Stocks in Focus on September 13: Dr Reddy’s, Biocon to Kalpataru Power; here are the 5 Newsmakers of the Day
Snapping a winning streak of three sessions amid mixed global stocks, the Domestic equity benchmarks, Sensex and Nifty, witnessed losses on Thursday, September 12, 2019.
Snapping a winning streak of three sessions amid mixed global stocks, the Domestic equity benchmarks, Sensex and Nifty, witnessed losses on Thursday, September 12, 2019. Both the indices fell by more than 0.40 per cent. But certain stocks came in news after the market was closed and can impact the market when it reopens for trading purpose on Friday, September 13, 2019. Here is a list of five such stocks:
Canara Bank/Syndicate Bank: Public sector lender Canara Bank’s board will meet today to consider capital infusion by the government through preferential issue of equity shares. It will also consider the amalgamation of Syndicate Bank into Canara Bank. Similarly, the Board of Directors of Syndicate Bank will also meet today to consider the proposal for amalgamation of Canara Bank and Syndicate bank.
AUTO/FMCG: Auto and FMCG sector will remain in focus today because the GST council is expected to take a call on industry’s demand for a cut in goods and services tax on automobiles, biscuits and other fast-moving consumer goods (FMCG) during its 37th meeting scheduled to take place in Goa on September 20. Besides, it could also discuss raising the lowest slab of 5% to as much as 8%.
Dr Reddy's Laboratories: The pharma major said on Thursday that it had received establishment inspection report (EIR) from the US health regulator USFDA for the inspection conducted at the formulations manufacturing plants at Duvvada, Visakhapatnam. It said, "We have now received an EIR from the USFDA, indicating closure of this audit". The inspection of the two facilities was completed on June 21 this year.
Biocon: Biopharmaceutical company on Thursday said that it has signed a license and supply agreement with a subsidiary of China Medical System Holdings Ltd (CMS) for three Generic Formulation products in Greater China. Under the terms of the agreement, Biocon will be responsible for the development and manufacturing and supply of the products and CMS will be responsible for registration and commercialization of the products in China. The total addressable market size of these three products in mainland China is about Rs5,700 crore.
Kalpataru Power Transmission: HDFC AMC has increased its stake in Kalpataru Power from 7.4 per cent to 9.6 per cent.
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