Stocks in Focus on May 29: GAIL, Greaves Cotton to VRL Logistics; here are the 5 newsmakers of the day
Benchmark indices on Tuesday, May 28, 2019, finished at fresh record closing highs in a highly volatile session.
Benchmark indices on Tuesday, May 28, 2019, finished at fresh record closing highs in a highly volatile session. Domestic stocks logged marginal gains amid mixed cues from global share markets. However, there were certain stocks that came in news after the market was closed on the day and can impact the indices after they reopen for trading purposes on Wednesday, May 29, 2019. Here is a list of five such stocks:
GAIL: State-run natural gas transmission company, GAIL, has plans to list its subsidiary GAIL Gas Ltd. For the purpose, the company is aggressively investing in city gas distribution to create volume before it takes the company to the market. The company has planned a capital expenditure of Rs54,000 crore, which it will spend over the next two-three years in laying of the gas pipeline network that will feed households and industries such as fertiliser plants. The Maharatna firm will invest Rs12,000 crore in city gas distribution networks to retail CNG to automobiles and piped natural gas to households in cities like Varanasi, Patna.
Greaves Cotton: The company on Tuesday launched high-speed electric scooter Ampere Zeal that meets the specifications of the FAME (Faster Adoption and Manufacturing of Electric Vehicles in India) II policy of the government. The two-wheeler will cost Rs66,000 post-subsidy. Zeal has a top speed of 55 km/h and a range of 75 km with a charge time of 5.5 hours.
Karur Vysya Bank: The bank has signed a term sheet for a joint venture with Centrum Wealth Management Limited to establish a private limited joint venture company for purposes of providing wealth management services to clients. The bank will hold a 51 per cent share of the JV Company and Centrum will hold 45 per cent of the share. The remaining 4 per cent will be issued to/reserved for the benefit of the employees of the JV company.
Gandhi Special Tubes Ltd.: The Board of Directors of the Company at its Meeting held on May 28, 2019, have approved a buyback proposal of 9,00,000 (nine lakh) fully paid-up equity shares of the company at a price of Rs550 per equity share. The Buy-back offer is 6.51 per cent of the Paid-up Equity Share Capital of the Company.
VRL Logistics: The company on Tuesday informed the stock exchanges that ICRA Limited has upgraded the long-term rating of the Company from [ICRA] A (pronounced as ICRA A) to [ICRA] A+ (pronounced as ICRA A plus). The outlook on the long-term rating is Stable.