Stocks in Focus on November 13: Lupin, Infosys to Ultratech Cement; here are the 5 Newsmakers of the Day
The benchmark indices ended with marginal gains after a volatile session on Monday, November 11, 2019. The key indices, which hovered in negative terrain for most of the session, recovered in late trade, supported by decent buying in banks shares.
The benchmark indices ended with marginal gains after a volatile session on Monday, November 11, 2019. The key indices, which hovered in negative terrain for most of the session, recovered in late trade, supported by decent buying in banks shares. However, certain stocks came in news after the market was closed for trading purposes and can have an impact on the indices when it reopens on Wednesday, November 13, 2019. Here is a list of five such stocks.
Lupin Limited: Lupin on Monday agreed to divest its entire stake in its Japanese subsidiary Kyowa Pharmaceutical Industry Co. to Unison, a leading private equity fund in Japan, at an enterprise value of Rs 3702 crore and will generate post-tax net cash inflow of approximately Rs 2100 crore. Lupin will use the funds to bring its net debt down to Rs 1,129 crore from the Rs 4,361 crore net debt as of September 30, 2019. It will also be used to strengthen its business in the US and India.
Infosys Limited: Weeks after facing a whistleblower complaint alleging unethical practices by its top officials, the IT major has received a second whistleblower complaint accusing the company's chief executive Salil Parekh of indulging in misdeeds. The complainant has urged the board to initiate action against Parekh. The whistleblower who claims to be an employee of the company said, “Though it is a year and eight months since Parekh joined the company, he operates from Mumbai in violation of the condition that the CEO has to be based in Bengaluru. What is stopping the board to insist on his movement to Bengaluru".
Tata Motors: Tata Motors has released its global wholesales numbers for October 2019 and said that its cumulative wholesales, including those of Jaguar Land Rover, were at 89,108 units, which is a decline of about 19% when compared to October 2018 numbers that stood at 1,09,597 units. Besides, Tata Group, the owner of Jaguar Land Rover, has approached carmakers including BMW AG and China’s Zhejiang Geely Holding Group Co. seeking partnerships for the beleaguered British automotive business, media reports. The company has said that it is open to finding partners for JLR to save on costs and share the burden of investing in electric vehicles.
Watch Zee Business Live TV below
Ultratech Cement: The cement major on Tuesday said that it will sell its entire stake in Bangladesh-based Emirates Cement Bangladesh Ltd (ECBL) and Emirates Power Company Ltd (EPCL) to Germany’s HeidelbergCement Bangladesh Limited at an Enterprise Value of BOT equivalent of $29.5 Million (about Rs 211.48 crore).
JB Chemicals & Pharmaceuticals Ltd: The Company's board on Tuesday approved buyback of 29,54,545 fully paid-up equity shares at a price of Rs440 apiece for a total consideration not exceeding Rs130 crore.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.