Stocks in Focus on August 8: Maruti, Sical Logistics to Phoenix Mills; here are the 5 Newsmakers of the Day
Certain stocks came in news after the markets were closed yesterday and can have an impact on the indices after it opens today.
Key equity benchmarks ended the volatile session with steep losses on Wednesday, August 7, 2019. Weakness in the metal, auto and banking stocks dragged the indices lower. 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 Thursday, August 8, 2019. Here is a list of five such stocks:
MSCI Changes: HDFC Life will be included in MSCI Index in the upcoming rebalancing scheduled on August 27, 2019. However, Union Bank will get out from the index.
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Maruti Suzuki India Limited: Country's largest carmaker Maruti Suzuki India cut its production in July 2019 by 25.15 per cent, making it the sixth month in a row when the carmaker has reduced its output. The company produced 1.33 lakh units in July compared with 1.78 lakh units in the year-ago month.
Sical Logistics: The Credit Rating Agency ICRA has revised the company’s ratings long and short-term loan facilities to ICRA BB+ from ICRA BBB.
Piramal Enterprises: PE funds has placed initial bid to buy around 30% in Shriram Capital as existing investors Piramal Enterprises seek to exit the Chennai-based financial services firm. The deal, if successful, peg around Rs6,000 crore to Piramal.
Phoenix Mills: Company’s board has approved the scheme of amalgamation of Phoenix Hospitality Company Private Limited, a subsidiary of the Company, with the Company.