Stocks in Focus on November 25: RITES, KSBL to Torrent Pharma; here are the 5 Newsmakers of the Day
The market ended with modest losses on Friday, November 22, 2019, dragged by weakness in IT shares. But certain stocks came in news after the market was closed for trading purposes.
The market ended with modest losses on Friday, November 22, 2019, dragged by weakness in IT shares. But certain stocks came in news after the market was closed for trading purposes. These stocks can have an impact on the indices when it reopens on Monday, November 25, 2019. Here is a list of five such stocks:
CSB Bank: The Kerala-based CSB Bank's initial public offering (IPO) was fully subscribed on the first day of bidding on Friday. The initial public offering (IPO) received bids for 1,20,87,450 shares against the total issue size of 1,15,54,987 shares, reflecting 1.05 times subscription. The issue will close on November 26.
RITES: The offer-for-sale (OFS) of RITES will open for retail investors today. The President of India, acting through and represented by the Ministry of Railways, Government of India, a promoter of RITES, has proposed to sell up to 2.50 crore equity shares, representing 10% of the total paid-up equity capital of RITES, to non-retail investors on November 22, 2019, and to retail investors on November 25, 2019. The floor price has been fixed at Rs293.50.
Karvy Stock Broking Ltd (KSBL).: The Securities and Exchange Board of India (SEBI) has banned KSBL from taking new clients and executing trades with immediate effect over client defaults worth Rs2,000 crore. The action was taken after NSE in its investigation found that Karvy had allegedly sold client stocks pledged with it through associated entities.
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BPCL: The government has set a 50-day deadline for an outside 'asset valuer' to carry out the valuation of all assets of Bharat Petroleum Corp Ltd (BPCL), of India's second-biggest state oil refiner. On completion, the process will trigger the invitation of price bids from potential acquirers. Besides, divestment of BPCL may face issues due to land lease clause at Kochi refinery, reports. Land lease transfer at Kochi refinery requires state government's nod and the published report of a daily says, "CPI(M)-led Kerala government unlikely to give nod for transfer of Kochi refinery land lease".
Torrent Pharmaceuticals: The US health regulator, US Food and Drug Administration (USFDA), red flags Torrent Pharma's US-based subsidiary for manufacturing violations. In a warning letter to Torrent Pharma, USFDA has said its inspectors found significant violations of current good manufacturing practice (CGMP) regulations for finished pharmaceuticals at the company's Levittown (Pennsylvania) based manufacturing facility. The USFDA inspected the plant from March 11 to April 9 this year.
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