Stocks in Focus on July 8: Mindtree, PNB to Maruti; here are the 5 Newsmakers of the Day

Source: zeebiz.com

The domestic stock markets closed on a negative note on Friday, July 5, 2019. However, there were certain stocks that came in news after the market was closed for trading purposes and can play role in setting the direction of the movement of the indices on Monday, July 8, 2019. Here is a list of five such stocks:

Mindtree: Three founders of the Bengaluru-based IT services company – Executive Chairman Krishnakumar Natarajan, Executive Vice-Chairman and Chief Operating Officer (COO) NS Parthasarathy and Managing Director and Chief Executive Officer (CEO) Rostow Ravanan – have resigned as members of the board and as well as employees of the company. Earlier, Subroto Bagchi, another co-founder of Mindtree, had opted out of his reappointment on the board.

Punjab National Bank (PNB): The bank on Saturday intimated the Reserve Bank of India (RBI) about the fraud of over Rs3,800 crore – alleging diversion of funds from the banking system – by Bhushan Power and Steel. The fraud was reported on the basis of the findings of the forensic audit by the CBI, which has filed a first information report (FIR) against the company and its directors.

Maruti Suzuki India (MSI): India’s largest carmaker Maruti, which accounts over 50 per cent market share, has cut vehicle production by 15.60 per cent in June 2019. The company produced 110,641 units in June 2019 as compared to 131,068 units which were manufactured in the same month last year.

Indian Hume Pipe Company Ltd: The company on July 6, 2019, said that it has received letters of termination of agreements for work of Rs502.89 crores s (excluding GST) from Andhra Pradesh Drinking Water Supply Corporation (APDWSC) on July 5, 2019. It earlier in January 2019 received orders for Construction work of Drinking Water Supply Projects in Guntur District. The agreement was terminated due to a change in the policy of the state government. 

PNB Housing Finance Limited: CARE Ratings Limited has removed PNB Finance’s long-term instruments/bank facilities including Non-Convertible Debentures and Fixed Deposits from the credit watch and revised them to AA+ stable. The outlook is stable. Further, the rating of CARE A1+ assigned to the short-term instruments/commercial paper issue of the Company is reaffirmed.