Shares in focus today: Airtel, Axis Bank, IRB Infra, Sun Pharma, Max Financial, ITI, Allahabad Bank, Zensar

By: | Updated: March 22, 2018 8:58 AM

Indian stock markets are likely to open flat on Thursday as the major US stock indices concluded marginally lower in negative territory after the US Federal Reserve raised the interest rates under the new Fed Chairman Jerome Powell.

The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.18% at 10,196.5 on the Singapore Exchange on Thursday. (Image: Wikimedia Commons)

Indian stock markets are likely to open flat on Thursday as the major US stock indices concluded marginally lower in negative territory after the US Federal Reserve raised the interest rates under the new Fed Chairman Jerome Powell. The early indicator of NSE Nifty, SGX Nifty Futures was trading little changed, up 0.18% at 10,196.5 on the Singapore Exchange on Thursday.

These stocks will be in focus today

ITI: The Cabinet had cleared selling of 18 crore equity shares of ITI Ltd through a follow-on public offer (FPO), which will help the telecom PSU meet the minimum 25% public shareholding norm.

Allahabad Bank: Allahabad Bank has received approval from the Ministry of Corporate Affairs for the merger of its fully-owned subsidiary AllBank Finance with itself.

Axis Bank: Axis Bank said that it has issued bank guarantees on behalf of Bharti Airtel and has Rs 92.22 billion of non-fund based exposure to telecom sector at the end of 31 December 2017 with zero exposure to Aircel.

Bharti Airtel: Bharti Airtel approached the NCLT over the scheme of demerger with its wholly owned subsidiary Telesonic Network.

Zensar Technologies: Zensar will acquire Cynosure for about $33 million, a move that will help the Indian IT firm strengthen its play in the insurance vertical, PTI reported.

IRB Infrastructure Developers: The National Highways Authority of India (NHAI) has awarded highway projects worth Rs 4,452.56 crore to IRB Infrastructure Developers and Oriental Structural Engineers in Puducherry and Tamil Nadu.

Sun Pharmaceutical: Sun Pharmaceutical Industries has received approval from the US Food and Drug Administration (FDA) for Ilumya (tildrakizumab-asmn) drug for the treatment plaque psoriasis.

Max Financial Services: Max Financial Services had approved to raise Rs 5,000 crore in one or more tranches to fuel the growth of its subsidiary Max Life Insurance.

The Indian rupee on Wednesday: The rupee ended little changed at 65.21 against the US dollar.

Indian stock markets on Wednesday

Indian stock markets ended higher on Wednesday with Sensex rising over 139 points reclaiming 33,000-mark steered by a sustained upmove in blue-chip shares of Airtel, RIL, L&T, HDFC, HDFC Bank and Infosys. The broader share indicator Nifty also ended in green at 10,155.25, up by 30.9 points. The S&P BSE Sensex surged 139.42 points to settle at 33,136.18 on Wednesday. Shares of RCom zoomed nearly 15% intraday after the Anil Ambani-led telecom company got the bondholders approval to monetise its assets to Reliance Jio Infocomm Ltd.

US stock markets on Wednesday

US stocks ended slightly lower on Wednesday, with major indexes giving up gains in choppy trade after the Federal Reserve raised US interest rates, while a strong gain in the energy space helped limit losses, Reuters said in a report. The Fed raised interest rates and forecast at least two more hikes for 2018, signaling growing confidence that US tax cuts and government spending will boost the economy and inflation and lead to more aggressive future tightening, Reuters added. The Dow Jones Industrial Average fell 44.96 points, or 0.18 percent, to end at 24,682.31, the S&P 500 lost 5.01 points, or 0.18 percent, to 2,711.93 and the Nasdaq Composite dropped 19.02 points, or 0.26 percent, to 7,345.29.

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