Top 5 stocks in focus on October 23: BHEL, Nestle to IL&FS, here are the 5 newsmakers of the day
Bharat Heavy Electricals (BHEL) in its regulatory filing informed that its board of directors will meet on October 25, 2018, and consider and approve a proposal to buyback fully paid-up equity shares.
Indian markets continued to trade in a range-bound manner throughout the day in absence of any cues and closed in the red on Monday, October 22, 2018. But there were certain stocks that came in the news after the market was closed for trade and can have an impact on the market on Tuesday, October 23, 2018. Here is the list of five stocks:
Bharat Heavy Electricals (BHEL): The company in its regulatory filing informed that its board of directors will meet on October 25, 2018, and consider and approve a proposal to buyback fully paid-up equity shares. The board will also consider the unaudited financial results for the quarter ended September 30, 2018.
Syndicate Bank: The public sector bank has received a capital infusion of Rs 728 crore from the government in lieu of preferential allotment of shares.
Kwality Ltd.: KKR, a global private equity player, has filed insolvency plea against dairy firm Kwality before the National Company Law Tribunal (NCLT). Kwality Ltd in 2016 had announced that it had raised Rs 300 crore from KKR India Financial Services fund its expansion plans and enter into consumer segment.
Nestle: The Directorate General of Anti-profiteering (DGAP) has found Nestle India guilty of indulging in profiteering of over Rs 100 crore. The company was facing allegations of profiteering after the rate of GST was lowered on over 175 products with effect from November 15, 2017. It was alleged that the company has not passed the benefit of rate reductions to the consumers. However, Nestle in its reiteration has said, "In situations where the benefit could not be passed on instantly by a reduction in Maximum Retail Price or increase in grammage, the amount of Rs 16.58 crore was set aside to be subsequently passed on and was not reckoned either in sales or in profit".
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Infrastructure Leasing & Financial Services (IL&FS): The newly constituted board of IL&FS has appointed three advisors to formulate and execute a resolution plan for the debt-ridden company. IL&FS in its release has said that Arpwood Capital and JM Financial have been appointed as the financial and transaction advisors (FTAs), while Alvarez and Marsal (A&M) as the restructuring advisor to the company's board.