Stocks in Focus on June 21: Wipro, Jet Airways to MSTC; here are the 5 newsmakers of the day
There were stocks that came in news after the markets were closed from trading and can influence the indices after they are reopened for trading purposes.
Equity benchmark Sensex on Thursday, June 20, 2019, closed with gain for the third session in a row. Nifty also rose amid positive cues from global markets. Both indices surged more than one per cent. Sensex at Bombay Stock Exchange climbed 489 points or 1.25 per cent to trade at 39,602. Nifty at National Stock Exchange also added 140 points or 1.2 per cent to 11,832. However, there were stocks that came in news after the markets were closed from trading and can influence the indices after they are reopened for trading purposes on Friday, June 21, 2019. Here is a list of five such stocks:
Wipro Ltd: Today is the record date for the proposed Rs10,500 buyback of 32.3 crore shares, representing 5.35 per cent of its total paid-up equity capital at Rs325 a share, of the IT major. The tender route will be adopted for the buyback.
Tata Motors: The global rating agency, Moody’s Investors Service, on Thursday downgraded Tata Motors Ltd.'s corporate family rating (CFR) and senior unsecured instruments rating citing sustained deterioration in the company's credit profile due to Jaguar Land Rover Plc 's weak performance. The rating has been downgraded to Ba3 from Ba2. Both Ba3 and Ba2 ratings are considered to have speculative elements and significant credit risk. The outlook on Tata Motors remains negative.
Jet Airways: The National Company Law Tribunal (NCLT) on Thursday admitted the insolvency plea by State Bank of India against Jet Airways, which was filed earlier on Tuesday this week. Terming the matter as “national importance” the bankruptcy tribunal order a resolution as per the provisions of the Insolvency and Bankruptcy Act within three months. In addition, the bank had also recommended Ashish Chhawchharia of Grant Thornton as Interim Resolution Professional (IRP). The Mumbai bench of NCLT has asked the IRP to take control of the carrier’s assets and asked it to submit a status report on the resolution process every fortnight. The first status report is to be submitted on July 5, 2019.
Sundaram Finance Ltd. (SFL): The non-banking finance company Sundaram Finance has entered into an agreement with its partner BNP Paribas Personal Finance to acquire entire stakes (49.9%) held by the latter in their joint venture Sundaram BNP Paribas Home Finance Ltd (SBPHFL) for a total consideration of around Rs1,000 crore.
MSTC Limited: The company on Thursday informed that the government of Odisha has appointed MSTC Limited for sale of scrap, unserviceable/condemned/obsolete material including e-waste, store (Ferrous and Non-ferrous), plant and machinery, condemned vehicles and any other item for disposal through forward-auction of MSTC E-commerce platform. It will also be selling products like Ores and Minerals, forest produce, Agricultural produce etc. through MSTC E-commerce platform
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