Stocks in Focus on July 4: Cox & Kings, Wockhardt to McLeod Russel; 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.
Domestic equity benchmarks Sensex and Nifty on Wednesday, July 3, 2019, ended marginally higher after a volatile session as investors looked ahead to the Union Budget for further cues. 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 Thursday, July 4, 2019.
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Here is a list of five such stocks:
Cox & Kings: The travel and tour company, Cox and Kings, defaulted on another commercial paper in a week - default amounts Rs150 crore and Rs50 crore. This comes after its first default of Rs150 crore on June 27 as it was able to make payments of only Rs50 crore, out of the total requirement of Rs200 crore.
Wockhardt Ltd: Wockhardt, one of India’s oldest drugmaker, has plans of selling a substantial stake of its domestic formulation business. For the purpose, the drug maker has started talks with Apax Partners, Blackstone, Carlyle and KKR. The deal is valued around Rs4,500 crore.
McLeod Russel India Limited (MRIL): ICRA has downgraded the long-term rating of McLeod Russel to D from B- and the short-term rating has also been downgraded to D from A4. The rating downgrade comes on the back of the recent delays by the company in meeting debt obligations.
Uniply Industries Ltd.: Kuwait-based Markab Capital has announced that it is buying the controlling stakes in Uniply Industries, a public. Markab has said that it has signed a deal to acquire 20.7% from incumbent promoters of Uniply at Rs82 per share. The share purchase agreement valued the company upwards of Rs1550 crores. Uniply Industries is a public-listed architectural and design solutions provider.
Indian Hume Pipe Co. Ltd.: The Rating agency CARE has revised long-term bank facilities rating of the company to A from A+ with a stable outlook. The short-term bank facilities ratings to A1 from A1+ with a stable outlook.
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