Stocks in Focus on June 14: Adani Gas, Wockhardt to Union Bank; here are the 5 newsmakers of the day
There were certain stocks that came in news after the market was closed yesterday and can impact the indices once they reopen for trading purposes today.
After witnessing a divergent trend, the domestic stocks ended on a flat note on June 13, 2019. The barometer index, BSE Sensex, settled with marginal losses of 15.45 points while Nifty 50 registered small gains and rose 7.85 points. But, there were certain stocks that came in news after the market was closed for trading and can impact the indices once they reopen for trading purposes today, on June 14, 2019. Here is a list of five such stocks:
Adani Gas: French energy giant Total SA is close to acquiring a 30 per cent stake in Indian gas distribution company Adani Gas for over $800 million or upwards of Rs5,500 crore. The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company.
HDFC/Gruh Finance: India’s largest mortgage lender HDFC is likely to sell/offload 4.2 per cent stake in Gruh Finance on June 14, 2019, to comply with a requirement by the Reserve Bank of India (RBI) to facilitate the latter’s merger with Bandhan Bank. The stake sale may be done at a floor price of Rs290 per share. RBI has directed the Corporation to hold 9.9 per cent or less in Bandhan Bank post the merger.
Wockhardt: The Pharmaceutical company on Thursday said that it has received zero observations from the US health regulator after inspection of its bioequivalence centre at Aurangabad in Maharashtra. The company has said that the United States Food and Drug Administration (USFDA) carried out the inspection on June 10 and 12. It also added that this outcome would lead to approvals of abbreviated new drug applications (ANDAs) in the pipeline for which bioequivalence studies are being or will be done in the centre.
Indiabulls Real Estate (IBREL): The Income Tax Settlement Commission, a quasi-judicial body to settle tax liabilities, has asked Indiabulls Real Estate to pay Rs300 crore, as tax and interest charges, on undisclosed income. This undisclosed income was detected during a probe by the income tax department initiated in 2016. While the company had admitted to not disclosing income to the tune of Rs400 crore, the Settlement Commission has found another Rs405 crore in its own probe.
Union Bank of India: The bank has executed an agreement of sale of 10 lakh equity shares of Rs100 per share of National Payments Corporation of India (NPCI) at Rs740 per share resulting in cash consideration of Rs74 crore, subject to requisite approvals and charter documents of the NPCI.