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Stocks in Focus on June 6: L&T Tech, Cimmco to DHFL; here are the 5 newsmakers of the day

L&T Technology Services, Cimmco Limited, DHFL, Bharat Forge/Motherson Sumi/Rama Krishna Forgings/GNA Axles and Indoco Remedies are the stocks that are expected to remain in focus of the stock market investors.

Stocks in Focus on June 6: L&T Tech, Cimmco to DHFL; here are the 5 newsmakers of the day
There are certain stocks that came in news after the market was closed yesterday and can impact the indices after it reopens today on Thursday, June 6, 2019. Photo: Reuters
By ZeeBiz WebTeam
Updated: Thu, Jun 06, 2019
08:40 am
New Delhi, ZeeBiz WebDesk
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The markets ended on a lower note on Tuesday, May 4, 2019. Nifty closed down by 66.90 points at 12,021.65 levels while Sensex closed down by 184.08 points at 40,083.54 levels. But there were certain stocks that came in news after the market was closed for trading purposes and can impact the indices after it reopens today on Thursday, June 6, 2019. Here is a list of five such stocks:

L&T Technology Services: The offer-for-sale (OFS) of the L&T Technology Services by Larsen & Turbo will open today, on May 6, 2019, for subscription to the retail investors and non-retail Investors who choose to carry forward their bids. The promoter L&T is selling up to 40.34 lakh shares of L&T Technology. The floor price has been set at Rs1,650 apiece.

Cimmco Limited: Titagarh Wagons Limited (TWL) will be divesting 4.49 per cent stake in its subsidiary Cimmco Ltd in the open market to pave way for the proposed scheme of amalgamation. It will sell offer for sale (OFS) of 12,27,415 equity shares of Rs10 each on June 6, 2019, for non-retail investors only and on June 7, 2019, for Retail Investors and non-Retail Investors who choose to carry forward their unallotted bids. The floor price of the Offer shall be Rs29 per equity share of the Company.

DHFL: Global credit rating majors, CRISIL and ICRA, on Wednesday downgraded the rating on the commercial paper (CP) of Dewan Housing Finance Corp. Ltd’s to default after the home financier missed an interest payment deadline on a set of non-convertible debentures (NCDs). CRISIL has downgraded the commercial paper (CP) of DHFL to D (default) from A4+ and ICRA has cut the ratings to D from A4. DHFL has Rs850 crore of outstanding CPs of which Rs750 crore is due in June. Meanwhile, the RBI is said to have okayed the proposed sale of Avanse Financial Services to Warburg Pincus for Rs 1,000-1,200 crore. 

Bharat Forge/Motherson Sumi/Rama Krishna Forgings/GNA Axles: The stocks of these auto ancillary companies will remain in focus today because the steady fall in US class 8 trucks orders, and it signals that there is a slowdown in the US commercial vehicle (CV) sales. This signals that there can be a slowdown in growth for India’s component makers. 

Indoco Remedies: US Food and Drug Administration (USFDA) concludes inspection of Indocos Sterile facility (Plant-II) in Verna, Goa. The pharma company has received four observations (483s). These observations are procedural in nature, not pertaining to data integrity. The facility manufactures injectable products. The plant was inspected from May 27 to June 4, 2019.