Top 5 stocks in focus on September 18: Bank of Baroda, Vijaya Bank and Dena Bank to HCL Tech, here are the newsmakers of the day
Domestic stock markets closed in red on September 17, 2018, after the Sensex tanked by 505.13 points and the Nifty 50 slumped by 137.45 points
The domestic stock markets closed in red on September 17, 2018, after the Sensex tanked by 505.13 points and the Nifty 50 slumped by 137.45 points. But there were certain stocks that came in the news after the market was closed for the day for trade and can have an impact on it on September 18, 2018. Here is the list of such stocks:
Bank of Baroda, Vijaya Bank and Dena Bank: The government has proposed merger of Bank of Baroda, Vijaya Bank, and Dena Bank to create India's third largest globally competitive Bank. Addressing a press conference in New Delhi yesterday, Finance Minister Arun Jaitley said that the bank merger will increase banking operations and that no employee will face any service condition adverse to present conditions.
HCL Technologies: The shares of the software company will remain in focus, as the company's Rs 4,000-crore buyback offer will open today. It will close on October 3, 2018. The company, which is offering Rs 1,100 a share, plans to buy back up to 3.64-crore fully paid-up equity shares, representing 2.61 per cent of the company’s outstanding shares as on March 31, 2018.
Vodafone Idea Limited (VIL): The board of Vodafone Idea Ltd. has approved the merger of its unit Aditya Birla Telecom Ltd. (ABTL) with itself. This merger will allow the company to monetize its 11.15 per cent stake in Indus Towers to pare debt.
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Tata Motors: Tata Motors-owned Jaguar Land Rover (JLR) on Monday decided to cut production schedule at the Castle Bromwich plant manufacturing Jaguar cars in the West Midlands region of England. The decision was taken due to continuing headwinds impacting the British car industry. The change om schedule will see nearly 1,000 workers at the plant shifting from five-day work schedule to a three-day one. This schedule, described as “standard business practice” by the Tata Group firm, will continue to be in existence till Christmas 2019.
McLeod Russel & Goodricke: McLeod Russel and Goodricke group on September 17, 2018, entered into a Memorandum of Understanding to acquire the Estate & Bearer Plants and the Specified Assets of the Harchurah Tea Estate in Assam, subject to due diligence and necessary approval/s.