Overnight Digest : Stocks to look out for on September 11
The following stocks hit 52-week high on September 10, 2018 – Axis Bank Limited, GlaxoSmithKline Pharmaceuticals Limited, JSW Steel Limited, LGB Forge Limited and Lincoln Pharmaceuticals Limited. These stocks might be in action in tomorrow’s trading session.
The following stocks hit 52-week low – APL Apollo Tubes Limited, Bharat Petroleum Corporation Limited, Centrum Capital Limited, Gammon India Limited and Gemini Communication Limited. These stocks might be in action in tomorrow’s trading session.
GAIL, Engineers India Limited (EIL), and Container Corporation are under the scrutiny of the Finance Ministry. These companies are likely to be replaced with three or more new Public Sector Undertakings (PSUs) in the CPSE ETF, depending on the value of the scrip and the corresponding weightage in the ETF basket. This is because the government holding in these companies has fallen below 55 per cent.
Alembic Pharmaceuticals: The company announced that the board has approved a proposal to raise up to Rs. 300 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. This is likely to keep the stock in focus on Tuesday.
Sun Pharmaceutical: One of the wholly owned subsidiaries of the company has agreed to acquire shares of Tarsius Pharma (Tarsius), Israel, by way of subscription of 3,45,622 ordinary shares of nominal value of NIS 0.01 each, representing 18.75 per cent of shares of Tarsius, on a fully diluted basis. The shares of Sun Pharma will be watched in Tuesday’s trading session.