Stocks in Focus on November 22: CSB bank, RITES to BHEL; here are the 5 Newsmakers of the Day

The market snapped its two-day winning run and ended with modest losses on Thursday, November 21, 2019, but stock-specific movements kept the traders busy throughout the day. But certain stocks came in news after the market was closed for trading purposes. These stocks can have an impact on the indices when it reopens on Friday, November 22, 2019. Here is a list of five such stocks:

CSB Bank: Kerala-based private sector lender CSB Bank will launch its initial public offering for a subscription today, i.e. on November 22. The sale will allow the bank to raise Rs410 crore including the Rs24 crore in fresh issue and the rest in the offer for sale (OFS). The bank has priced the sale of shares at Rs193-195 per piece and the issue will close on November 26. Companies like ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, will sell their stakes through OFS to fully exit CSB.

RITES: The Union Government has proposed to sell up to 2.50 crore equity shares, in aggregate representing 10 per cent of the total paid-up equity capital of RITES, to non-retail investors on November 22, 2019, and to retail investors on November 25, 2019, through the offer-for-sale mechanism. The floor price has been fixed at Rs293.50.

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Sun Pharma/Alkem Lab/Alembic Pharma: The stocks of these Pharma companies will be in focus today as US health regulator, United States Food and Drug Administration (USFDA), has approved Deferasirox, a drug that is used to treat chronic iron overload in patients.

BHEL - CRISIL on Thursday downgraded the rating on the long-term bank facilities of BHEL to ‘CRISIL AA’ from ‘CRISIL AA+’. It also revises the outlook from ‘Negative’ to ‘Stable’.

Aarti Drugs Ltd.: Promoter acquired 1.46 per cent equity of the company through an open market.