Overnight Digest – Stocks to look out for on July 4
The stocks which could witness significant movement on July 4 are Manappurram Finance, Mahindra and Mahindra, Jaiprakash Associates, Bajaj Electricals, Unitech.
a) Manappurram Finance: The company has informed the stock exchanges that CRISIL has upgraded the company’s rating on the long-term bank facility and non-convertible debentures to 'CRISIL AA-/Stable' from 'CRISIL A+/Stable', while reaffirming the rating on short-term debt at 'CRISIL A1+'.
b) Mahindra and Mahindra: The company has reported a 20.33 per cent increase in total tractor sales at 30,191 units in June. Domestic tractor sales have grown by 20.49 per cent to 28,797 units in June as against 23,899 units in the year-ago period.
c) Jaiprakash Associates: SBI, the country’s largest public sector bank has classified the account of the company as an NPA and lenders will soon meet to take a call on invoking Strategic Debt Restructuring (SDR) provisions.
d) Bajaj Electricals: The company has forayed into the premium kitchen appliance segment under the brand ‘Platini by Bajaj’. The products of the company will include stand mixer, vitamin juicer, and bread maker.
e) Unitech: In a big relief to flat buyers, Supreme Court on July 1 directed Unitech to compensate the buyers in its Burgundy Society in Noida by August 12. According to some media houses, SC has asked Unitech to pay interim compensation of Rs 5 crores.