Stocks in Focus on September 24: Auto stocks, CG power to Apollo Hospitals; Here are 5 Newsmakers of the Day
Extending gains of the previous session, domestic stocks on Monday, surged around three per cent even as cues from global indices were negative, but certain stocks came in news after the market was closed for trading whic can have an impact on the indices when it reopens today.
Extending gains of the previous session, domestic stocks on Monday, September 23, 2019, surged around three per cent even as cues from global indices were negative. However, certain stocks came in news after the market was closed for trading and can have an impact on the indices when it reopens on Tuesday, September 24, 2019. Here is a list of five such stocks:
Auto Stocks: Auto stocks will be in focus today as scrappage policy for old vehicles is likely to be announced in the next few days. The Road Transport Ministry has prepared a draft note on scrappage policy for vehicles older than 15 years. As part of the draft note, the hike in registration fees for vehicles older than 15 years will increase to Rs 15,000 which is currently Rs 600. When it comes to re-registration for such vehicles, the fees will be hiked to Rs 40,000 from what currently is Rs 1,500. The drafted regulation will be presented for approval during the next Union Cabinet meeting.
ICICI Lombard/General Insurance Corp: The general insurance and standalone health insurance companies will be in focus as the Insurance Regulatory and Development Authority of India (IRDAI) has allowed these companies to collect premium in various instalments like monthly, quarterly or half-yearly. Earlier, the premium was collected on an annual basis by the companies. The insurance regulator has also allowed health insurers to increase the age limit beyond 65 years or as per maximum age filed. There is also a provision to change the premium by increasing or decreasing by 15 per cent depending on the loss-ratio range.
CG Power: CG Power's Gautam Thapar has challenged SEBI's order in SAT. The matter is listed for hearing today. Earlier, SEBI had barred Thapar, former chairman of CG Power and Industrial Solutions Ltd, and three former officials of the company from the securities market, after a preliminary probe found them guilty of various irregularities. Other three officials include V.R. Venkatesh, Madhav Acharya and B. Hariharan. Besides, the Registrar of Companies (RoC) has granted an extension of time for holding the 82nd AGM of the company for the financial year ended on March 31, 2019, by 2 months and 15 days from the due date, i.e. September 30, 2019.
Apollo Hospitals: The Competition Commission of India (CCI) on Monday approved restructuring of Apollo Hospitals Enterprise Ltd's (AHEL) pharmacy business. Following the transaction, Apollo Pharmacy Ltd (APL) will turn up to be a wholly-owned subsidiary of Apollo Medicals Pvt Ltd (AMPL) in which AHEL will have a 25.5 per cent stake.
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BPCL/Concor: Government likely to sell three state-owned firms, namely BPCL, Concor and Air India, to local or foreign firms by March 2020, media reports. The deal will help the government to raise funds up to Rs60,000 crore.
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