Top 5 stocks in focus on October 5: Jet Airways, Bharat Gears to Cadila Healthcare, here are the 5 newsmakers of the day
Benchmark domestic indices nosedived more than two per cent amid falling rupee, crude prices hike and negative global cues on October 4, 2018. But there were certain stocks, like Jet Airways, Bharat Gears to Cadila Healthcare, that came in the news after the market was closed for trade and can have an impact on the market on October 5, 2018.
Benchmark domestic indices nosedived more than two per cent amid falling rupee, crude prices hike and negative global cues on October 4, 2018. But there were certain stocks, like Jet Airways, Bharat Gears to Cadila Healthcare, that came in the news after the market was closed for trade and can have an impact on the market on October 5, 2018. Here is the list of five of such stocks:
IDBI Bank: LIC on October 4, 2018, came out with an open offer for acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore. According to the open offer, LIC proposes to acquire more than 204 crore equity shares of IDBI Bank.
Jet Airways: The financially strapped Jet Airlines on Thursday said that it has received $35 million (about Rs 260 crore) from Jet Privilege Pvt Ltd (JPPL) for pre-purchase of tickets. Abu Dhabi-based Etihad has a 50.1% stake in JPPL. Etihad in a statement has confirmed that it has proposed a financial restructuring and support plan for Jet Airways that was approved by its majority shareholder. In addition, ICRA has revised the rating assigned to long-term Loans and non-convertible debentures of the company to lCRA B (negative outlook) from ICRA BB.
Bharat Gears Ltd.: The Board of Directors of the company is scheduled to meet on October 9, 2018, to consider the Rights Issue of Equity Shares to the existing Shareholders of the Company.
Infrastructure Leasing & Financial Services (IL&FS): The newly-appointed board of IL&FS had its first meeting on October 4 to make a decision on the fate of the institution that has 348 subsidiary companies. In addition, the board also appointed Vineet Nayyar as the Vice-chairman and MD of the company and Nand Kishore has been appointed as the chairman of the audit committee. GC Chaturvedi will be the chairperson of the Remuneration Committee.
Cadila Healthcare: The drug firm has said that its biologics manufacturing facility at Ahmedabad has received an Establishment Inspection Report (EIR) from the USFDA signifying the successful closure of the audit.
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