Stocks in Focus on July 10: Indigo, BHEL to KRBL; here are the 5 Newsmakers of the Day
There are certain stocks that came in news after the market was closed on Tuesday. These stocks can have an impact on the indices after the market is opened pn Wednesday.
Market ends flat after a volatile session on Tuesday, July 9, 2019. Sensex gains 10 points and Nifty lost three points to end at 11,555.90. However, there were certain stocks that came in news after the market was closed for the day. These stocks can have an impact on the indices after the market is opened for trading purposes on Wednesday, July 10, 2019. Here is a list of five such stocks:
Indigo: Rakesh Gangwal, the co-owner of India’s largest airline, Indigo, on July 9, 2019, approached the markets regulator SEBI to curb alleged governance violations by the other co-owner Rahul Bhatia. In a letter to SEBI chairman Ajay Tyagi, Gangwal has alleged several violations including the company’s participation in objectionable related-party transactions (RPTs) and appointment of senior management personnel, directors and the chairman. Bhatia, through his Interglobe Enterprises (IGE), has 38% shareholding in InterGlobe Aviation Limited, IndiGo’s parent company, while Gangwal holds 37% share in the company. Following Gangwal’s letter, Sebi has asked the airline to respond by 19 July.
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Container Corporation of India (CONCOR) and Bharat Heavy Electricals Ltd (BHEL): The two companies have signed MoU (memorandum of undertaking) to set up rail-based logistics terminal in Haridwar, Uttarakhand.
KRBL: ICRA has revised the rating for bank facilities of the company. The Long term has been revised to AA- from AA (Stable). The ratings were downgraded after the Enforcement Directorate (ED) on July 4, 2019, attached assets worth Rs15 crore of the company in connection with 2008 Embraer deal case. KRBL is the manufacturer of India Gate Basmati Rice.
REC Ltd: Board of Directors of the state-owned REC is scheduled to meet today to consider a proposal to raise Rs75,000 crore through bonds or debentures on a private placement basis in one or two tranches.
Adani Ports and Special Economic Zone (APSEZ): The company has said that its board of directors will be held on July 12, 2019, to consider raising funds up to $70 crore by way of issuance of dollar-denominated foreign currency bonds. The bonds may be issued in various tranches.
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