Consumer Durables News

Stocks to Watch: Tata Steel, Fortis, Hero MotoCorp, Bombay Dyeing, McLeod

Stocks to Watch Today: The markets are likely to tread with caution on Friday given the nervous mood. After having seen the US Fed rate action, the market participants will now focus on the RBI policy outcome next week. At 07:20 AM, the SGX Nifty futures quoted at 17,566, indicating an opening loss of 50-odd points on the Nifty 50 benchmark.

Meanwhile, following are the stocks that are likely to some action in trades on Friday.

Tata Steel: The company’s board has approved a scheme of amalgamation, wherein it shall merge seven step-down subsidiaries of the company with itself – namely, Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

Fortis Healthcare: After falling nearly 15 per cent on the day of the Supreme Court verdict, the stock is likely to be in focus on Friday as well. The SC on Thursday awarded a six-month jail term to the Singh brothers, former promoters of Fortis Healthcare in case filed by Japanese firm Daiichi Sankyo, and also ordered a forensic audit of the Fortis-IHH deal. READ MORE

IT stocks: The information technology stocks have been under pressure of late amid worries of a slowdown in the world biggest economy. To add to the woes, Accenture’s has issued its first-quarter guidance of $15.20 billion – $15.75 billion, much below the street expectations. However, back home, a renewed fall in the Indian Rupee may provide some cushion to the beaten-down stocks.

Bombay Dyeing: The company’s board approved a proposal to raise funds up to Rs 940 crore by way of rights issue of equity shares.

Hero MotoCorp: The company announced a price hike of up to Rs 1,000 on its two-wheelers with immediate effect to partially offset the impact of cost inflation.

McLeod Russel: In the backdrop of Carbon Resources offer of an upfront payment of Rs 1,245 crore, M K Shah Exports, one of the biggest orthodox tea producers in India, has reached out to lenders of McLeod Russel with a counter offer. READ MORE

Mahindra & Mahindra Financial Services (MMFSL): The Reserve Bank of India (RBI) on Thursday barred the non-banking financial services company from outsourcing recovery agents, days after a 22-year-old pregnant woman died in Jharkhand’s Hazaribagh while trying to block loan recovery agents, appointed by MMFSL, from taking away her father’s tractor and was crushed under the vehicle. READ MORE

Glenmark Pharma: The company infomred BSE, that it’s Aurangabad facility recieved Establishment Inspection Report (EIR) from the USFDA indicating closure of the inspection. Meanwhile, the company in a separate release, with regards to outcome of the USFDA inspection at it’s Baddi facility, stated ‘Officail Action Indicated’ (OAI) status continues. The USFDA in June 2022, had issued a Form-483 with six observations to the Baddi facility.

UCO Bank: The Public sector lender, became the first bank, to receive RBI’s approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. READ MORE

TVS Motor: The company informed BSE, that it completed sale of its entire holding in Sundaram Auto Components to sundaram Clayton for a consideration of Rs 317.01 crore.

InterGlobe Aviation (IndiGo): The airline has started new daily direct flights between Mumbai and Ras Al-Khaimah (United Arab Emirates) from Thursday.

Torrent group: The Ahmedabad-based group with presence in power, city gas distribution and pharmaceutical businessess, is now planning to make an offer for Reliance Nippon Life Insurance, a 51:49 joint venture between Reliance Capital and Nippon Life of Japan.

Whirlpool of India: The consumer durables firm expects to grow ahead of the industry, predicting a comeback for its mid-priced and premium products as consumers resume spending during festivals. The festive season accounts for 30-40 per cent of Whirlpool’s total annual sales.

ABG Shipyard: The Enforcement Directorate (ED) on Thursday froze assets and properties worth more than Rs 2,747 crore owned by ABG Shipyard, its group companies, and other related entities, in . These include agricultural lands, dockyards, and bank deposits. This was in connection with the ED’s money-laundering probe into what could be the country’s biggest bank fraud. Among banks, ICICI Bank had the highest exposure to the entities followed by IDBI Bank and others. READ MORE

Future Enterprises: The debt-ridden firm has received a three-month extension from the Registrar of Companies for holding its annual general meeting.

Stocks in F&O ban: Ambuja Cements, Can Fin Homes, Delta Corp, PNB and RBL Bank were the stocks in F&O ban period on Friday.

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