Stocks in Focus on August 29: Nestle, IIFL to Sun Pharma; here are the 5 Newsmakers of the Day

Indian stock benchmarks Sensex and Nifty closed in Red on Wednesday, August 28, 2019. But certain stocks came in news after the market was closed and can have an impact on the market when it reopens for trading purpose on Thursday, August 29, 2019. Here is a list of five such stocks:

ITC vs SEBI in Hotel Leela Case: ITC has challenged SEBI’s order in the matter of the sale of Hotel Leelaventure’s assets to Canadian investment firm Brookfield Asset Management. The Securities Appellate Tribunal (SAT), which hears appeals by those aggrieved by SEBI orders will hear the appeal on the matter today, on August 29.

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Nestle/Indiabulls Housing Finance: Nestle will replace Indiabulls Housing Finance in Nifty 50 Index. The replacement will take place from September 27, the Index Maintenance Sub-Committee of NSE Indices said.

IIFL /L&T Finance: IIFL Wealth will acquire L&T Finance’s wealth management business. IIFL Wealth Group, on Wednesday, announced plans to acquire 100 per cent stake in L&T Capital Markets, which is a wholly-owned subsidiary of L&T Finance. The transaction, which will be completed within 20 days of all regulatory approvals, is valued at Rs230 crore. The wealth management business has an AUM of Rs24,000 crore.  

Sun Pharma: SEBI has issued a clean chit to the pharmaceutical major, Sun Pharma, on an allegation of violations of securities laws. SEBI hasn’t found any merit in the allegation levelled by a whistleblower. It was an allegation of fund diversion of Rs42,000 crore through the company’s key distributor and subsidiary, Aditya Medisales (AML).

Piramal Enterprises: Piramal Enterprises on Wednesday said it has deferred the issue of privately placed non-convertible debentures (NCDs) aggregating Rs3,000 crore to a future date.