Top 5 stocks in focus on October 31: Coal India, Dr Reddy's to SBI, here are the 5 newsmakers of the day
Government has decided to sell 3 per cent stakes in Coal India. The stakes will be sold through an offer for sale with a greenshoe option to sell another 6% to financial institutions and retail investors at a floor price of Rs 266 per share.
Indian markets opened flat on Tuesday, October 30, 2018 and closed in the red. But there were certain stocks that came in the news after the market was closed for the day and can have an impact on the market when it reopens for trade on October 31, 2018. Here is the list of five such stocks:
Coal India: Government has decided to sell 3 per cent stakes in Coal India. The stakes will be sold through an offer for sale with a greenshoe option to sell another 6% to financial institutions and retail investors at a floor price of Rs 266 per share.
Dr Reddy's Laboratories: The drugmaker has said that it got Form 483 with 8 observations from US FDA for its injectable plant in Duvvada. The company didn’t disclose the nature of these observations.
Punjab National Bank (PNB): SEBI, the market regulator, has exempted the government, a promoter of PNB, from making an open offer to the shareholders of PNB following the proposed equity infusion that will hike its stake in the state-owned lender by nearly six per cent. The government has proposed to infuse capital worth Rs 5,431 crore against allotment of equity on a preferential basis.
Garden Reach Shipbuilders & Engineers (GRSE): The company has won defence ministry order worth Rs2,435 crore. The order is for the “construction and delivery of 4 survey vessels (Large) at an estimated cost of Rs2,435.15crore under fixed-price basis. The first ship is to be delivered within 36 months from the contract signing date i.e. October 30, 2018.
State Bank of India (SBI): Country's largest lender, SBI, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day from Rs 40,000 with effect from October 31, 2018.