Overnight Digest: Stocks to watch out on December 10

The stocks most likely to witness significant movement on the bourses on December 10 are Indo Rama Synthetics (India), Kotak Mahindra Bank, Jet Airways, Escorts and Gujarat Alkalies and Chemicals. 

Indo Rama Synthetics (India): The company received trading/listing approvals from BSE and NSE for dealings on the exchanges from December 6 for further issue of 16,00,000 equity shares of Rs 10 each, which will be allotted to non-promoters on a preferential basis. The stock will be monitored on Monday. 

Kotak Mahindra Bank: The shares of the company closed 8.53 per cent higher on the back of speculation about Berkshire Hathway making investments in the company. However, the company clarified that it is unaware of any plans of Berkshire Hathway for buying a stake in the bank. The stock is likely to be in action during Monday’s trading session. 

Jet Airways: The stock plummeted 2.4 per cent intra-day Friday after ICRA downgraded the long-term rating assigned to long-term loans and non-convertible debentures to ICRA C from ICRA B with negative outlook. The downgrade is attributed to the delays in the implementation of proposed liquidity initiatives by the company. The stock will be watched on Monday. 

Escorts: The company completed the execution of the business transfer agreement pertaining to the transfer of its existing RT crane business as a going concern on a slump sale basis to JV with Tadano Limited, Japan, for an amount not exceeding Rs 350 million. The stock is likely to witness some movement in Monday’s trading session. 

Gujarat Alkalies and Chemicals: The company received approval to establish 10,000 MTA (80%) hydrazine hydrate project through EPCM mode at a revised estimated cost of Rs. 405.50 crore, including interest during construction. The stock will be monitored on Monday.