is a list of top 10 stocks that may be in focus on Wednesday:Yes Bank: The board of the bank will meet on Friday to discuss and consider raising funds by issue of equity or equity-linked securities through permissible routes. According to an exchange filing, the fund raising will be subject to necessary regulatory approvals. Shares have been on the rise as market cheered news reports of the private lender having received offers worth $3 billion from potential investors.BPCL: Moody's Investors Service on Tuesday said it has placed the company’s Baa2 issuer ratings on review for downgrade, following the Centre’s decision to sell its entire 53.29% stake and to transfer management control to a strategic buyer. The state-owned firm’s rating incorporates its ba1 baseline credit assessment, a measure of its standalone credit strength, and a two-notch uplift from expected extraordinary support from the government.RITES: The government has collected ₹729.44 crore from divestment of 10% stake, or 2.50 crore equity shares, in its railway engineering consultancy firm RITES Ltd through the offer-for-sale (OFS) route, secretary of department of investment and public asset management (DIPAM) said on social networking website Twitter on Tuesday. Shares have slumped nearly 8% in past three sessions on the Centre’s decision to divest its stake in the company.Central Bank: The public-sector lender has allotted 158.4 crore shares at issue price of ₹21.17 per share to the Centre aggregating to ₹3,353 crore. The government’s stake in the bank will increase from 89.47% to 92.39% following the allotment. Separately, the bank last week had reported divergence of ₹2,565 crore in net non-performing assets for 2018-19. Divergence occurs when a bank’s bad loan numbers and Reserve Bank of India’s assessment differ.Glenmark Pharma: The pharmaceutical company on Tuesday said it has received approval from the US Food and Drug Administration for metformin hydrochloride tablets used in the management of type-two diabetes. Citing IQVIA sales data for the 12-month period ending September 2019, the company said Glumetza tablets, 500 mg and 1,000 mg, market has achieved annual sales of approximately $226.7 million.Prestige Estate Projects: The real estate company and Marriott International, Inc and have entered into a partnership to open five new hotels in south India, which will help both the firms expand their hospitality footprint in the country. As per the agreement, Prestige Group will build new hotels across Marriot brands such as the W, Tribute Portfolio and Moxy with over 1,000 rooms. Some of the hotel properties are expected to open between 2021 and 2025.HDFC AMC: The asset management company has received ₹167 crore as part-repayment and interest for non-convertible debentures from Essel Group, according to news reports. The company’s exposure to Essel Group bonds stood at ₹276 crore at the end of the September quarter. Essel Group has also partially cleared dues of ICICI Prudential Asset Management Company.Concor: The state-owned company has signed a settlement agreement with Kohinoor India (P) Ltd by paying ₹9.18 lakh. Both the companies have also undertaken that they will not file any other claim, suit or petition in any court in relation to the dispute over supply of rubber process oil even after Kohinoor India made payment. Separately, the government last week announced that it will divest its 30.8% stake from 54.8% currently held in the firm.Tata Communications: The Tata Group company, after market hours on Tuesday, said it has appointed Amur Swaminathan Lakshminarayanan as the managing director and chief executive for five years with effect from 26 November. The appointment, however, will be subject to approval of all shareholders. Lakshminarayanan was formerly with Tata Consultancy Services Japan Ltd as its president and chief executive officer.REC: The government has asked state-owned infrastructure finance company REC Ltd, Power Finance Corporation Ltd and Indian Renewable Energy Development Agency to lend more than $1 billion to state distribution utilities to help them clear their dues to renewable power generators, according to a Bloomberg report.

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