Stocks in Focus on August 13: Jet Airways, Tata Motors to Torrent Pharma; here are the 5 Newsmakers of the Day
Certain stocks came in news after the markets were closed on Friday and can have an impact on the indices after it opens today.
Domestic equity market advanced for the second consecutive trading session on Friday, August 9, 2019, amid media reports that the government may exempt the tax surcharge on foreign portfolio investors (FPIs). However, certain stocks came in news after the markets were closed for the trading purposes and can have an impact on the indices after it opens for trading purposes on Tuesday, August 13, 2019. Here is a list of five such stocks:
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Jet Airways: Etihad, which holds 24% stake in Jet Airways, has said it had decided not to reinvest in the airline due to unresolved issues concerning liabilities. In a statement, Gulf Carrier Etihad said it declined to lodge an Expression of Interest (EoI) to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities. Besides, mining and metal baron Anil Agrawal’s family trust Volcan Investments (VI) has withdrawn its expression of interest (EoI) for Jet Airways. Now, EoIs of only two players, Avantulo Group and RA Creator, are left in the fray.
Tata Motors: Global rating agency S&P has removed Tata Motors ratings from CreditWatch list. It also reaffirmed the company’s long-term issuer and issue credit ratings to B+ and kept the outlook negative due to high cash burn at its British arm Jaguar Land Rover, geopolitical risks such as Brexit and the US tariffs, and India's automotive market slowdown. Besides, Tata Motors Jaguar Land Rover (JLR) has reported a 5 per cent increase in total sales at 37,945 units in July as compared with the year-ago period. Sales of Jaguar were at 11,386 units during the month, up 3.6 per cent from the same month last year. Land Rover sales were up 5.6% at 26,559 units. The sales were fuelled by the recovery in the Chinese market as its retail sales in China grew by 40.3% compared to July 2018. JLR sales in China grew by 8.8% and 2.1% in the UK and North American market.
Bharti Airtel: The telecom major on Monday denied news reports that said SoftBank was eyeing stake in Bharti Airtel. Bharati Airtel in a notice to the National Stock Exchange said there is no proposal for sale of a stake in Bharti Airtel either directly or indirectly in the company.
Torrent Pharmaceuticals: Drug firm Torrent Pharmaceuticals said that it has received a communication from the USFDA classifying the inspection conducted as its Indrad facility in April 2019 as Official Action Initiated (OAI).
Indoco Remedies: The company said that its Clinical Research Organisation, Anacipher, Hyderabad had undergone a walk-in surveillance inspection by the USFDA. The inspection concluded successfully without any observations and no form 483 is issued. The clinical research organisation was inspected between August 5-9, 2019.