Stocks in Focus on March 30: MCX, Delta Corp to Lupin; here are the 5 Newsmakers of the Day
Delta Corp, Sun Pharmaceuticals, Muthoot Finance Limited, Lupin and Manappuram Finance Limited are expected to remain newsmakers throughout the intraday trade session today
At the stock markets, the Sensex at the Bombay Stock Exchange dropped 131 points, or 0.4 per cent, to end at 29,816, on Friday, March 27, 2020. But the Nifty at the National Stock exchange gained 19 points, or 0.22 per cent, to 8,660. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Monday, March 30, 2020. List of such five stocks:
MCX: The Multi Commodity Exchange of India (MCX) has decided to reduce the trading to eight hours a day from March 30 to April 14, 2020, in wake of coronavirus lockdown. The new timing will be from 9 am to 5 pm.
Delta Corp: Company on Saturday said its board has approved a proposal to buyback shares worth up to Rs 125 crore at a price not exceeding Rs 100 per share. The indicative maximum number of equity shares bought back would be 1.25 crore equity shares, comprising approximately 4.61% of the total paid-up equity share capital of the company, as of 31 December 2019, on a standalone basis.
Sun Pharmaceuticals: The drug major on Sunday said, its Halol facility in Gujarat has been classified as 'Official Action Indicated' (OAI) by the United States Food and Drugs Administration (USFDA) after a December 2019 inspection. OAI means that pending product approval from the facility could be withheld by the regulator. USFDA had inspected the facility from December 03-13, 2019. Besides, the company has also committed that it will donate Rs 25 crore worth of Hydroxychloroquine (HCQS), Azithromycin, other related drugs and hand sanitisers to support India's fight against coronavirus pandemic.
Rating Action: Certain stocks will be in focus today due to the action that taken either in favour of or against by different rating agencies. Here is the list
Muthoot Finance Limited: Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Muthoot Finance Limited (MFL) to 'BB' (Rating Watch Negative) from 'BB+' (Rating Outlook Stable).
Ratings on the MTN programmes and foreign-currency senior debt stands revised from 'BB+' to 'BB'. The downgrade and RWN reflect the weakening operating environment and the related operational challenges.
Spicejet: Rating agency CRISIL has downgraded the rating for Spicejet’s short term loans from "BB-" to "B" on the significant deterioration of business risk profile. It has also cut the outlook in rating from "positive" to "negative". The rating actions on Spicejet are triggered by discontinuation of international operations till April 30, 2020, and suspension of domestic flights till March 31, 2020, trigged by Covid-19 outbreak.
Manappuram Finance Limited: Fitch has placed the 'BB-' Long-Term Issuer Default Ratings (IDR) of Manappuram Finance Limited (MFIN) on Rating Watch Negative (RWN).
Shriram Transport Finance Company Limited: Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance Company Limited (STFC) to 'BB' (Rating Watch Negative) from 'BB+' (Stable ).
Motherson Sumi Systems Limited: Moody's Investors Service has assigned Ba1 corporate family rating (CFR) to Motherson Sumi Systems Limited. Further, the outlook has been revised to "rating under review" from "negative".
See Zee Business Live TV Streaming Below:
Lupin: Lupin and Mylan N. V. on Friday, March 27, 2020, announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the approval of Nepexto, a biosimilar to Enbrel (etanercept), for all indications of the reference product including rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, axial spondyloarthritis (including ankylosing spondylitis and non-radiographic axial spondyloarthritis), plaque psoriasis and paediatric plaque psoriasis.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.