Stocks in Focus on September 26: PNB, GSK Pharma and Hero Moto; Here are 5 Newsmakers of the Day
Indian stocks copied the weakness of the global equities - triggered by US Presidential impeachment bid - and closed in a red on Wednesday, but certain stocks came in news that can have an impact on the indices when it reopens today.
Indian stocks copied the weakness of the global equities - triggered by US Presidential impeachment bid - and closed in a red on Wednesday, September 25, 2019. 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 Thursday, September 26, 2019. Here is a list of five such stocks:
Punjab National Bank (PNB): The bank’s board of directors will meet on September 26 for approval to the fundraising proposal of up to Rs 3,000 crore by issuing Basel III compliant bonds in one or more tranches.
GlaxoSmithKline (GSK) Pharmaceuticals Limited: GSK Pharma has suspended release, distribution and supply of all forms of Ranitidine Hydrochloride products to all markets, including India, as a precautionary measure after regulatory authorities detected a genotoxic nitrosamine (NDMA) in its products. The company was manufacturing these drugs by using API sourced from Saraca Laboratories Ltd and SMS Lifesciences. The company has said that it has recalled the drugs manufactured using the API sourced from Saraca Laboratories. While product manufactured using API from SMS Lifesciences India Limited will not be recalled at this point of time. However, all such products will remain on hold and they will not be released to the market while the Company will await the test results. GSK is continuing with investigations into the potential source of the NOMA.
Pharma Companies: Pharma companies like Dr Reddy’s/Aurobindo Pharma/Cipla will be in focus today as the government is considering a proposal to keep medicines made from local APIs (active pharmaceutical ingredients) out of Drug Price Control Order (DPCO), media report. The action is likely to be taken to promote domestic manufacturing and reduce the dependence of Indian companies on imports. Top API manufactures in India include Dr Reddy's, Aurobindo and Cipla. APIs has a contribution of around 75% in the revenues of Dr Reddy's while Aurobindo has a product list of over 200 APIs. Similarly, Cipla manufactures over 200 generic APIs
Hero Moto: India's largest two-wheeler manufacturer, Hero Moto Corp, is eyeing sales growth of 10 per cent in the upcoming festive season.
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Indiabulls Real Estate Ltd (IBREL): The Mumbai-based developer IBREL has divested its remaining stake in existing joint venture (JV) companies Yashita Buildcon Ltd and Ashkit Properties Ltd and its certain subsidiaries in Indiabulls Properties Private Ltd and Indiabulls Real Estate Company Pvt Ltd. The developer has sold its remaining stake to Blackstone Group LP for an aggregate equity value of around Rs2,717 crore. The divestment of these assets was concluded on September 25, 2019.
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