Stocks in Focus on July 17: DHFL, Jet Airways to ONGC; here are the 5 Newsmakers of the Day
Multi Commodity Exchange (MCX), DHFL, Jet Airways, ONGC/OIL/Vedanta, Cox and Kings are the stocks that are expected to remain in focus on July 17.
Key domestic indices, Sensex and Nifty, closed higher by around 0.60 per cent on Tuesday, July 16, 2019. However, certain stocks 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 17, 2019. Here is a list of five such stocks:
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Multi Commodity Exchange (MCX): The exchange has reported its financial results for the quarter ended on June 30, 2019, and reported 30% increase in its total income which stands at Rs110.84 crore against Rs85.43 crore of the same quarter of the corresponding year. The net profit of the exchange surged to Rs43.70 crore from Rs7.33 crore in the corresponding period of last fiscal.
Dewan Housing Finance Corporation Ltd. (DHFL): Published reports suggest that the lenders of India’s Dewan Housing Finance are ready to accept limited haircuts as part of a debt restructuring plan that is being worked out for the troubled firm. Besides, AION Capital, a private equity firm, is not keen on picking up an equity stake in the firm. It is just interested in buying the retail loan portfolio of the company. AION Capital is a joint venture between Apollo Global Management and ICICI Venture.
Jet Airways: Lenders of the cash strapped Jet Airways are expected to float expression of interest for the airline by July 20 or early next week. The lenders will vote to decide who all can bid for the airline, which had suspended operations in April 2019. The e-voting should be over by Thursday or Friday. Besides, the lenders will also vote separately on whether to make SBI Capital Markets as an advisor for the sale of assets of Jet Airways.
ONGC/OIL/Vedanta: State-owned ONGC, Oil India Ltd and private sector Vedanta Ltd who are the winners of the Open Acreage Licensing Policy (OALP) Round II and III, which closed earlier this year, have signed exploration and production contracts with the government at a function on July 16, 2019. Oil India Ltd signed up for the 12 out of 32 oil and gas exploration blocks, Vedanta Ltd signed 10 and Oil and Natural Gas Corp (ONGC) got eight blocks. Oil Minister Dharmendra Pradhan said more production of oil and gas is a priority of Modi-2.0 as it looks to meet its rising energy demand of the fast-growing economy.
Cox & Kings: The travel company has defaulted on Rs45-crore commercial paper and interest payment on non-convertible debentures.