Indian equity markets are likely to extend losses on Tuesday amid weak global cues. Early trends on SGX Nifty indicated a negative start for benchmark indices, with a loss of 100 points or 0.63%. The Nifty futures were trading around 15,678.50 level on the Singaporean Exchange. Asian shares tumbled in early trade after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high. “Near term market outlook remains weak on the back of twin global headwinds of high inflation and increasing interest rates. Several global central banks including US Fed are scheduled to meet this week to decide on their monetary policy and would keep the markets busy,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 14 June, Tuesday
Bajaj Finance: Bajaj Finance, the lending arm of Bajaj Finserv, on Monday said it has raised fixed deposit interest rates on various tenors — 24-60 months — by up to 20 basis points (0.20 per cent). This will not include deposits of 44 months tenor, it added. The revised rates on Bajaj Finance FDs of up to 20 basis points are effective from June 14, 2022, and shall be applicable to fresh deposits and renewals of maturing deposits, the lender said in a release. With this, the depositors will earn 7.20 per cent cumulative return on deposits between 36 months to 60 months.
Tata Steel: Tata Steel has unveiled a 7-million pound investment plan for its Hartlepool Tube Mill in north-east England that the Indian steel major says will cut carbon emissions, improve capacity and reduce costs to strengthen its UK business. The investment will go into a new slitter which will allow the Hartlepool site to process coils of steel delivered from Tata’s Port Talbot steelmaking site in South Wales. All of the steel products made at the site, where almost 300 people work producing up to 200,000 tonnes of steel tubes a year, are 100 per cent recyclable and the investment is forecast to pay for itself in less than three years.
Zydus Lifesciences: Zydus Lifesciences on Monday said its Rs 750 crore-share buyback offer will commence on June 23 and close on July 6. The drug firm, earlier known as Cadila Healthcare, has fixed July 15, 2022 as the last date for the settlement of bids on stock exchanges which may even happen early, as per a regulatory filing. The company’s board has approved the proposal to buyback a little over 1.15 crore shares, representing up to 1.13 per cent of the total paid-up equity share capital of the company, for an aggregate amount of up to Rs 750 crore.
Bharti Airtel: Bharti Airtel on Monday said its video streaming service, Airtel Xstream, has achieved a 2-million paid subscriber mark. Adarsh Nair, chief executive officer of Airtel Digital, attributed the platform’s growth in a large part “to our ability to meet the needs of the Indian consumer for great regional content. We will be doubling down on our regional strategy with our existing partners and will continue to onboard new partners with stellar regional content catalogs,” he said. Airtel Xstream offers a bouquet of OTT platforms to consumers across mobile and large screen formats.
Crompton Greaves: Crompton Greaves Consumer Electricals on Monday said it plans to raise long-term funds up to Rs 925 crore through the issuance of non-convertible debentures on a private placement basis. The board of directors of the company at its meeting held on Monday also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing. These are part of a proposal to modify the company’s debt profile which have been considered by the board and approved, it added.
Metropolis Healthcare: Metropolis Healthcare on Monday said its promoters have no intention to exit the business. In a regulatory filing, the company said its promoters are focused on strengthening the Metropolis brand, although it continuously keeps exploring various strategic options/investment opportunities. “The company, its promoters and management team are committed to operating Metropolis Healthcare Ltd with the highest standards of medical science, stakeholder trust and customer engagement,” the company said.