Stocks in Focus on June 18: Jet Airways, McLeod Russel to Biocon; here are the 5 newsmakers of the day
There are certain stocks that came in news after the market was closed from trading on Monday and can impact after it reopens for trading purposes.
The domestic market witnessed a steep correction on Monday, June 17, 2019, after India imposed additional tariffs on US goods. Nifty lost 151.15 points, 1.28%, to close at 11,672.15 while BSE Sensex dropped by 491.28 points, 1.25%, to settle at 38,960.79. But there were certain stocks that came in news after the market was closed from trading on Monday and can impact after it reopens for trading purposes on Tuesday, June 18, 2019. Here is a list of five such stocks:
Jet Airways: After failing in their efforts to find a buyer for Jet Airways, lenders led by State Bank of India of the embattled Jet Airways airline have decided to take it to National Company Law Tribunal (NCLT). SBI had received only a conditional bid, which was subject to lenders arranging for regulatory exemption on an open offer.
Bajaj Holdings & Investment Ltd/Maharashtra Scooters: Western Maharashtra Development Corporation (WMDC) Ltd on June 17, 2019, transferred its 27 per cent stake/shareholding in Maharashtra Scooters Limited (MSL) to Bajaj Holdings & Investment Ltd (BHIL). With this stake transfer, BHIL holds 51 per cent shareholding in MSL. Hence, MSL becomes a subsidiary of BHIL now.
McLeod Russel: ICRA limited on June 17, 2019, downgraded the credit rating for the long-term borrowing program of the company and the short-term rating. The ratings for bank facilities to ICRA B- from ICRA BBB-. ICRA has also moved the ratings to the 'Issuer Not Cooperating' category due to non-submission of monthly 'No Default Statement' ("NOS") by the entity.
Indigo: The airline, operated by InterGlobe Aviation Ltd, on Monday said that it is ordering jet engines worth $20 billion (about Rs14,0000 crore) from CFM International to power 280 Airbus A320new and A321neo aircraft operated by it.
Biocon Limited: The Board of Directors of Biocon Limited at its meeting held on June 17, 2019, considered and approved the sale of Branded Formulations India (BFI) Business of the Company on a going concern basis to Biocon Biologics India Limited (BBIL), a wholly owned subsidiary, for Rs45 crore. The company has fixed July 1, 2019, as the expected date of completion of the sale. Inter-segment revenue from the said undertaking during FY 2018-19 was approximately Rs489 Crores, which is 17% of revenue from operations of the Company for FY19.