The market remained in control of bears for the second consecutive session, falling half a per cent on September 22, tracking weakness in global peers after the US Federal Reserve raised interest rate by 75 bps and signalled more rate hikes going ahead. Swiss central bank and Bank of England also increased interest rates by half a per cent.
The BSE Sensex fell 337 points to close at 59,120 after recouping half of the losses from the day’s low, while the Nifty50 declined 89 points to 17,630.
Stocks in News
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.
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.
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.
The company’s board approved a proposal to raise funds up to Rs 940 crore by way of rights issue of equity shares.
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.
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.
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.
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.
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.
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.
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