SGX Nifty hints at a negative start for Indian share market. Punjab & Sind Bank, Rail Vikas Nigam, Indostar Capital Finance among stocks to watch.
Indian benchmark indices are likely to open with losses, hinted SGX Nifty on Wednesday. Ahead of the session, Nifty futures wre trading 77 pts lower at 18070 level on the Singapore Exchange, signalling at a negative start for domestic equities. In the previous session, BSE Sensex rallied 361 pts to 60,927, while NSE Nifty 50 rose 118 pts to 18,132. “Given absence of any major global events due to year-end holidays and stable economic outlook for India, we expect the market momentum to remain positive in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
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Stocks in focus on 28 December, Wednesday
Punjab & Sind Bank: The board will meet on Friday to consider and approve raising Rs 250 crore through equity and debt instruments. As on September 30, the public sector lender’s capital adequacy ratio was 15.68%.
Rail Vikas Nigam: The company has received a letter of award for appointment as project implementation agency for implementation of the UTF harbour project in Maldives. This is a strategic project of the government and the cost is pegged at Rs 1,544.60 crore.
MOIL: The government has appointed Ajit Kumar Saxena as chairman and managing director of the mining company till 2025. Currently, Usha Singh is holding the position as an additional charge.
India Pesticides: Subsidiary Shalvis Specialities (SSL) has received an environmental clearance for setting up manufacturing plant of “agrochemicals & intermediates, API ingredients & intermediates and fine chemicals manufacturing unit in Sumerpur, Uttar Pradesh.
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Hariom Pipe Industries: The company has decided to acquire operating assets of RP Metal Sections. It has entered into asset transfer agreement with RP Metal Sections, the galvanized pipe and cold roll coil manufacturer, to purchase its operating asset. This unit is spread across 13.83 acres of land in Perundurai, Tamilnadu. The transaction cost is Rs 55 crore.
Kwality Pharmaceuticals: The company has received an acknowledgement from Bulgarian Drug Agency for carrying out an inspection of its cephalosporin and oncology plant in Himachal Pradesh. It had made an EU Compliance application to Republic of Bulgaria for carrying out an inspection of Unit II in Himachal Pradesh, and Republic of Bulgaria accepted the application for EU Audit visit.
Indostar Capital Finance: The company said its board of directors approved the appointment of Vinod Kumar Panicker as the Chief Financial Officer with effect from December 26, 2022.
Suryoday Small Finance Bank: The Reserve Bank of India has approved the reappointment of Baskar Babu Ramachandran as the MD and CEO of Suryoday Small Finance Bank. He will be the MD and CEO for another three years, with effect from January 23, 2023.
