Stocks in Focus on June 20: HDFC, IndusInd Bank and Ashok Leyland; here are the 5 newsmakers of the day

Source: zeebiz.com

Domestic equity market on Wednesday, June 19, 2019, failed to hold its strength due to selling in financial, pharma and auto shares. On the day, Nifty ends almost flat and Sensex settled marginally higher. Trading was volatile ahead of the US Federal Reserve meet outcome. However, there were stocks that came in news after the market was closed from trading and can influence the indices after they are reopened for trading purposes on Thursday, June 20, 2019. Here is a list of five such stocks:

HDFC/Apollo Hospitals: India’s largest mortgage financier, Housing Development Finance Corporation (HDFC), on Wednesday announced that it would be acquiring 51.2 per cent stake in Apollo Munich Health Insurance. The acquired stakes would be merged later with its general insurance arm HDFC Ergo. The two-stage transaction is priced at about Rs1,347 crore. HDFC will pay about Rs73.2 per share to Apollo Hospitals for the acquisition. In addition, HDFC Chairman Deepak Parekh has said, “We will think of the IPO maybe two years later. It will not be happening in 2019 or 2020.”

IndusInd Bank/Bharat Financial Inclusion Ltd (BFIL): The private sector lender IndusInd Bank and BFIL on Wednesday said that their merger will be effective from July 4, 2019. As per the scheme, the shareholders of BFIL will be getting 639 equity shares of the bank for every 1,000 equity shares of the face value of Rs10 each fully paid-up held by such member in BFIL. MR Rao, the current CEO of BFIL, will become the CEO of IndusInd Financial Inclusion Ltd (IFIL) while all employees of BFIL will become part of IndusInd family.

IT Sector: The shares of IT sector will remain in focus today because the United States has said to India that it is considering caps on H-1B work visas for nations that force foreign companies to store data locally. The story was updated on Reuters. 

Adani Green Energy: The company on Wednesday informed that its arm Adani Renewable Energy Park (Gujarat) has bagged 600 MW wind-solar hybrid projects by state-run Solar Energy Corporation of India (SECI). The projects are expected to be commissioned by Q4 of FY2021. The fixed power purchase agreement (PPA) tariff is Rs2.69/kWh for a period of 25 years, it added.

Ashok Leyland: Hinduja Group flagship firm Ashok Leyland on Wednesday said it will shut down production at Pantnagar plant for six days from June 24-29, 2019. The production will be closed to adjust production according to the demand and to maintain the increasing vehicle inventory levels, which has gone up due to a slowdown in CV sales.