Stocks in Focus on July 30: Sasken Technologies, Muthoot Finance to PNB Housing; Here are 5 newsmakers of the Day
Indian domestic markets edged lower on Monday, July 29, 2019, and closed in Red amid negative Asian cues as investors awaited the resumption of US-China negotiations this week with low expectations for a breakthrough.
Indian domestic markets edged lower on Monday, July 29, 2019, and closed in Red amid negative Asian cues as investors awaited the resumption of US-China negotiations this week with low expectations for a breakthrough. 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 Tuesday, July 30, 2019. Here is a list of five such stocks:
Sasken Technologies: Sasken has written to the market regulator SEBI for guidance on the additional tax of 20 per cent, which was slapped on buy-back of the shares of the listed companies through Finance Bill, 2019, which was introduced in Lok Sabha on July 5, 2019. The board of the company, earlier on June 20, 2019, approved and fixed buyback of fully paid-up equity shares up to 20,59,243 and fixed the buyback price of Rs825 per shares. The proposal was approved before the Finance Bill was introduced in Parliament.
Muthoot Finance: Gold loan major Muthoot Finance has issued clarification news that says the company has halted gold loan processing and disbursal in several branches. In its statement, the company has said the Gold prices have seen a huge spike in the last two months and is on a record high as on date. During the last one month, we have been moderating our gold loan advances by reducing the Maximum Loan to Value (LTV) to 70% of the gold price as against the RBI norms of up to 75%.
Insecticides India: Shares of Insecticides India will remain in focus today because the company has received a patent from the government of India for an insecticidal combination and process thereof which covers suspension concentrate formulation comprising Buprofezin and Fipronil. The combination is sold by Insecticides India under the brand Aikido. The patent of the concentrate will remain in force for 20 years, starting December 2, 2014.
Strides Pharma Science Limited: Strides Pharma Global, Singapore (SPG), a step-down subsidiary of the company has entered into a joint venture with Sun Moral International, a wholly-owned subsidiary of China's Sihuan Pharmaceutical Holdings Group, one of Chinas leading pharmaceutical companies. The new JV company based in Hong Kong to be christened as Sihuan Strides HK. SPG will own a 49 per cent stake in this company. Strides will license four products immediately to this JV with an option to expand the portfolio subsequently.
PNB Housing Finance: The company on Monday said that it has raised $100 million (around ₹690 crore) from International Finance Corporation (IFC), a member of the World Bank Group. The fund will be used to finance the purchase of affordable housing projects.
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