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Tata Steel, SpiceJet, Future Enterprises, Hero MotoCorp, Cipla stocks in focus on 23 September

Indian equity markets are likely to start the week’s last trading session on a negative note. Ahead of the session, SGX Nifty was in red hinting at a gap-down start for domestic benchmark indices.

Tata Steel, SpiceJet, Future Enterprises, Hero MotoCorp, Cipla stocks in focus on 23 September
Tata Steel, SpiceJet, Future Enterprises, Hero MotoCorp, Cipla stocks in focus

Indian equity markets are likely to start the week’s last trading session on a negative note. Ahead of the session, SGX Nifty was in red hinting at a gap-down start for domestic benchmark indices. In the previous session, BSE Sensex fell 337 points to close at 59,120, while NSE Nifty 50 declined 89 points to 17,630. “The recent movement in the index shows indecisiveness amid the global uncertainty and it may take some time to subside. Meanwhile, we recommend focusing more on overnight risk management and limiting leveraged positions,” Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 23 September, Friday

Tata Steel: TataSteel board approves amalgamation of 7 seven of its subsidiaries. These seven metal companies will be merged into Tata Steel. Of the seven companies to be amalgamated, Tata Metaliks, Tinplate, Tata Steel Long Products, and TRF are listed on exchanges, while Indian Steel & Wire Products, Tata Steel Mining, and S&T Mining are unlisted.

Also Read: Tata Steel to merge 7 group metal companies with itself

SpiceJet: The budget carrier will increase the salary of its captains and senior first officers by around 20% from October, which follows a 6% hike in pay given to line captains last month. The company will also be depositing TDS of all employees in the next 2-3 weeks. “A significant portion of PF contributions of all employees will also be credited,” said an internal email from Gurucharan Arora, SVP-Flight Operations, SpiceJet. The email was shared with SpiceJet employees the day when DGCA, extended the airline’s suspension to operate at 50% capacity by a little over 5 weeks.

Future Enterprises: Future Enterprises, a part of the beleaguered Future Group, has been granted a three months’ extension by the Register of Companies (RoC) to hold its annual general meeting (AGM). The company will have to hold its AGM on or before December 31, 2022. Accordingly, the AGM would be held within the extended timeline, FEL said in a regulatory update.

Hero MotoCorp: The company has raised the ex-showroom prices of its motorcycles and scooters, with immediate effect. The price revision has been necessitated to partially offset the impact of cost inflation. The price revision will be up to Rs 1,000 and the exact quantum of increase will vary by model and market.

Also Read: Sensex, Nifty end lower amid volatility post hawkish US Fed commentary; Nifty support at 17500

Cipla: The pharma major has received the Establishment Inspection Report (EIR) for its Indore plant, indicating closure of the inspection. The United States Food and Drug Administration (USFDA) conducted product-specific pre-approval inspection (PAI) at the Indore plant on June 27 and July 1.

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