Mahindra & Mahindra, Reliance Industries, MPS, SBI, HCL Tech, BEL stocks in focus

SGX Nifty hints at a negative start for benchmark indices BSE Sensex and NSE Nifty 50. RIL, BEL, MPS among stocks to watch on Wednesday.

stocks in focus
Mahindra & Mahindra, Reliance Industries, MPS, SBI, HCL Tech stocks in focus on Wednesday.

Indian benchmark indices are likely to open on a mildly negative note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the red at the 17,792 level. In the previous session, Sensex closed flat at 60,673, down 0.03% and the Nifty extended losses for a second session . “Despite opening gains, negative cues from global peers cast a shadow over investor sentiments. Underpinned by inflationary concerns, the market is keenly eyeing the US fed meeting minutes, scheduled to be released tomorrow, for hints on further monetary policy tightening. Risk appetite was further hammered by FIIs turning net sellers and fear of El Niño,” said Vinod Nair, Head of Research, Geojit Financial Services.

Stocks in focus on 22 February, Wednesday

Mahindra & Mahindra: M&M entered into an Asset Transfer Agreement with Mahindra Electric Automobile Limited for transfer of certain identified assets (capital work in progress) related to the 4 (Four) Wheel Passenger Electric Vehicles. The transfer will be completed by 30th June, 2026. M&M and British International Investment will invest up to Rs1,925 crores in the company in two or more tranches.

AXISCADES: The company entered into a strategic partnership with Mangal Industries Limited, a part of the Amara Raja Group. The MOU covers engineering, digital and manufacturing collaboration.

Mirza International: The NCLT, Allahabad Bench has permitted the composite scheme of arrangement between RTS Fashions Private, Mirza International and REDTAPE. RTS Fashions will be amalgamated with and into Mirza International.

MPS: The merger between two subsidiary companies of MPS, E.I. Design and MPS Interactive Systems Limited, an unlisted public company, has been approved by their respective boards. MPSI is a direct subsidiary and E.I. Design is a step-down subsidiary of MPS.

SBI: The bank has successfully raised Rs 4,544 crore Non-Convertible, Taxable, Perpetual, Subordinated, Unsecured, Fully Paid Up Basel III compliant AT 1 Bonds at a coupon of 8.20% p.a.

HCL Tech: HCL America Inc., a wholly owned step-down subsidiary of HCL Tech, on 6 February announced its proposal for a Cash Tender Offer for up to $125 million of its $500 million 1.375% Senior Notes that were issued with a maturity date of March 2026. However, the firm has the maximum acceptance amount to $247.8 million.

Reliance Industries: Reliance New Energy Limited completed the purchase of 7,433 Common shares; 1,518 Series B1 Preferred shares; and 660 Series B2 Preferred shares of Nexwafe GmbH for 7,55,684 euros.

Sapphire Foods: Gamma Pizzakraft (Overseas), wholly-owned subsidiary of Sapphire Foods has approved subscription of up to 81,914 Equity Shares of Gamma Island Food, which operates Pizza Hut and KFC restaurants in Maldives under franchise agreements. This will take the shareholding to 75% from the current 51%.

Bharat Electronics: BEL has signed an MoU with Aeronautical Development Agency (ADA), DRDO, for the Advanced Medium Combat Aircraft (AMCA) programme.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 22-02-2023 at 07:27 IST
Exit mobile version