Stocks in Focus on October 9: Indiabulls Real Estate, NMDC, Titan; here are the 5 Newsmakers of the Day
Indiabulls Real Estate, J Kumar Infraprojects, NMDC, Tata Motors and Titan are the five stocks that are expected to remain newsmakers of the day.
Key equity benchmarks extended losses for the sixth straight trading session on Monday, October 7, 2019. But, certain stocks came in news after the market was closed for trading and can impact the indices when it reopens on Wednesday, October 9, 2019. Here is a list of five such stocks:
Indiabulls Real Estate: The Board of Directors of the company will meet on October 11, 2019, to consider and approve the proposal of buyback of equity shares of the company.
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J Kumar Infraprojects: Market regulator SEBI on October 7 said there are no reasonable grounds to believe misrepresentation of financials at J Kumar Infraprojects, which has figured among suspected 331 shell companies. Consequently, SEBI also revoked its previous order to appoint an independent auditor to conduct a forensic audit and verify misrepresentations, including financial or business activities of the company.
NMDC: The government has deferred the sale of NMDC's under-construction steel plant in Chhattisgarh. This deferment of the plan is a setback to the ambitious asset monetisation programme of the company. NMDC was hopeful to fetch over Rs15,000 crore through sale of the plant. Besides, the Board of Directors of NMDC Ltd is scheduled to meet on October 11, 2019, to consider the proposal for fundraising.
Tata Motors: Jaguar Land Rover (JLR), the UK subsidiary of Tata Motors, presented the sales report of July-September quarter (Q2) on Monday and reported a marginal decline of 0.7% year-on-year (y-o-y) in its retail sales at 1.28 lakh units.
Titan: The company in its quarterly update said its retail sales of jewellery segment grew by 7% in the September quarter (Q2). It said revenues declined 2 per cent year-on-year (y-o-y) due to the adverse impact of hedges that matured during the quarter. Besides, the Company has purchased 9,45,000 equity shares from one of the shareholders of CaratLane, thereby increasing its stake in the subsidiary by 2.8%, from 69.5% to 72.3%.