Stocks in Focus on October 24: OMCs, PVR to Prism Jhonson; here are the 5 Newsmakers of the Day
Key equity barometers resumed uptrend after a day's breather and closed in the green on Wednesday, October 23, 2019. 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 Thursday,
Key equity barometers resumed uptrend after a day's breather and closed in the green on Wednesday, October 23, 2019. 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 Thursday, October 24, 2019. Here is a list of five such stocks:
BPCL/IOC /HPCL: Stocks of the oil marketing companies will be in focus as the Cabinet Committee on Economic Affairs (CCEA) on Wednesday paved the way for the entry of new players in the fuel-marketing space by easing the norms by doing away a rule that mandated a company to commit at least Rs2,000 crore investment in the Petroleum sector. Entities seeking authorisation will now need to have a minimum net worth of Rs 250 crore only.
PVR: India’s largest operator of multi-screen theatres, PVR, is likely to launch a qualified institutional placement to raise nearly Rs 700 crore ($100 million). The floor price for QIP has been kept at Rs1809.53 per share.
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Piramal Enterprises: Canadian fund CDPQ is likely to raise its stakes in Piramal Enterprises by the way of preferential allotment of shares and participating in the rights issue. CDPQ owns a 2.22% stake in the company at present. The decision would be taken during a board meeting scheduled to happen on October 25, 2019, to consider fundraising proposal worth Rs5,300 crore.
Mishra Dhatu Nigam: LIC reduces its stakes in the company from 6.72% to 4.66%. The stakes were reduced between June to October.
Prism Jhonson: Board has approved the demerger of retail business in four arms and amalgamation of two businesses Milano and Silica with them.
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