Stocks in Focus on June 19: Jain Irrigation, NMDC to PNB; here are the 5 newsmakers of the day
There were certain stocks that came in news after the market was closed from trading on Tuesday and can influence the market after it reopens today.
It was a roller-coaster ride for the markets which ended on a positive note on Tuesday, June 18, 2019. But there were certain stocks that came in news after the market was closed from trading on Tuesday and can influence the market after it reopens for trading purposes on Wednesday, June 19, 2019. Here is a list of five such stocks:
Jain Irrigation Systems Limited: India Ratings and Research (Ind-Ra) has downgraded Jain Irrigation Systems Limited’s (JISL) Long-Term Issuer Rating to ‘IND BBB’. The Outlook is Watch Negative.
Canara Bank: The Board of Directors of the Bank on June 18, 2019, permitted to initiate the process of stake sale in part/full in M/s Can Fin Homes Ltd. (CFHL), as per the Disinvestment Policy of the Bank. The said permission is subject to disinvest at an appropriate time depending on the market conditions and available options. Canara Bank holds a 29.99% stake in the publicly listed home finance company.
National Mineral Development Corporation (NMDC): The state-controlled mineral producer has reported details of the production of iron production Iron Ore (Provisional) up to the month of May 2019. It produced 30 lakh tonnes of iron in May 2019 against 21 lakh tonnes in the same month of the corresponding year. It sold 33 lakh tonnes in the month of May 2019 against 23 lakh tonnes sold in May 2018.
Punjab National Bank (PNB): India Ratings and Research (Ind-Ra) has downgraded PNB’s additional tier I (AT1) perpetual bonds of Rs6,750-Crore Bonds by one notch to A/negative outlook from A+/negative. The Outlook is Negative.
Banking Stocks: Banking stocks will be in focus today because RBI panel on MSMEs headed by former SEBI Chairman UK Sinha has submitted its report and has recommended doubling the cap on collateral-free loans to Rs20 lakh from the current Rs10 lakh now. This will be extended to borrowers falling under the to Micro Units Development and Refinance Agency (Mudra) and Self-Help Groups (SHGs) and MSMEs.