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Syrma SGS Tech, HDFC Bank, Dr Reddy’s, Eicher Motors, IDBI Bank, DFL, Yes Bank stocks in focus on 26 August

Indian equity markets are likely to open higher on Friday. SGX Nifty was in the green, hinting at some positive momentum build-up ahead of the opening bell.

Syrma SGS Tech, HDFC Bank, Dr Reddy’s, Eicher Motors, IDBI Bank, DFL, Yes Bank stocks in focus on 26 August
Syrma SGS Tech, HDFC Bank, Dr Reddy's, Eicher Motors, IDBI Bank, DFL, Yes Bank shares in focus on 26 August

Indian equity markets are likely to open higher on Friday. SGX Nifty was in the green, hinting at some positive momentum build-up ahead of the opening bell. In the previous session, S&P BSE Sensex tanked 310 points or 0.53% to settle at 58,774 while the NSE Nifty 50 index was down 82 points or 0.47% at 17,522. “Market saw long liquidations and weak rollover on the monthly F&O expiry as there is nervousness ahead of US Fed Jackson Hole meeting wherein the hawkish tone is likely to continue. Nifty seems to be stuck in a range and is consolidating near 17500-17800 zones for the last few sessions. Volatility Index too has been inching higher and needs to cool down below 18 zones for market up-move. In the absence of any domestic trigger, focus remained on global cues,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Stocks in focus on 26 August, Friday

Syrma SGS Technology: The engineering and design company share will debut on stock exchanges BSE and NSE today. The company had raised Rs 840 crore through its IPO between August 12-18 by selling its shares in the range of Rs 209-220 apiece. Ahead of its listing, Syrma SGS shares were trading at a premium of Rs 55-60 per share in the grey market.

Also Read: Share Market LIVE: SGX Nifty sits in green ahead of opening bell; Syrma SGS shares to list on BSE, NSE today

HDFC Bank: HDFC Bank on August 25 announced it will invest Rs 49.9 crore to Rs 69.9 crore in Go Digit Life Insurance in two tranches to acquire up to a 9.94 percent equity stake in the company. The private lender stated that it has entered into “an indicative and non-binding term sheet with Go Digit Life Insurance.” The insurance company proposes to carry out life insurance business in India, subject to the grant of a certificate of registration by the Insurance Regulatory and Development Authority of India (IRDAI), HDFC Bank said in a statement.

Dr Reddy’s: Dr. Reddy’s Laboratories formulations manufacturing facility in Srikakulam, Andhra Pradesh, has received an establishment inspection report (EIR) from the U.S. Food and Drug Administration (U.S. FDA) “We wish to inform you that the company has received EIR… the agency concluded that the inspection is closed,” the Hyderabad-based drugmaker informed the stock exchanges on Thursday. In July, the company informed about the inspection conducted by the USFDA at the formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh. Now the agency has concluded that the inspection is “closed”.

Eicher Motors: Eicher Motors informed stock exchanges on August 25 that Kaleeswaran Arunachalam, the Chief Financial Officer (CFO) and key Managerial Personnel of the company, has tendered his resignation and his last date would be September 2, 2022. The company has also stated that the appointment of a new CFO in his place would be intimated in due course. Kaleeswaran will now join Cromptom Greaves. “The Board of Directors in its meeting held on August 25, 2022, have considered and approved the appointment of Mr. Kaleeswaran Arunachalam, as the Chief Financial Officer (CFO) of the Company w.e.f. September 5, 2022,” Crompton Greaves stated in a regulatory filing.

Also Read: F&O expiry outlook September 1: If Nifty breaks 17350, long unwinding may pull index lower, caution advised

IDBI Bank: India’s government is considering selling at least 51 per cent of state-backed IDBI Bank Ltd., reported Bloomberg citing people with knowledge of the matter. Officials in the government and the state-backed Life Insurance Corp. of India, which together own about 94 per cent of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. Both parties are expected to retain a stake in the lender after the sale. A panel of ministers will make the final decision on the structure of the deal, according to the report.

Yes Bank: Yes Bank on Thursday said it has recategorised two non-executive non-independent directors as nominee directors on its board following a resolution passed at its EGM. The private sector lender had appointed T Keshav Kumar and Sandeep Tewari as non-executive non-independent directors on its board with effect from July 15, 2022.

DLF: Realty major DLF Ltd is targeting about Rs 1,300 crore sales revenue from its new luxury housing project at Panchkula in Haryana on better demand for independent floors. DLF has launched a new 34 acre project Valley Gardens at Panchkula. “We are developing 424 independent floors in this project. The construction work will start after the monsoon season and the project will get completed in the next three years,” said DLF’s Group Executive Director and Chief Business Officer Aakash Ohri on Thursday.

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