Stocks in Focus on July 3: Bharat Financial, Tata Sponge Iron to Adani Power; here are the 5 Newsmakers of the Day
There are certain stocks that made news after the markets were closed for trading and can impact the market after they reopen for trading purposes.
The Sensex and Nifty on July 2, 2019, gained marginally amid mixed cues from global stocks. Sensex at Bombay Stock Exchange climbed 130 points to end at 39,816. Nifty at National Stock Exchange also added 45 points to settle at 11,910. But, there were certain stocks that made news after the markets were closed for trading and can impact the market after they reopen for trading purposes on Wednesday, July 3, 2019. Here is a list of five such stocks:
Bharat Financial: Shares of Bharat Financial Inclusion will turn ex-date on Wednesday for the proposed amalgamation with IndusInd Bank. As per the scheme, the Bank will allot 639 shares to shareholders of Bharat Financial on July 4, 2019, the record date, for every 1,000 shares held in Bharat Financial.
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Fertiliser stocks: Fertiliser stocks will be in focus today because the Chemicals and Fertiliser Minister DV Sadananda Gowda has said that five closed fertiliser plants are being revived at an estimated cost of Rs37,971 crore as the government wants to reduce urea imports.
Tata Communication: Managing Director and Group CEO of Tata Communications Vinod Kumar has resigned from the company on July 2 citing personal reasons.
Tata Sponge Iron: Tata Steel will subscribe up to 90 per cent of the Rs1,650 crore rights issue of Tata Sponge, which opened for subscription on Tuesday and ends on July 16. The company has informed the stock exchanges that its promoter (Tata Steel) has undertaken that it will participate in the rights issue to the extent of 90 per cent of the rights issue, up to Rs1,485 crore.
Adani Power: The Supreme Court of India has allowed cancellation of 1,000-megawatt (MW) power purchase agreement (PPA) between Adani Power (Mundra) Ltd and Gujarat Urja Vikas Nigam Ltd (GUVNL). The apex court has also allowed Adani to seek a compensatory rate for the electricity it had alternatively supplied to Gujarat from its Korba power project in Chhattisgarh.
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