Stocks in Focus on May 30: Reliance Capital, International Paper to IDBI Bank; here are the 5 newsmakers of the day
Domestic stocks on Wednesday, May 30, 2019, witnessed losses snapping three sessions' record-breaking rally. Benchmark indices fell around 0.6 per cent amid weak global cues and fresh foreign fund outflow.
Domestic stocks on Wednesday, May 30, 2019, witnessed losses snapping three sessions' record-breaking rally. Benchmark indices fell around 0.6 per cent amid weak global cues and fresh foreign fund outflow. However, there were certain stocks that came in news after the market was closed on the day and can impact the indices after they reopen for trading purposes on Thursday, May 30, 2019. Here is a list of five such stocks:
Reliance Capital: Hero FinCorp, the retail lending arm of Hero MotoCorp Ltd., may buy Reliance General Insurance from Reliance Capital at Rs5,500-6,000 crore. Reliance General Insurance is a 100 per cent owned subsidiary of Reliance Capital.
International Paper: International Paper has entered into a share purchase agreement with West Coast Paper Mills (WCPM) to sell its controlling interest - about 51-60 per cent stake at a price per share of Rs 275 - in International Paper APPM Limited, its India-based paper business. Pursuant to Indian securities law requirements, WCPM will launch an open offer to acquire APPM’s shares held by the public, which amounts to 25 per cent of APPM’s outstanding shares. The deal would be for about Rs558-656 crore in cash.
Nava Bharat Ventures: Company’s board during its meeting on May 29, 2019, approved the proposal for buyback of fully paid up equity shares of the face value of Rs2 each at a price not exceeding Rs160 per share. The maximum equity shares that can be bought back would be around 15.60 lakhs, which would be 0.87 per cent of the total number of Equity shares of the company.
Cholamandalam Investment: The Financial services company has entered into agreements to raise $22 crore (USD 222 million) debt funds in the form of US dollar bonds from International Finance Corporation (IFC).
IDBI Bank: The Bank has started the process to sell its mutual fund business. Reports suggest that the bank has appointed ICICI Securities Ltd to advise it on a 100% sale of its mutual fund business as well as IDBI Asset Management Ltd and IDBI MF Trustee Co. Ltd. The bank has invited expression of interest from buyers by June 10, 2019.