Stocks in Focus on May 13: Tata Steel, PC Jeweller and L&T Financial Services; here are the 5 newsmakers of the day
Falling for the eight-straight day, domestic stocks logged losses on Friday, May 10, 2019. Benchmark indices fell marginally amid uncertainty over US-China trade deal and continued foreign fund outflow.
Falling for the eight-straight day, domestic stocks logged losses on Friday, May 10, 2019. Benchmark indices fell marginally amid uncertainty over US-China trade deal and continued foreign fund outflow. But, there were certain stocks that came in news after the market was closed for trading on the day and can impact the market after it reopens on Monday, May 13, 2019.Here is the list of five stocks:
Tata Steel: Giving a serious blow to Tata Steel, India’s largest steelmakers, plans to stabilise its operation Europe, the European Commission on Friday blocked the proposed joint venture between Tata Steel and German conglomerate ThyssenKrupp. This merger would have given birth to the second biggest steel company in the continent after ArcelorMittal.
PC Jeweller: The Board of Directors of PC Jeweller in its meeting held on May 11, 2109, approved the scheme of arrangement for demerger of the export division of the company and subsequent amalgamation of the same with its wholly owned subsidiary company, PCJ Gems & Jewellery Limited.
Torrent Pharmaceuticals: The drug major Torrent Pharma Inc is recalling over 8.82 lakh bottles of Losartan Potassium tablets from the US and Puerto Rico markets because of deviations from the current good manufacturing norms, according to a report of the US health regulator. These tablets are used for the treatment of hypertension.
GAIL: The state-owned natural gas transmission company on Friday said that it has awarded contracts worth Rs10,500 crore to speed up the completion of the Jagdishpur-Haldia & Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) and the Barauni-Guwahati Pipeline (BGPL) pipeline. All contracts belong to the ambitious Pradhan Mantri Urja Ganga (PMUG) natural gas pipeline project.
L&T Financial Services: The Committee of Directors of the Company was held on Saturday, May 11, 2019, to approve the offer and issuance of Cumulative Compulsorily Redeemable Non-Convertible Preference Shares ("CRPS") for an amount of up to Rs195 crore on a private placement basis.