Stocks to Watch Today: The key benchmark indices are poised to start trade on a bearish note, tracking losses in the overseas markets, after the US Federal Reserve raised rates by 75 basis points for the third straight time to 3 per cent to 3.25 per cent. Further, the Fed further upped interest rate projections to 4.4 per cent for the end of the year as against 3.9 per cent projected earlier.
As 07:20 AM, the SGX Nifty futures quoted at 17,581, indicating a gap-down of more than 120 points on the Nifty 50 benchmark.
Meanwhile, following are the stocks that are likely to some action in trades on Thursday.
Wipro: The IT major has terminated the services of 300 staff members who, it found, were working for its rivals (Moonlighting) while still being on the company’s payroll. The firm’s executive chairman Rishad Premji says moonlighting is a ‘complete violation of integrity in its deepest form’. READ MORE
Gas-related stocks: An interesting opportunity could be opening up in the city gas distribution (CGD) space. Share price of Indraprashtha Gas, Mahanagar Gas and Gujarat Gas, have corrected sharply since the start of the Russia-Ukraine war as international gas prices have shot up due to fears of supply disruption.
Meanwhile, GAIL has come under pressure since it is not receiving contracted liquefied natural gas (LNG) cargoes and it is being forced to buy LNG at much higher prices READ FULL ANALYSIS
PB Fintech: The company completed invesmentment of Rs 650 crore in the subsidiary Policybazaar Insurance Brokers and Rs 250 crore in Paisabazaar Marketing and Consulting, as approved by the board earlier.
SpiceJet: The DGCA stating it as ‘matter of abundant caution’ has asked the low-cost airline to continue flying with just 50 per cent of its flights for another month. Further, the airline will have to demonstrate that it has the resources to fly more planes and it will continue under DGCA’s ‘enhanced surveillance’. READ MORE
HDFC Bank: India’s largest private sector lender signed a multi-year data and technology agreement with Refinitiv, a London Stock Exchange Group business, as the Mumbai-based lender looks to reach more customers and cut costs. READ MORE
SBI: The country’s largest lender said it raised Rs 4,000 crore through tier-2 bonds at a cutoff rate of 7.57 per cent. “The issue attracted an overwhelming response from investors with bids of Rs 9,647 crore and was oversubscribed by about 5 times against the base issue size of Rs 2,000 crore,” the bank said.
Punjab National Bank (PNB): The state-run bank raised Rs 658 crore by issuing Basel III compliant additional Tier-1 bonds at a coupon rate of 8.3 per cent per annum.
Can Fin Homes: The NBFC has decided to relieve its managing director and chief executive officer (MD & CEO) Girish Kousgi on October 20, 2022. Officials said that they engage a search firm to find Kousgi’s successor. Addting that, the resignation would not impact the company’s operations and business.
Sugar stocks: Speaking at an event organized by Indian Sugar Mills Association, Union Minister Nitin Gadkari argued that the sugar industry should try to create avenues through which ethanol could be sold directly to the automobile industry. He said that increasing sugar production shall create problems for the industry, whereas boosting ethanol output can bring rich returns. READ MORE
Reliance: Reliance Brands a subsidiary of Reliance Retail Ventures – the retail arm of Mukesh Ambani’s Reliance Group, is said to be in advanced stage of talks to take over the India rights for premium makeup and beauty retail chain Sephora, from Arvind Fashions. READ MORE
Asian Hotels (East): The company’s board has fixed October 07 as the record date for the proposed 1:2 bonus issue. Further, also for the allotment of new equity shares of Robust Hotels in 1:1 ratio.
Spandana Sphoorty Financial: The company’s board has approved a proposal to raise up to Rs 50 crore by way of issue of non-convertible debentures on a private placement basis.
Ashoka Buildcon: The company has won an order worth Rs 258.12 crore for construction of new BG line, from South Western Railway. The order needs to be executed within 24 months.
Heritage Foods: The company’s board is scheduled to meet on September 30, to consider a proposal for raising funds by way of rights issue.
Star Housing Finance: The company’s board is scheduled to meet on September 26 to consider various proposals, including raising funds by way of preferential issue.
Future Enterprises: The debt-ridden company said it has defaulted on payment of interest on non-convertible debentures totalling Rs 15.73 crore. The due date for payment was September 20, 2022.
Sheetal Cool Products: The company has signed a MoU with BPCL for setting up Outlets/ Kiosk of Sheetal brand at BPCL retail outlets across Gujarat.
Stocks in F&O ban: Ambuja Cements, Can Fin Homes, Delta Corp, Escorts, PVR and RBL Bank were the stocks in F&O ban period on Thursday.