Stocks in Focus on June 24: Reliance Infra, CG Power to BHEL; here are the 5 newsmakers of the day


At the stock markets, the Sensex at the Bombay Stock Exchange on Friday, June 21, 2019, slumped 407.14 points, or 1.03 per cent, to close at 39,194.49. The Nifty at the National Stock Exchange slipped 107.65 points, or 0.91 per cent, to 11,724.10. But there were certain stocks that came in news after the market was closed for trading purposes and can impact the indices after they reopen once again on Monday, June 24, 2019.

Here is a list of five such stocks:

Reliance Infrastructure: Ratings Agency India Ratings and Research (Ind-Ra) on Friday downgraded Reliance Infrastructures long-term issuer rating to ‘IND D (Issuer Not Cooperating)’ from ‘IND C’. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency, Ind-Ra said in a statement.

Glenmark Pharmaceuticals: The pharmaceutical company headquartered in Mumbai said on Friday that the US Food and Drug Administration (US FDA) has issued a Complete Response Letter (CRL) regarding the new drug application for Ryaltris (olopatadine hydrochloride [665 mcg] and mometasone furoate [25 mcg]). The company in a regulatory filing said the CRL cites deficiencies in the Drug Master File pertaining to one of the active pharmaceutical ingredients and in manufacturing facilities. It says we feel confident that we should be able to resolve these issues within the next 6 to 9 months.

CG Power and Industrial Solutions: The Board of Directors of the Company on Friday approved the scheme of entering into conveyance agreement for sale of the remaining portion of company’s land situated at Kanjurmarg, Mumbai currently housing the transformer manufacturing unit. The 13 acres (approx) land was sold to Evie Real Estate Private Limited (Buyer) for an aggregate sum of Rs498.96 crore. The board also approved closure/shifting of the said transformer manufacturing unit as a precondition to such sale of land. The said transformer manufacturing unit has a turnover of Rs.443.62 Crore which was around 11.26 per cent of the total revenue of Rs3938.26 crore of the Company as of December 31, 2018, the contribution to net-worth from such unit was Rs.863.37 Crore as per the standalone financials of the Company as of December 31, 2018.

IndusInd Bank: The Boards of IndusInd Bank (IIB) and Bharat Financial Inclusion Ltd (BFIL) have declared July 4, 2019, as the effective date of the merger as well as the record date for allotment of shares. BFIL shareholders would be issued 639 IIB shares for every 1,000 shares held. In addition, IndusInd Bank promoters, Hindujas, will pump another Rs2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial. With this, Hindujas will be acquiring 15 per cent stakes of the bank.

Bharat Heavy Electricals Limited (BHEL): The state-owned BHEL on Sunday said that it has won an order worth Rs840 crore from an NTPC subsidiary for emission control equipment. The company has bagged the order from Nabinagar Power Generating Company Ltd (NPGCL) in Aurangabad district of Bihar. The order involves supply and installation of Flue Gas Desulphurization (FGD) system for control of sulphur oxides emissions at the 3×660 MW Nabinagar project.