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Business News » India News

Stocks in Focus on June 7: Wipro, Indiabulls Real Estate to PSU Companies; here are the 5 newsmakers of the day

Domestic stocks witnessed losses of more than one per cent on Tuesday, May 6, 2019, amid negative cues from the Asian markets.

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Stocks in Focus on June 7: Wipro, Indiabulls Real Estate to PSU Companies; here are the 5 newsmakers of the day
In addition, investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral. Photo: Reuters

Domestic stocks witnessed losses of more than one per cent on Tuesday, May 6, 2019, amid negative cues from the Asian markets. In addition, investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral. On the day, Sensex at Bombay Stock Exchange plunged 484 points to trade below 40,000-mark at 39,599. Nifty at National Stock Exchange also declined 177.90 points to deal under 12,000 level at 11,865. 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 Friday, June 7, 2019. Here is a list of five such stocks:

Wipro: IT services major Wipro said on Thursday that its founder Azim H Premji would retire as the executive chairperson and managing director of the company on July 30, 2019. His son and Chief Strategy Officer Rishad Premji will take over as the executive chairman whereas CEO Abidali Neemuchwala will succeed him as the managing director. However, Premji will remain associated with Wipro as its non-executive director and will remain Chairman of Wipro Enterprises Ltd. and continue to chair the board of Wipro-GE Healthcare. In addition, he will also carry the ornamental title of Founder Chairman. 

Cimmco Ltd: The offer-for-sale (OFS) of the Cimmco Ltd by Titagarh Wagons Limited (TWL) will open for subscription to the retail investors and non-retail investors who choose to carry forward their unallotted bids today, on June 7, 2019. TWL will be divesting 4.49 per cent stake in its subsidiary Cimmco Ltd in the open market to pave way for the proposed merger. The floor price of the Offer shall be Rs29 per equity share of the Company. 

Indiabulls Real Estate (IBREL): Indiabulls Group is set to exit the real estate business with the sale of its co-founder and chairman Sameer Gehlaut’s 39.5 per cent stake to US-based private equity firm Blackstone Group Lp and Bengaluru-based property developer and its local partner Embassy Group. The Blackstone-Embassy joint venture will buy promoter Gehlaut’s stake in IBREL for around Rs2,700 crore at an equity valuation of Rs7,000 crore. It will exit the real estate business with a sole motto of focusing entirely on financial services as it seeks to merge with Lakshmi Vilas Bank. 

Fortis Healthcare/SRL Diagnostics: Three PE firms are expected to sell their combined holding of 31.5 per cent of SRL Diagnostics, a subsidiary of Fortis Healthcare, by September end. This combined holding can be sold at Rs1,250 crore. Three PE firms are NY Jacob Ballas, Siguler Guff & Co and International Finance Corporation. 

PSU Companies: PSU companies like NTPC, SAIL, Cement Corporation of India, and BEML among others will remain in focus today because NITI Aayog has shortlisted more than 50 assets including land and industrial plants of these state-owned enterprises for monetisation. Thus, these assets could be put on the block.

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TAGS:
SensexNiftyDALAL STREETBSEMarkets
Written By: ZeeBiz WebTeam
Updated: Fri, Jun 07, 2019
08:27 am
New Delhi, ZeeBiz WebDesk
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