Stocks in Focus on October 17: Edelweiss Financial, NALCO to DHFL; here are the 5 Newsmakers of the Day
Edelweiss Financial Services, NALCO, ICICI Lombard, Bandhan Bank, Gruh Finance and Dewan Housing Finance Corporation Ltd or DHFL are expected to remain newsmakers today.
Key benchmark indices ended with higher on Wednesday, October 16, 2019, tracking positive Asian cues and decent Q2 earnings. But, certain stocks came in news after the market was closed for trading purposes yesterday and can have an impact on the indices when it reopens on Thursday, October 17, 2019. Here is a list of five such stocks:
Edelweiss Financial: The Competition Commission of India (CCI) has approved Kora Master Fund LP investment of up to 10 per cent (Rs525 crore or $75 million) in company's arm Edelweiss Securities Ltd.
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National Aluminium Company Ltd (NALCO): State-run NALCO on Wednesday said the short supply of coal has severely impacted its aluminium production. Acute Coal Shortage, which is running since the last seven weeks, has had an impact on its captive power plant at Angul and steam and power plant at Damanjodi.
ICICI Lombard: FAL Corporation on Wednesday exited ICICI Lombard General Insurance Company by offloading little over 2.23 crore shares in the insurer at Rs 1,177.64 apiece. FAL Corporation is a part of Canada-based Fairfax Financial Holdings.
Bandhan Bank/Gruh Finance: October 17 is the record date for merger of Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance. The two companies earlier on October 4, 2019, said that all the regulatory hurdles have been overcome for their merger, with the National Company Law Tribunal (NCLT) clearing the scheme of amalgamation.
Dewan Housing Finance Corporation Ltd (DHFL): The board of embattled Dewan Housing Finance will meet on Thursday to declare its April-June quarter. Central Depository Services has frozen debt-ridden DHFL’s promoter shareholding since the company has not reported results for the first quarter of FY20.