Stocks in Focus on October 3: M&M, DLF to Yes Bank; here are the 5 Newsmakers of the Day
Mahindra & Mahindra, IGL/MGL, DLF, Yes Bank and Bharat Forge/Motherson Sumi are the stocks that are expected to remain newsmakers at Dalal Street.
Domestic equity benchmarks on Tuesday, October 1, 2019, plunged around one per cent amid mixed cues from global indices. But, certain stocks came in news after the market was closed for trading and can have an impact on the indices when it reopens on Thursday, October 3, 2019. Here is a list of five such stocks:
Mahindra & Mahindra (M&M): Mahindra & Mahindra Limited and Ford Motor Company have signed a definitive agreement to create a joint venture in which M&M will own a 51% controlling stake and remaining 49% stakes will be owned by Ford. Under the JV, Ford will transfer its India operations to the joint venture, including its personnel and assembly plants in Chennai and Sanand. Ford will retain the Ford engine plant operations in Sanand as well as the Global Business Services unit, Ford Credit and Ford Smart Mobility. The JV is valued at Rs1,925 crore (US$275 million). The joint venture expects to introduce three new utility vehicles under the Ford brand.
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IGL/MGL: Shares of these two companies will be in focus today as Indraprastha Gas Limited (IGL) on Wednesday reduced the price of Compressed Natural Gas (CNG) in Delhi-NCR. The consumer price of CNG has been reduced by Rs 1.90 per kg in Delhi and Rs 2.15 per kg in Noida, Greater Noida and Ghaziabad in Uttar Pradesh.
DLF: Realty major DLF has settled the entire Rs 8,700 crore amount payable to DLF Cyber City Developers Ltd (DCCDL), its joint venture with Singapore-based GIC, by transferring various completed commercial properties and land parcels as well as a cash payment.
Yes Bank: Milestone Trusteeship Services has sold 10 crore shares of the private lender at Rs35.29 apiece.
Bharat Forge/Motherson Sumi: Bharat Forge & Motherson Sumi will remain in focus today as Bharat Forge has registered a sharp decline in sales of Class 8 truck in North America. Class 8 trucks sales fell by around 71% to 12,128 units on a year-on-year (YoY) basis, however, the demand went up by around 17% when seen on the month-on-month (MoM) basis.