Tata Motors, Jet Airways and Maruti Suzuki Among Key Stocks in Focus Today
Tata Motors Ltd shares dropped as much as 3% after Moody’s Investors Service downgraded the company’s credit rating by a notch on concerns over financial health of its British subsidiary Jaguar Land Rover.
Image for representation. (Image source)
The benchmark stock indices were trading in red in noon trade on Friday. The BSE Sensex was down 216 points, or 0.55% to 39,385.64, while the Nifty 50 index fell 62.05 points, or 0.52%, to 11,769.70 at 11:15am. Among the key stocks in focus were Tata Motors, Jet Airways, Maruti Suzuki and Spicejet. Read on to know more:
Tata Motors: Tata Motors Ltd shares dropped as much as 3% after Moody’s Investors Service downgraded the company’s credit rating by a notch on concerns over financial health of its British subsidiary Jaguar Land Rover (JLR).
Jet Airways: Jet Airways (India) Ltd tumbled 10% to Rs 56.60 after the National Company Law Tribunal (NCLT) admitted the State Bank of India (SBI)-led lenders’ insolvency application against the debt-laden airline.
Maruti Suzuki: Maruti Suzuki India Ltd shares dropped 3.3% after global brokerage firm UBS downgraded the stock to sell from buy, slashing the target price by 27.5% to Rs 5,800 per share from Rs 8,000 per share.
RIL: Reliance Industries Ltd (RIL) was down 1.4% after a media report said that the company is exploring an initial public offering (IPO) for its telecom unit, Reliance Jio Infocomm, in the latter half of 2020 at the earliest, according to a media report.
Wipro: Wipro shares erased all their early gains to trade 0.5% lower after the company announced the official opening of the Pivotal Center of Excellence at Wipro’s Dallas office to accelerate the innovation and digital transformation capabilities offered to joint customers.
SpiceJet, IndiGo: SpiceJet fell as much as 5.3%, while IndiGo operator Interglobe Aviation Ltd declined 2.8% after the aviation ministry distributed Jet Airways’ foreign flying rights among Indian carriers through an allocation process. IndiGo and SpiceJet have got the maximum number of rights, with 84 weekly flights for the first and 77 for the second. All the allocations are for three months.
GAIL: GAIL (India) Ltd shares were trading down 0.5% after the company fixed 10 July as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1.
Aurobindo Pharma: Aurobindo Pharma dropped 5.3% after the company announced that it has received a warning letter from USFDA relating to its Unit XI, API manufacturing facility situated at Andhra Pradesh.
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