Stocks in Focus on October 22: Infosys, DHFL to Sadbhav Engineering; here are the 5 Newsmakers of the Day
Infosys, Yes Bank, Granules India, Dewan Housing Finance Corporation Ltd or DHFL and Sadbhav Engineering are the top five newsmaking stocks today.
Equity benchmarks on Friday, October 18, 2019, closed with gains for sixth sessions in a row. Domestic indices climbed more than half a per cent amid negative global cues. However, certain stocks came in news after the market was closed for trading purposes and can have an impact on the indices when it reopens on Tuesday, October 22, 2019. Here is a list of five such stocks:
Infosys: Stocks of Infosys will be in focus today because a whistleblower group, calls itself as Ethical Employees, has allegedly complained to the US Securities and Exchange Commission (SEC) and the Infosys' board that CEO Salil Parekh was indulged in unethical practices to boost short-term revenue and profit.
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Yes Bank: The bank is set to take control of 50% share in two land parcels totalling 6.4 acres of the real estate developer Sumer Group. The decision was taken for non-payment of dues worth more than Rs478 crore by its joint venture company Radius Developers. The two land parcels are said to be worth Rs 6000 crore.
Granules India: Drugmaker Granules India has received US Food and Drug Administration (USFDA) approval for Fexofenadine Hydrochloride tablets, used to treat allergy symptoms. The approved product is bio-equivalent to the reference listed drug product (RLD), Allegra Allergy Tablets, 60 mg and 180 mg, of Sanofi-Aventis US LLC.
Dewan Housing Finance Corp. Ltd (DHFL): The company has clarified reports of investigations conducted by the enforcement directorate (ED) on the company and said ED officers visited one of the offices of the company and raised certain queries to the senior officials. The company has provided the necessary documents and clarifications as required by the department and is committed to co-operate with the authorities and respond to any query raised by them.
Sadbhav Engineering: The board of directors of the company has approved the merger of Sadbhav Infrastructure Project Limited with Sadbhav Engineering Limited. This amalgamation will be carried on in consideration of equity share. The shareholders of SIPL will get 1 equity share of Sadbhav Engineering for every 3 equity share of Sadbhav Infrastructure.