Top 5 stocks in focus on August 30: Reliance Infra, Aditya Birla Capital to Tata Chemical, here are the newsmakers of the day
Sensex and Nifty closed negative on August 29, 2018, but there were certain stocks that made news after the domestic markets were closed for trading on the day. These stocks can have their impact on the Indian stocks markets on August 30, 2018, during the trading hours.
Sensex and Nifty closed negative on August 29, 2018, but there were certain stocks that made news after the domestic markets were closed for trading on the day. These stocks can have their impact on the Indian stocks markets on August 30, 2018, during the trading hours. Here is the list of top 5 stocks:
Reliance Infrastructure and Adani Transmission Ltd (ATL): The Adani Group's Adani Transmission Ltd has acquired Reliance Infrastructures integrated business of generation, transmission and retail electricity distribution in Mumbai and Maharashtra. After the acquisition, the company will be known as 'Adani Electricity Mumbai Ltd.' (AEML). The total consideration value for the deal between the two companies was around Rs 18,800 crore.
Aditya Birla Capital: The financial services arm of Aditya Birla Group has formed a joint venture with Varde Partners Inc. to invest as much as $1 billion in distressed assets in India.
Greaves Cotton: The diversified engineering company, Greeves Cotton, will be acquiring a 67 per cent stake in Ratan Tata-backed Ampere Vehicles Ltd. but the quantum of the deal was not disclosed. The Coimbatore-based electric vehicle company has in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications.
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Tata Chemicals & ICICI Prudential Life Insurance: ICICI Prudential has reduced its stakes in Tata Chemicals by selling off 52,13,678 shares of the company at an average price of Rs 414.21 per share which were worth Rs 216 crore. With this, its stake in the company was reduced to 2.97 per cent from 5.02 per cent earlier.
PTC India Financial Services Limited: The company has reported financial results for the period ended on June 30, 2018, and reported net sales of Rs 325.19 crores. It has posted a net profit of Rs 55.93 crores for the quarter against Rs 72.40 crores for the same period of the previous year. The company has reported EPS of Rs 0.87 for the quarter as compared to Rs.1.13 for the same period of 2017.