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Wipro, Tech Mahindra, Punjab National Bank, IDBI Bank, Century Ply stocks in focus on weekly F&O expiry

Indian equity markets are likely to open in red on Thursday, weekly F&O expiry, amid weak global cues. Early trends on SGX Nifty hinted at a negative start for Nifty, Sensex.

Wipro, Tech Mahindra, Punjab National Bank, IDBI Bank, Century Ply stocks in focus on weekly F&O expiry
Wipro, Tech Mahindra, Punjab National Bank, IDBI Bank, Century Ply stocks in focus on weekly F&O expiry

Indian equity markets are likely to open in red on Thursday, weekly F&O expiry, amid weak global cues. Early trends on SGX Nifty hinted at a negative start for benchmark indices NSE Nifty 50 and BSE Sensex as Nifty futures were trading 0.7% down on the Singapore Exchange ahead of today’s trading session. “Markets will first react to the Fed meet outcome in early trades on Thursday. Besides, the scheduled weekly expiry would add to the volatility. Amid all, indications are in the favour of further consolidation so we suggest traders to stay light and focus more on the risk management part,” said Ajit Mishra, VP – Research, Religare Broking.

Also Read: Sensex, Nifty snap 2-day gaining streak ahead of US Fed outcome; here’s how to trade on F&O expiry day

Stocks in focus on 22 September, Thursday

Wipro: Wipro Chairman Rishad Premji on Wednesday said the company had found 300 of its employees worked with one of its competitors at the same time, and added that action was taken in such cases by terminating their services. Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity “in its deepest form”.

Tech Mahindra: Tech Mahindra, India’s fifth largest IT services firm by revenue, is scouting for internal talent to succeed its current CEO and managing director CP Gurnani, who will retire by the end of next year. The likely frontrunners for the top job include Manish Vyas, president, Communications, Media & Entertainment (CME), and CEO of Network Services; Lakshmanan Chidambaram, president of Tech Mahindra Americas; and Harshvendra Soin, global chief people officer and head of Marketing, according to sources familiar with the developments.

IDBI Bank: The lender sold its entire stake in Ageas Federal Life Insurance Company to partner Ageas Insurance International NV. In May 2022, the bank had entered into a Share Purchase Agreement to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company to Ageas Insurance International NV. With this sale, IDBI Bank’s shareholding in Ageas Federal Life Insurance Company now stands at NIL.

PNB: Punjab National Bank (PNB), Union Bank of India, and Indian Bank have introduced credit card payments using UPI. This was announced on September 20, 2022 at a Global Fintech Fest in Mumbai by the RBI governor Shaktikanta Das. Customers of Punjab National Bank, Union Bank of India, and Indian Bank will be the first to be able to use RuPay Credit Card on UPI with BHIM App,” stated a National Payment Corporation of India press release.

Kirloskar Oil Engines: The company said the board members have appointed Anurag Bhagania as chief financial officer of the company with effect from September 22. In addition, the company acquired the balance 24% stake in La-Gajjar Machineries. It had acquired 76% in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a 5 years period.

Also Read: Daily gold price, silver, petrol, diesel rates: Everyday updates on FinancialExpress.com commodities pages

Century Ply: Century Ply, the largest seller of multi-use plywood and decorative veneers in the Indian organised plywood market, plans an investment of over Rs 1,000 crore. “The building material market is expected to grow in the coming 5-6 years and plywood, mostly used for interior decoration, has become an essential building material,” Sajjan Bhajanka, chairman, Century Ply Boards (India), said.

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