Stocks in Focus on July 18: Banks, NMDC to Allahabad Bank; here are the 5 Newsmakers of the Day
IRCON/SAIL/RVNL, NMDC, Torrent Pharmaceuticals and Allahabad Bank are the stocks that are expected to remain in news today.
Key equity benchmarks ended higher for the third consecutive trading session on Wednesday, July 17, 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 Thursday, July 18, 2019. Here is a list of five such stocks:
Public and Private Banks: Both private and public banks will remain in focus today because the Union Cabinet on Wednesday approved seven amendments to the Insolvency and Bankruptcy Code (IBC) 2016. The amendments include a new deadline of 330 days from 270 days for completion of the corporate insolvency resolution process (CIRP). About 30 per cent of the more than 800 ongoing CIRP cases has exceeded the 270-day statutory timeline. An additional 20 per cent has crossed the six-month deadline. Another key amendment is to specify that the bankruptcy resolution or liquidation arrived at under the Code is binding on central, state and local governments, to whom the bankrupt firm may owe dues.
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IRCON/SAIL/RVNL: These companies will remain in focus today because the Cabinet Committee on Economic Affairs (CCEA) has given its approval to construct the New Bongaigaon and Agthori via Rangiya doubling (142.97 km) of Northeast Frontier Railway in Assam with an estimated cost of Rs2042.51 crore. It also approved construction a 3rd railway line between Allahabad - Mughalsarai (now Pt. DeenDayal Upadhyaya Jn.) (150 km) with an estimated cost of Rs2649.44 crore. Similarly, it also approved construction of a new railway line Sahjanwa and Dohrighat (81.17 Km) with an estimated cost of Rs1319.75 crore
National Mineral Development Corporation (NMDC): The state-owned miner, NMDC, on Wednesday said that it will be resuming operations at its Donimalai Iron Ore Mine in Karnataka following the decision from High Court of Karnataka. NMDC in November 2018 suspended the iron ore mining from Donimalai after the state government by its November 2, 2018 order imposed premium equivalent to 80 per cent of the average sale price of iron ore while extending the mining lease for 20 years.
Torrent Pharmaceuticals: Torrent Pharma has received a communication from the USFDA classifying the inspection conducted at its Dahej facility as Official Action Initiated (OAI). The plant was inspected in March 2019.
Allahabad Bank: The public-sector bank (PSB) on Wednesday reported a Rs 688.27 crore fraud related to textile company SEL Manufacturing to the Reserve Bank of India. SEL is non-performing account (NPA) and the matter is before the NCLT.
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