Stocks in the News Highlights (26-June-2021)
1) Shares of commercial vehicle maker Ashok Leyland rose 4.4% as it reported a profit of ₹241 crore in the March quarter of FY21. A 32% sequential jump in volumes helped the company to return to profits after the losses seen in the previous quarter.
2) Karnataka-based drug maker Shilpa Medicare has received an in-principle approval from the Defence Research and Development Organisation (DRDO) for the manufacture and sale of 2-Deoxy-D-Glucose (2DG). The drug has been given emergency approval for use in the treatment of Covid-19 patients.
It is the second pharma company to receive approval for making this drug after Dr Reddy’s. Earlier, Shilpa Medicare had also announced that it has entered into an agreement to manufacture the Sputnik V vaccine. Shares of Shilpa Medicare rose 3.2% today and have gained over 70% so far this fiscal.
3) The Reserve Bank of India (RBI) extended the restrictions on Punjab and Maharashtra Cooperative (PMC) Bank to December 31, 2021, from July 1, 2021.
The extension has been implemented keeping in mind the time required for restructuring PMC Bank.
As per the restrictions, PMC Bank customers cannot withdraw more than Rs 1 lakh from their accounts.
RBI had approved the joint proposal of Centrum Financial and BharatPe to take over PMC Bank this week.
4) State-owned oil exploration and production company’s ONGC standalone net profit surged to ₹6,734 crore in Q4, aided by an exceptional item and higher realisation (revenue per barrel of oil). In comparison, the company had reported a loss of ₹3,214 crore in March 2020.
In the wake of rising oil prices, the net realisation rose by 18% year-on-year (YoY) to $58 per barrel. But the company’s revenue declined by 1.2% YoY due to a drop in production and lower gas prices. Nonetheless, the stock fell 0.9% today.
5) The Indian Pesticides IPO was subscribed 29 times on the final day of bidding.
The IPO received 56.07 crore shares against an offer size of 1.93 crore shares.
Subscription Status
Qualified Institutional Buyers: 42.95 times the reserved portion.
Non-Institutional Investors: 51.88 times the reserved portion.
Retail Individual Investors: 11.30 times the reserved portion.
6) Last date for linking your PAN number with Aadhaar extended by 30th June 2021:
Pls click on the below link for PAN Aadhaar seeding: https://eportal.incometax.gov.
7) Bharti Airtel said the upcoming low-cost 4G smartphone from the Reliance Jio-Google combine won’t hurt its revenues as 2G device users, typically, upgrade to smartphones priced above Rs 7,000 and prefer Airtel’s mobile network.
8) Sashidhar Jagdishan, CEO of HDFC Bank said that the bank had identified corporate banking, lending to micro, small and medium enterprises (MSME), government banking, retail assets, and payments as key focus areas for future growth.
9) IPOs in the US market:
Arizona-based Mister Car Wash is getting listed on 25th June 2021: was founded to develop a network of retail car washing locations in the U.S.
Mister Car Wash has priced its IPO of 37.5M shares at $15.00/share. |
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