Bears are likely to grip Dalal Street on Wednesday amid high volatility, and uncertainty. SGX Nifty hinted at a negative start for benchmark indices NSE Nifty 50, BSE Sensex as Nifty future trading 0.5% down on the Singapore Exchange. “We believe all eyes will be on the FOMC meeting scheduled today wherein there are high expectations of the Fed increasing the rates by 75bps. So, the FED rate decision will dictate the market trend going ahead. Meanwhile, investors will continue to monitor global cues, crude and currency movement,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus on 21 September, Wednesday
Wipro: IT major Wipro announced the appointment of Dhruv Anand as country head and managing director (MD) for operations in Japan. Anand spent his formative years at Wipro before moving on to Tata Consultancy Services (TCS). In his most recent role at TCS, Anand led the manufacturing and hi-tech vertical with a focus on the Japanese automotive industry and ecosystem suppliers.
Hero MotoCorp: Two-wheeler maker Hero MotoCorp has partnered with Hindustan Petroleum Corporation Limited (HPCL) to establish charging infrastructure for electric vehicles (EVs) in India. As a part of the initiative, the companies will set up charging infrastructure for two-wheeled electric vehicles across the country.
Adani Group stocks: Days after completing its $6.5-billion acquisition of Ambuja Cements and ACC and chalking out plans to double the cement manufacturing capacity to 140 million tonnes in the next five years, Adani Group has pledged shares of the two companies valued at $13 billion based on Monday’s closing price. According to separate filings made to the stock exchanges by Deutsche Bank AG’s Hong Kong branch, about 57% of ACC and 63% of Ambuja Cements have been pledged “for the benefit of certain lenders and other finance parties”.
Tata Steel: The company has raised Rs 2,000 crore through NCDs issue as the board of directors has approved the allotment of 20,000 non-convertible debentures with a face value Rs 10 lakh each to identified investors on a private placement basis. The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segment of BSE.
Zydus Lifesciences: The company announced the launch of Lenalidomide Capsules in the US. The drug is a generic version of the US reference listed drug (US RLD) Revlimid of Celgene Corporation, a Bristol-Myers Squibb Company. The company had earlier received final approvals for 5 mg, 10 mg, 15 mg and 25 mg strengths and tentative approvals for 2.5 mg and 20 mg strength.
Central Bank of India: The Reserve Bank of India (RBI) took out Central Bank of India from the prompt corrective action (PCA) framework, subject to specific conditions. The Mumbai-based lender was the last bank under the regulator’s quarantine framework for weak banks after the asset quality review of 2015-16. The bank turned the corner in FY22, posting its first full year of profit after FY15. Its net profit for the year stood at Rs 1,045 crore. It was brought under the PCA framework, which imposes restrictions on a bank’s ability to grow risk-weighted assets, branch expansion and management expansion, depending on the threshold under which a particular bank is being penalised, in June 2017.