Stocks in Focus on August 16: Indiabulls Housing, Tata Motors to Titagarh Wagons; here are the 5 Newsmakers of the Day
Certain stocks that came in news after the markets were closed on Wednesday and can play an important role in driving the market on Friday.
The domestic equity markets, Sensex and Nifty, closed on a higher note on Wednesday, August 14, 2019. Sensex at the Bombay Stock Exchange (BSE) gained 353.37 points or 0.96% to settle at 37,311.53 while Nifty at the National Stock Exchange (NSE) rose 103.55 points or 0.95% and closed at 11,029.40. However, there were certain stocks that came in news after the markets were closed for trading purposes and can play an important role in driving the market on Friday, August 16, 2019. Here is a list of five such stocks:
Indiabulls Housing Finance: Moody's on Wednesday downgraded long term corporate family rating of Indiabulls Housing Finance's (IBH) to Ba2 from Ba1 citing renewed pressure on the cost and availability of funds. It also changed its outlook on the housing financier from “stable” to “negative”. It also said that since the rating is on a negative outlook, it doesn't expect the rating to go up over the next 12-18 months.
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Tata Motors: CRISIL on Wednesday downgraded Tata Motors rating to AA- from AA on a weakening of outlook on the business risk profile of Jaguar Land Rover (JLR). The outlook has been kept negative.
Indiabulls Real Estate: The company on Wednesday said it will sell its commercial assets for up to Rs 4,800 crore. The funds will be used to become debt-free by this fiscal year. The company's board has authorized the company to be debt-free in this fiscal through strategic divestment of its stakes in commercial and leasing business assets to any third party investor/internationally renowned private equity players at an expected equity valuation of around Rs 4,400 crore–4,800 crore.
Yes Bank: The private sector lender has raised Rs 1,930 crore through qualified institutional placement (QIP). The issue price was fixed at Rs 83.55 apiece and a little over two million fresh shares were issued.
Titagarh Wagons: Kolkata-based wagon manufacturer Titagarh Wagons on Thursday announced that its wholly-owned subsidiary, Titagarh Firema SpA ('TFA'), has emerged as the lowest bidder in the tender issued by Maharashtra Metro Rail Corporation Limited for 'design, manufacture, supply, testing, commissioning of passenger rolling stock (Electrical Multiple Units) and training of personnel' for Pune Metro Rail Project. It said, the order valued at approximately Rs1,125 crore is likely to be issued in the next few days and more details would be intimated by the Company upon receipt of the formal order.