Stocks in Focus on March 20: L&T Finance, Pharma Companies to ICICI Lombard; here are expected 5 Newsmakers of the Day
Stocks in Focus on March 20: L&T Finance Holdings, Granules India, ICICI Lombard, banking and pharma stocks are expected to remain newsmakers throughout the intraday trade session.
Stocks in Focus on March 20: The domestic stocks markets extended the losses for the fourth straight session on Thursday, March 19, 2020. Equity benchmark Sensex lost over 2,155 points and the Nifty gave up the 7,832 level in opening session yesterday as global gloom over the Covid-19 pandemic continued to hammer equities but recovered a bit as the session progressed. The Sensex closed 582 points down at 28,288.23, while Nifty 50 closed at 8,263.45 down 205 points from the previous closing. But certain stocks came in news after the market was closed and can impact the indices when it reopens on Friday, March 20, 2020. List of such five stocks:
L&T Finance Holdings: The board will meet on March 20 to consider and approve the interim dividend.
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Granules India: Today is the record date for the proposed buyback of up to 1.25 crore equity shares of the face value of Re 1 each at Rs 200 per share aggregating up to Rs 250 crore.
Banks in Focus: RBI will conduct its open market operations today on March 20, 2020, in the form of the purchase of an aggregate amount of Rs 10,000 crores. It will offer to buy four sets of sovereign papers maturing between February 2022 and May 2025. Besides, All India Bank Employees Association (AIBEA) has postponed its strike planned scheduled to be held on March 27, 2020, to oppose the megabank mergers. The strike was postponed amid concerns related to COVID-19.
Pharma Companies in Focus (API): The government is likely to announce a Rs 3,000 crore corpus for companies to set up fermentation or active pharmaceutical ingredients (APIs) units to boost domestic manufacturing in India. The proposal of the Department of Pharmaceuticals (DoP) is likely to be put before the union cabinet today for approval. Under the proposal, the government will provide a financial incentive to those pharma companies ready to invest Rs 500 crore in an existing or new plant.
ICICI Lombard: The private sector non-life insurer has rolled out a ‘COVID-19 protection cover’ under the group insurance category to help fight the contagious pandemic.
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