Stocks in Focus on April 24: ACC, Banks & NBFC to Lupin; here are the 5 newsmakers of the day
Domestic stocks market closed in a red on Tuesday, April 23, 2019.
Domestic stocks market closed in a red on Tuesday, April 23, 2019. However, there were certain stocks that came in news after the market was closed for trading for the day and can influence the market after it reopens for trading purposes on Wednesday, April 24, 2019. Here is the list of five such stocks:
ACC Limited: The cement company, ACC, has announced its quarterly results and reported a 38.2 per cent year-on-year (YoY) growth in consolidated profit at Rs346 crore vs Rs250 crore of March 2018. Revenue from operations grew by 8 per cent during the quarter to Rs3919 crore vs Rs3624 crore.
Banks and NBFCs: The financial sector will remain in focus because the Reserve Bank of India has announced that it will be injecting Rs25,000 crore to address the liquidity concerns in the country through purchase of government securities. This first such open market operations (OMOs) of the fiscal year 2019-20 will be undertaken in two equal tranches of Rs12,500 crore each will start on May 2, 2019. The date for the second auction has not been given.
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Hotel Leela/ITC: The two organisations will remain in focus today because the diversified conglomerate and owner of marquee hotel properties and minority shareholder ITC, on Monday moved the Mumbai Bench of the National Company Law Tribunal (NCLT) against luxury hospitality group Hotel Leelaventure Ltd’s plan to sell high profile hotel assets to Canadian fund Brookfield. ITC has challenged the sale to Canadian fund Brookfield to NCLT alleging “oppression and mismanagement” as a minority shareholder in Leela. ITC holds about 7.92 per cent stake in Hotel Leelaventure.
Indiabulls Housing Finance/Lakshmi Vilas Bank: The two organisations will remain in focus for several reasons including Indiabulls group’s plan to offload its stake in Indiabulls Real Estate (IBREL). Reports are there that it has had a discussion on the issue with joint venture partner Blackstone and other leading players such as Godrej Properties. The process will ease out its merger process with the Lakshmi Vilas Bank (LVB) that earlier this month announced its merger with Indiabulls Housing Finance Ltd (IBHL) in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach.
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Lupin Limited: The Mumbai-based drugmaker Lupin in its regulatory filing said that the US health regulator USFDA has cautioned that the firm's Pithampur (Indore) Unit-2 facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
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