Stocks in Focus on February 5: GAIL, Manappuram Finance to MCX; here are the 5 Newsmakers of the Day
GAIL, Cadila Healthcare, Manappuram Finance, Bharat Forge, MCX are expected to remain newsmakers throughout the intraday trade session today
Key equity benchmarks ended with robust gains on Tuesday, February 4, 2020, supported by the steep slide in crude oil prices and positive global shares. Sensex zoomed 917 points, while Nifty 50 settled at 11,979.65. Market sentiment also got a boost from the sudden jump in manufacturing PMI, which jumped from 52.7 in December to 55.3 in January, its highest level in just under eight years. But certain stocks came in news after the market was closed and can impact the indices when it reopens in the morning on Wednesday, February 5, 2020. Here is the list of five stocks:
GAIL: Has plans to hive off its pipeline business into a separate entity for a possible sale to a strategic investor at a later date. The Oil Ministry has moved a cabinet note to the Union Cabinet for approval of the plan. GAIL is India's biggest natural gas marketing and trading firm and owns more than 70 per cent of the country's 16,981-km pipeline network, giving it a stranglehold on the market.
Cadila Healthcare: The drug firm on Tuesday said USFDA has completed inspection of the manufacturing facility of Cadila Healthcare's Ahmedabad facility with no observations.
Manappuram Finance: Baring India Private Equity Fund offloaded 4.15 crore shares of the company at Rs 174 per share. Copthall Mauritius Investment acquired 86.5 lakh shares. Key Square Master Fund acquired 80 lakh shares and Societe General acquired 60 lakh shares. The shares were acquired at Rs 174 per share.
Bharat Forge: Class-8 truck sales increased by 10% to 17,700 units Year-on-Year (YoY) basis in North America, while it decreased by 12% in the same region on the Month-on-Month (MoM) basis.
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MCX: The market regulator, SEBI, in its circular dated February 4, 2020, asked the commodity exchanges to conduct a performance review of all commodity derivative contracts on annual basis, which should be presented to it by June 30 every year. It also asked the exchanges to furnish a balance sheet of all commodities including volume and open interest, along with trading on their platforms. It will have to provide the list of 10 major producing and consuming countries as well as tender details of each commodity from the domestic perspective as well with production and consumption scenario locally. SEBI said this comes in to effect from April 1, and applies to all contracts in FY20.
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