Stocks in Focus on July 15: DHFL, Allahabad Bank to Parag Milk Foods; here are the 5 Newsmakers of the Day
There are certain stocks that came in news after the market was closed for the day on Friday.
Benchmark domestic indices, Sensex and Nifty, closed in red on Friday, July 12, 2019. Both the indices closed on a lower note after declining more than 0.20 per cent. 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 Monday, July 15, 2019. Here is a list of five such stocks:
Dewan Housing Finance Corporation Ltd. (DHFL): Crisis-hit DHFL has reported the financial results of the fourth quarter FY19 that ended on March 31, 2019, and reported a huge standalone net loss of Rs2,223 crore against a net profit of Rs134 crore in the year-ago quarter. The company has already defaulted on payments and its inability to raise funds has raised significant doubt on whether it will continue to operate as a going concern.
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Avenue Supermarkets Ltd (ASL): One of the largest food & grocery retailers in India has declared its financial results for the quarter ended June 30, 2019. Its revenue for the quarter stands at Rs5,815 crore as compared to Rs4,576 crore in the same quarter of the corresponding year. Its EBITDA stood at Rs587 crore as compared to Rs423.4 crore in the corresponding year. The EBITDA margin improved from 9.3 per cent in Q1 FY19 to 10.3 per cent in Q1 FY20.
Allahabad Bank: Headquartered in Kolkata, the state-owned Allahabad Bank, on July 13, 2019, reported a fraud of Rs1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI). The bank in its stock market notification has alleged misappropriation of funds and manipulation in the books of accounts by Bhushan Power & Steel to raise money from a consortium of banks. Allahabad Bank is the second lender after Punjab National Bank (PNB) to report fraud by Bhushan Power & Steel. Earlier this month, PNB reported Rs3,800 crore fraud by the company.
Future Enterprises Limited: The Directorate of Revenue Intelligence (DRI), part of the finance ministry, has arrested Dinesh Maheshwari, executive director and chief financial officer of Future Enterprises Ltd, allegedly on customs fraud charges involving evading customs duty worth Rs14.58 crore. He is accused of flouting import rules that allow duty-free shipments of certain items under a free trade pact with Bangladesh under the South Asian Free Trade Area (SAFTA). The imports were being supplied from other countries like Dubai and Singapore but were directed through Bangladesh and passed off as being of Bangladeshi origin after minimal processing, the finance ministry statement said.
Parag Milk Foods: Rating agency ICRA has upgraded its ratings on the bank facilities of Parag Milk Foods (PMF). ICRA has upgraded the long-term bank facilities of Parag Milk from 'ICRA A' to 'ICRA A+' with a stable outlook. Similarly, its short-term bank facilities have been revised to 'ICRA A1' from 'ICRA A2+'.