Stocks in the news: Route Mobile, ​RITES, Essel Propack, Future Enterprises and Power Grid

At the issue price of Rs 350, the stock of Route Mobile commands a valuation of 29 times PE on FY20 basis on a fully diluted basis.

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American buyout major Blackstone on Friday sold 23 per cent stake in Essel Propack, one of the largest manufacturers of laminated tubes
Nifty futures on the Singapore Exchange traded 21.5 points, or 0.19 per cent lower at 11,497.50, in signs that Dalal Street was headed for a negative start on Monday. Here are a few stocks which may buzz the most in today's trade:

Route Mobile: The company's IPO, which was sold in the price band of Rs 345-350 from September 9 to September 11, will list on Monday. At the issue price of Rs 350, the stocks commands a valuation of 29 times PE on FY20 basis on a fully diluted basis.

Essel Propack: American buyout major Blackstone on Friday sold 23 per cent stake in Essel Propack, one of the largest manufacturers of laminated tubes used mostly by FMCG and pharma companies, for a little over Rs 1,860 crore through open market transactions.


DHFL: Dewan Housing Finance (DHFL) has issued a demand notice for loan overdues of over Rs 112 crore from Pune-based Landscape Realty and its guarantors, which include entities and individuals linked to the 187-year-old PNG Jewellers, a popular chain of gold retailing shops.

Future Enterprises: Future Enterprises said it has defaulted on debt repayment towards commercial paper. The company is unable to service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default has occurred on September 14, 2020, is Rs 90 crore.

PNB: State-owned Punjab National Bank (PNB) on Friday said the financial regulator of Kazakhstan has revoked licence of its associate for failure to meet prudential standards and other mandatory norms. PNB holds 41.64 per cent in JSC Tengri Bank.
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Power Grid: Power Grid Corporation did not recover Rs 6,853.43 crore from customers for relinquishing long-term access to transmission network which resulted in higher electricity tariff, a CAG report has flagged.

South Indian Bank: South Indian Bank (SIB) on Friday announced cutting its marginal cost of funds based lending rate (MCLR) by 0.05 per cent across all tenors. It has also cut its base rate by 0.10 per cent.

RITES: Transport Infrastructure Consultancy and Engineering firm RITES said its board has approved buyback of 96.98 lakh shares with repurchase amount not exceeding Rs 257 crore.

Bank of India: State-owned Bank of India on Saturday said it has received shareholders' nod for raising up to Rs 8,000 crore through various modes, including issue of equity shares.
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Airtel, Voda Idea: The number of internet subscribers in India increased to over 743 million at the end of March 2020, clocking a growth rate of 3.4 per cent on a sequential basis. Reliance Jio led the chart grabbing 52.3 per cent of the overall market share, followed by Bharti Airtel (23.6 per cent share) in the quarter ended March 2020. Vodafone Idea held the third position as its internet subscriber base market share was at 18.7 per cent, for the period in reference.

PSU banks: Public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year, according to a reply to an RTI query.
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Ashiana Housing: The realty firm will invest around Rs 400 crore over the next four years on new housing projects that it plans to launch during this fiscal year, and is also looking for partnerships with landowners for expansion of its business, a top company official said.

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