Stocks in Focus on May 9: Jet Airways, Hindalco to Vodafone-Idea; here are the 5 newsmakers of the day
Falling for the sixth straight day, domestic stock markets closed lower on Wednesday, May 8. Here are the top stock market picks that the market experts bet upon.
Falling for the sixth straight day, the domestic stock markets closed in a red on Wednesday, May 8, 2019. On the day, the Sensex at the Bombay Stock Exchange plummeted 487.50 points to close at 37,789.13, while Nifty at the National Stock Exchange plunged 138.45 points to 11,359.45. However, there were certain stocks that came in news after the market was off for trading purposes for the day and can impact the market after it reopens on Thursday, May 9, 2019. Here is the list of five stocks:
Jet Airways: There is a buzz that Jet's strategic partner and Abu Dhabi-based carrier Etihad, who earlier backed out from the race after being shortlisted at the EoI stage, is still keen on Jet. Reports are there that Etihad was searching for a joint investment partner. The companies that have shown interest in Jet Airways are Etihad Airways, TPG Capital, IndiGo Partners and the NIIF. May 10 is the deadline to submit bids for Jet Airways. Besides, the finance ministry’s Enforcement Directorate (ED) has begun an initial probe into Etihad Airways PJSC’s investment in Jet Privilege Pvt. Ltd (JPPL), the frequent-flyer programme of Jet Airways (India) Ltd.
Hindalco Industries Ltd.: Stocks of the aluminium and copper manufacturing company, Hindalco, will remain in focus today because Novelis, the wholly-owned subsidiary of Hindalco Industries, has reported its fourth quarter results on May 8 and posted a decline in net income at around Rs719 crore from Rs740 that it posted in the year-ago period.
Yes Bank: India Ratings on May 8, 2019, downgraded Yes Bank's long-term ratings to 'IND AA -' from ‘IND AA+’ with a negative outlook. The development comes a day after another rating agency ICRA lowered the bank's rating.
Vodafone-Idea: Vodafone Group Plc has pledged its entire 44.39% stake in Vodafone Idea Ltd with seven foreign banks after India’s largest telecom operator issued new stock to promoters to raise funds to pare debt. The stake is valued at close to Rs18,000 crore.
PNB Housing: The Competition Commission on May 8, 2019, approved acquisition of 6.5 per cent stake by General Atlantic Group in PNB Housing Finance in Rs925 crore deal.