Stocks in Focus on January 23: ITI, Cipla to Telecom shares; here are expected 5 Newsmakers of the Day
Cipla, ITI, CPSE ETF, GHCL and telecom stocks are expected to remain newsmakers throughout the intraday trade session.
The domestic stock markets on Wednesday, January 22, 2020, extended losses for the third day amid selling pressure in large caps. Investors also turned cautious ahead of the Union Budget on 1 February 2020. But certain stocks made news after the market was closed and can make an impact on the indices when it reopens on Thursday, January 23, 2020. Here is a list of five such stocks:
Telecom Companies: The deadline for payment of Rs 1.02 lakh crore of statutory dues is today. As per the SC order of October 24, incumbent telecom companies -- Airtel, Vodafone Idea and Tata Teleservices -- will have to pay the AGR dues by January 23 irrespective of their modification plea, which is currently listed for hearing in the apex court next week.
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GHCL: The board of GHCL will meet today to consider and evaluate a proposal for buyback of equity shares of the company and matters incidental thereto. It will also decide on quarterly results.
CPSE ETF: Changes in the Central Public Sector Enterprises (CPSE) ETF will become effective from January 24, 2020 (close of January 23, 2020). Under the change, Indian Oil (IOC) and Power Finance Corp (PFC) will also be excluded from the CPSE Index, while Cochin Ship, NHPC, NMDC and Power Grid will be included in the index.
Cipla: Drug firm Cipla on Wednesday said it has received observations from the United States Food and Drug Administration (USFDA) for its Goa manufacturing facility. The manufacturing facility at Goa was inspected between September 16-27, 2019, as Official Action Indicated (OAI). The company in its exchange filing said, "The company does not believe that this will have any material impact on the US business at this stage."
ITI Limited: Government-owned Telecommunications Technology Company, ITI Limited, on Wednesday announced the price band of Rs72-77 for its Further Public Offering (“FPO”), which will open on January 24, 2020, and close on January 28, 2020. The FPO comprises a fresh issue of up to 18 crore equity shares. Besides, an additional issue constituting up to 18 lakh shares will be reserved for employees. Proceeds of the issue will be utilised towards working capital requirements, repayment of loan taken by the company and for general corporate purposes. Zee Business had exclusively reported first on ITI FPO before Budget
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