Stocks in Focus on September 4: Sun Pharma, Aditya Birla Capital to Varun Beverages; here are the 5 Newsmakers of the Day
Sun Pharma, Aditya Birla Capital, Edelweiss Financial Services, VST Tillers Tractors and Varun Beverages are the stocks that would remain in focus today.
Indian stock markets, Sensex and Nifty, fell sharply on Tuesday, September 3, 2019, and closed in Red. But certain stocks came in news after the market was closed and can have an impact on the market when it reopens for trading purpose on Wednesday, September 4, 2019. Here is a list of five such stocks:
Sun Pharma: SEBI has ordered a forensic audit against India’s largest drugmaker Sun Pharma. The audit will be done to look into allegations of financial irregularities and lapses in corporate governance standards, media reports. The enquiry has been ordered on a whistleblower’s allegations.
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Aditya Birla Capital: US private equity (PE) group Advent is planning to invest up to Rs13,300 crore in Aditya Birla Capital for 6-7% stakes. The company would buy the stakes through preferential allotment or qualified institutions placement (QIP), as the board of directors of Aditya Birla Capital is scheduled to meet on September 5, 2019, to consider and approve raising of funds plans.
Edelweiss Financial Services: The company has shown interest in buying road assets worth about Rs20,000 crore from the Infrastructure Leasing & Financial Services (IL&FS), media reports. Besides, global infrastructure investment fund I Squared Capital, NIIF and Singapore-based Cube Highways have also shown interest towards the asset.
VST Tillers Tractors: The company has reported the sales numbers for August 2019 and reported a 13% fall in sales. It sold 1,437 power tillers during August 2019 against 1646 units in August 2018. The company has sold 813 tractors during August 2019, as compared to 517 during August 2018, which is almost 57% rise in sales of the tractors.
Varun Beverages: The Company’s Qualified Institutions Placement ("QIP") of equity shares has opened on September 3, 2019. The floor price for the Issue has been fixed at Rs644.08 per Equity Share. Floor Price is at a premium of 2% to the closing prices.