Stocks in Focus on July 31: CCD, RBL Bank to Alkem Lab; Here are 5 Newsmakers of the Day
Key equity benchmarks on Tuesday, July 30, 2019, extended losses for second straight session amid broad-based selling pressure.
Key equity benchmarks on Tuesday, July 30, 2019, extended losses for second straight session amid broad-based selling pressure. However, certain stocks came in news after the markets were closed for the trading purposes and can have an impact on the indices after the market is opened for trading purposes on Wednesday, July 31, 2019. Here is a list of five such stocks:
Cafe Coffee Day Enterprises Ltd (CCD): The board of directors who held an emergency meeting on Tuesday after sudden disappearance of VG Siddhartha, the promoter and Chairman and Managing Director of the company, has said, the board is confident that the professional management of the Company and each of the entities in the Coffee Day Group and their respective leadership team, will ensure continuity of all business operations consistent with past behaviour. In the interim, the Board is evaluating and assessing the situation, formulating appropriate steps to ensure business operations are unaffected, and has resolved to co-operate with authorities. The company will continue its talk for partnership in the business with international players like Coke & ITC. The present value of the brand is around Rs7,000-8,000 crore.
Dewan Housing Finance Corporation (DHFL): The cash-strapped DHFL on Tuesday said it has defaulted on five-year secured non-convertible debentures (NCDs) carrying 9.32 per cent coupon. The current default amount was Rs25.06 crore towards interest on the aforesaid NCDs.
RBL Bank: The commercial bank on Tuesday issued a clarification on its exposure to V. G. Siddhartha group company and said, “RBL Bank has exposures to certain operating entities of the Coffee Day Group in the logistics, coffee and real estate businesses. The credit facilities that are largely working capital in nature, are secured by primary securities, as well as some collaterals of land and marketable securities. All the loan accounts are standard and performing.
Alkem Laboratories: US FDA has issued an Establishment Inspection Report (EIR) for the company’s manufacturing facility located at Baddi, Himachal Pradesh, which was inspected from May 13-17, 2019. In response to the Form 483 issued by the US FDA containing four observations, the Company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines. The inspection has now been closed by the US FDA. US FDA had issued 4 observations to Baddi unit in May.
Jet Airways: The committee of creditors (CoC) of the non-functional Jet Airways (India) Ltd on Tuesday said that it will meet on August 1, 2019, to discuss on various issues related to insolvency proceedings of the grounded airline.
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