Stocks Corner:
1. Lupin: Drug maker Lupin is recalling more than 18,000 bottles of an antibiotic drug used to treat bacterial infections from the US market. The drug is being recalled due to a “complaint received of metal piece identified in the product bottle prior to the reconstitution," USFDA said.
2. Reliance Infrastructure: A day after auditors raised a long list of concerns on Reliance Infrastructure’s (RInfra) financial reporting, company officials called it an overhang in the auditing environment after the IL&FS fiasco.
3. Jet Airways: As per news reports, the Income Tax (IT) Department has summoned Jet Airways founder Naresh Goyal for questioning in relation with an alleged case of tax invasion. Moreover, resolution plan of the beleaguered airline is likey to be taken today.
4. Bharti Airtel, Vodafone: According to a news report by The Economic Times, the Department of Telecommunications (DoT) has backed penalties of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for allegedly denying Reliance Jio Infocomm adequate points of interconnection (PoIs) in 2016.
5. Auto companies reported another subdued sales figures for May owing to high finance cost and liquidity constraints. Maruti Suzuki India said its overall sales including that to original equipment manufacturer (OEM) for May declined by 22 per cent to 134,641 units YoY while Tata Motors reported a drop of 26 per cent in its domestic sales at 40,155 units as against 54,290 units sold in May 2018.
6. US stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Federal Reserve to cut interest rates.
1. Lupin: Drug maker Lupin is recalling more than 18,000 bottles of an antibiotic drug used to treat bacterial infections from the US market. The drug is being recalled due to a “complaint received of metal piece identified in the product bottle prior to the reconstitution," USFDA said.
2. Reliance Infrastructure: A day after auditors raised a long list of concerns on Reliance Infrastructure’s (RInfra) financial reporting, company officials called it an overhang in the auditing environment after the IL&FS fiasco.
3. Jet Airways: As per news reports, the Income Tax (IT) Department has summoned Jet Airways founder Naresh Goyal for questioning in relation with an alleged case of tax invasion. Moreover, resolution plan of the beleaguered airline is likey to be taken today.
4. Bharti Airtel, Vodafone: According to a news report by The Economic Times, the Department of Telecommunications (DoT) has backed penalties of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for allegedly denying Reliance Jio Infocomm adequate points of interconnection (PoIs) in 2016.
5. Auto companies reported another subdued sales figures for May owing to high finance cost and liquidity constraints. Maruti Suzuki India said its overall sales including that to original equipment manufacturer (OEM) for May declined by 22 per cent to 134,641 units YoY while Tata Motors reported a drop of 26 per cent in its domestic sales at 40,155 units as against 54,290 units sold in May 2018.
6. US stores and factories reported a pickup in activity last month, suggesting the economy is humming along without an urgent need for the Federal Reserve to cut interest rates.
Stocks in ban period
IDBI, PCJEWELLER, RELCAPITAL, RELINFRA
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