Stocks in Focus on June 27: CCD, Reliance Infra to Novartis; here are 5 Newsmakers of the Day
Coffee Day Enterprises Limited: Reports suggest that the beverage maker Coca-Cola has started preliminary talks for a substantial stake buy in India’s largest coffee chain Café Coffee Day (CCD).
Domestic stock markets on Wednesday, June 26, 2019, closed with gains even as cues from global stocks were weak. However, there were certain stocks that came in news after the market was closed for trading purposes and can impact the market after they reopen on Thursday, June 27, 2019. Here is a list of five such stocks:
Coffee Day Enterprises Limited: Reports suggest that the beverage maker Coca-Cola has started preliminary talks for a substantial stake buy in India’s largest coffee chain Café Coffee Day (CCD). The soft drink giant wants to diversify its portfolio and hedge the risks associated with the exposure to carbonated drinks.
Reliance infrastructure ltd.: Rating firm CARE has downgraded the short-term and long-term credit ratings of Reliance Infrastructure to ‘D’. The rating firm suggests that the Anil Ambani Group company’s debt instruments are either in default or expected to be in default on maturity. It says the company had not cooperated with it in giving disclosures about the status of the company’s debt.
MSTC Limited: The state-owned e-commerce company MSTC has signed an agreement with Kerala State Electricity Board to provide e-procurement services for their solar projects across the state. As part of the agreement, MSTC would be developing an online portal for KSEB.
Greaves Cotton: The Board of Directors have approved the buyback of equity shares of the company and has fixed July 12 as the record date for the share buyback.
Novartis: The pharmaceutical company has won a US federal court order that prevents rival generic makers from selling versions of the drugmaker’s top-selling multiple sclerosis medicine Gilenya in the United States, at least until a patent dispute is resolved. With this order halts companies like Dr Reddy’s Laboratories, Aurobindo Pharma, Mylan Pharmaceuticals and Torrent Pharma among others from selling the medicine any more.
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