Stocks in Focus on March 17: Equity benchmark Sensex plummeted 2,713.41 points and the Nifty gave up the 9,400 level and settled at 9,197.40 on Monday, March 16, 2020, after the Federal Reserve’s rate cut fanned concerns over the impact of Covid-19 on the world economy.
In the previous session, the 30-share BSE barometer recovered over 5,380 points from its intra-day low of 29,389, ending 1,325 points higher at 34,103.48. The Nifty settled 365 points, up at 9,955.20. The Reserve Bank of India said it is closely monitoring the current global situation and assured that it will take all steps to keep markets adequately liquid and stable.
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But certain stocks came in news after the market was closed and can impact the indices when it reopens on Tuesday, March 17, 2020. List of such five stocks:
Telecom Stocks: The Supreme Court has ordered telcos to clear full AGR dues by March 17, 2020, the next date of hearing, failing which it would summon the managing directors and other directors of these companies.
Sun Pharmaceutical: The board of the company will meet today to consider a proposal for buy-back of fully paid-up equity shares of the company.
India Cement: Radhakishan Damani’s family has further increased his stake in India Cements from 11.98% to 16% through open market transactions till March 16, 2020. Damani family is one of the richest families in India.
Lasa Supergenerics: Lasa Supergenerics, an Active Pharmaceutical Ingredients (API) producer, is looking at infusing Rs50 crore for developing Favipiravir, an anti-viral drug, which is expected to show positive results in treating novel coronavirus (Covid-19) cases.
RBI Update: To mitigate the effects of the Covid-19 pandemic on the Indian economy, the Reserve Bank of India said it will once again conduct a sell/buy swap auction of $2 billion on March 23, 2020, to provide dollar liquidity. It will persist with long-term repo operations (LTROs) to infuse long-term rupee liquidity of Rs 1 lakh crore. It said any decision on interest rate cut will be taken by RBI’s monetary policy committee (MPC) in the next meeting scheduled for March 31 to April 3, 2020. Besides, the RBI Governor Shakitikanta Das stated that as per the new scheme, Yes Bank moratorium will be lifted on Wednesday and the new board will assume the charge on March 26, 2020. Mr Das also said that the credible and sustainable plan of the revival of the yes bank also ensured that the identity of the bank will remain the same.