Stocks in Focus on June 4: WIPRO, L&T Tech Services to Titan; here are the 5 newsmakers of the day
Indian stocks market, Sensex and Nifty, closed after reaching the all-time highs as strong buying demand in index pivotals triggered a sharp rally on the bourses on Monday, June 3, 3019.
Indian stocks market, Sensex and Nifty, closed after reaching the all-time highs as strong buying demand in index pivotals triggered a sharp rally on the bourses on Monday, June 3, 3019. But, there were certain stocks that came in news after the market was closed on the day and can impact the indices after it reopens on Tuesday, June 4, 2019. Here is a list of five such stocks:
Wipro: The company has fixed June 21, 2019, as the record date for determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback. The Board of Directors of Wipro Ltd had earlier approved the buyback of equity shares by the Company and the shareholders have also approved the buyback of equity shares by the Company.
L&T Technology Services: The offer-for-sale (OFS) of the L&T Technology Services by Larsen & Turbo will open for subscription to the public today on June 4, 2019, and on June 6, 2019, for retail investors and non-retail investors who choose to carry forward their unallocated bids. Under the OFS, L&T plans to sell up to 40.34 lakh shares of L&T Technology, representing 3.88 per cent of the total paid-up equity share capital of the latter. The floor price has been fixed at Rs1,650 apiece.
ICICI Bank/Axis Bank: Global rating agency on Monday downgraded ICICI Bank and Axis Bank’s Long-Term Issuer Default Ration (IDR) from 'BBB-' to 'BB+' and Viability Rating from 'bbb-' to 'bb+'. The Outlook on the IDR is Stable. The agency, however, affirmed both the banks Support Rating and Support Rating Floor at '3' and 'BB+', respectively. The action was taken as the sector is still struggling with poor asset quality and weak core capitalization
GE Power India: The company on Monday said that it has bagged a contract worth Rs738 crore from Aravali Power Company Private Limited. The contract includes design, engineering, civil work, supply, erection and commissioning of the wet Flue Gas Desulphurisation (FGD) systems along with auxiliaries like limestone and gypsum handling system and wet stack on full turnkey basis.
Titan: Brickwork Ratings India in its latest ratings has assigned AAA rating with Stable outlook for proposed cash credit of Rs1,000 crore and A1+ rating for the gold metal loan of Rs4000 crores.