Stocks in Focus on April 9: Titan, Ultratech Cement to Kolte Patil; here are the 5 Newsmakers of the Day
Titan, Ultratech Cement, IDBI Bank, Kolte Patil and lab stocks are expected to remain newsmakers throughout the intraday trade session today
At the stock markets, the Sensex at the Bombay Stock exchange dropped 173 points, or 0.6 per cent, to 29,894, on Wednesday, April 8, 2020. The Nifty at the National Stock Exchange slipped 43 points, or 0.5 per cent, to end at 8,749. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Thursday, April 9, 2020. List of such five stocks:
Titan: The Bengaluru-headquartered company’s jewellery revenue declined by 5% in the January-March 2020 period (YoY) due to lost sales in March. The watches and wearables division grew by 1 per cent despite a significant loss of sales in March. However, the disruption in March because of the COVID-19 situation led to a 20 per cent decline in eyewear segment revenues for the quarter.
Labs in Focus: The Supreme Court on Wednesday directed the government to issue directions to approved testing laboratories for conducting COVID-19 tests free of cost to all Indians. It asked the private medical labs across the country to not charge patients for testing for COVID-19. The apex court also said that the issue of whether the labs will be reimbursed by the government will be decided later.
Ultratech cement: In a major relief to Ultratech Cement, the Rajasthan High Court on Wednesday struck down the demand raised by the Goods and Services Tax (GST) Department against the company for unpaid dues of Binani Cement. The GST department was seeking tax unpaid dues of around Rs 72 crore by Binani Cement. The court termed the demand illegal and arbitrary. Binani Cement was acquired by the Aditya Birla Group cement company through corporate insolvency resolution process (CIRP) in 2018 for Rs 7,900 crore.
Banks in Focus: RBI would examine the buyback of the outstanding amount of Rs 84,574 crore in additional tier-1 (AT-1) bonds issued by banks at par, and a ban on retail investments in them, directly and through mutual funds. The central bank would decide on it following the Yes Bank fiasco and concerns related to COVID-19. In the past, the banking regulator had asked IDBI Bank to retire its AT-1 bonds.
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Kolte Patil: The company has sold a portion of its land in Pune to Planet Smart City - a UK-based real estate developer for Rs 91 crore.
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