Stocks in Focus on May 24: Jet Airways, Reliance Capital to Cipla; here are the 5 newsmakers of the day
Stocks in Focus on May 24: The domestic stock markets closed in red on Thursday, May 23, 2019, after reaching the first-ever morning highs.
Stocks in Focus on May 24: The domestic stock markets closed in red on Thursday, May 23, 2019, after reaching the first-ever morning highs. But there were certain stocks that came in news after the market was closed for the day and can impact the indices after they reopen for trading purposes on Friday, May 24, 2019. Here is a list of five such stocks:
Jet Airways: Future of Jet Airways remains in the air as Abu Dhabi-based Etihad Airways and the Hinduja Group have failed to strike a deal.
Reliance Capital/RNAM: Reliance Capital Ltd (RCAP) on Thursday said it has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management Ltd (RNAM). Now, RCAP will receive proceeds of about Rs6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs230 a share, and the simultaneous Offer for Sale (OFS) to other financial investors. The entire proceeds will be utilised to reduce Reliance Capital’s outstanding debt by 33 per cent.
Greaves Cotton: Engineering firm Greaves Cotton has said that it 5.6 per cent equity shares worth Rs240 crore will be bought back. The price of shares will be Rs175 apiece, it said. The buyback is proposed to be made on a proportionate basis under the tender offer route.
Zuari Agro Chemicals: Rating agency ICRA has downgraded the short-term and long-term funds of the company to D from A4 and BB respectively. The agency said the downgrade is on account of the company’s cash credit account remaining over utilised for more than 30 days.
Cipla: The Indian multinational pharmaceutical and biotechnology company has signed an agreement to acquire 26 per cent stake in AMP Solar Power Systems for about Rs13 crore. The commercial operation of the target company will start in May 2020.