Overnight Digest - Five stocks to watch out on April 11

The five stocks that may witness some kind of significant movements on April 11 in the markets are: Vardhman Textiles, Reliance Infrastructure, Tata Steel, IDBI Bank, Jindal Steel and Power.

a) Vardhman Textiles: According to Vardhman Textiles' management, net debt of the company is about Rs 1000 crore.  The company had been in talks to acquire the spinning assets of Alok Industries which is worth Rs 24000 crore. The share price of the company will be watched out on Monday.

b) Reliance Infrastructure: Reliance Infrastructure is likely to sell its Road business completely in coming one and half month. The company is expected to get Rs 8000 crore to Rs 9000 crore from its 11 roads. The share price of the company closed at Rs 540.9 on Friday. 

c) Tata Steel: Tata Steel registered production of 13.81 million tonnes in FY16 against 12.78 million tonnes in FY15. The company achieved its highest ever annual sales volume of 9.54 million tonnes in FY16; while 8.75 million tonnes in FY15. The share price of Tata Steel will be in focus on April 11.

d) IDBI Bank: The expected government stake sale in IDBI Bank may be slower in pace. The government is waiting for the bank’s financials to improve before selling stake. The Finance Minister Arun Jaitley, declared in Budget speech that transformation of IDBI has begun and the government will look at reducing stake to below 50 per cent. 

e) Jindal Steel and Power: The report from Supreme Court came in favour of Jindal Steel and Power (JSPL) for its Sarda Mines case. The share price of the company increased 10.62 per cent to Rs 66.65 on an intraday basis. The scrip will be watched out on Monday too.