Stocks to watch: Shares of firms like IDBI Bank, Rail Vikas Nigam, Tata Motors, Ambuja Cements, and others will be in focus in Friday’s trade.
The market remained under pressure for the second consecutive session on Thursday, dented by selling in banking & financial services, and technology stocks after FOMC minutes hinted at continuity in aggressive stance as Fed officials’ focus remains on controlling inflation.
The BSE Sensex fell 304 points to 60,353, while the Nifty50 slipped below the psychological 18,000 mark, down 51 points at 17,992 and formed a bearish candle on the daily charts with the lower shadow indicating support-based buying.
Read More: LIC Shares Can Give up to 38% Returns, Says Kotak Securities; Check Target Price
RHI Magnesita: The company has received approval from BSE and NSE for acquisition of refractory business of Dalmia Bharat Refractories for Rs 1,708 crore. In November 2022, RHI received approval from board of directors for allotment of 2.7 crore equity shares at an issue price of Rs 632.5029 per share to Dalmia Bharat Refractories in exchange of 8.24 crore shares (100% equity) of Dalmia OCL, from Dalmia Bharat Refractories. With this, Dalmia OCL will become a wholly owned subsidiary of RHI.
IDBI Bank: The Securities and Exchange Board of India has given its approval for reclassification of the government’s shareholding in the bank as ‘public’ after its stake sale. The government and state-run Life Insurance Corporation of India (LIC) will sell 60.72 percent stake in IDBI Bank as part of the disinvestment, and after the stake sale, government’s shareholding will be reduced to 15 percent.
Dharmaj Crop Guard: The agrochemical company has approved resignation of Vishal Domadia from the post of Chief Financial officer, and and appointment of Vinay Joshi as Chief Financial officer. Now Vishal Domadia will be as Chief Executive officer of the company with effect from January 6, while Deepak Prusty has resigned as Internal Auditor of the company.
Kewal Kiran Clothing: KKCL announced strategic partnership with Board of Control for Cricket in India (BCCI) as the Indian Cricket Team’s ‘official partner’. This alliance will see KKCL’s flagship brand ‘KILLER’ displayed on the right upper chest of the Team India jersey. With this partnership, KKCL plans to reach out to the millions of cricket fans that are spread across the country and overseas.
MTAR Technologies: Nippon Life India Trustee bought 30,011 equity shares or 0.097 percent stake in the company via open market transactions. With this, its shareholding in the company increased to 7.0155 percent, up from 6.9179 percent earlier.
Aster DM Healthcare: Sreenath Pocha Reddy, Group Chief Financial Officer and key managerial personnel of the company has tendered his resignation due to personal reasons. He will be relieved from the said service with effect from January 6, 2023.
Larsen & Toubro: Subsidiary L&T Realty Developers has entered into an agreement to sell entire stake of 99 percent in its subsidiary Think Tower Developers. The entire stake is being sold to Pratik Harshad Kalsariya, who does not belong to the promoter group. Think Tower Developers has not commenced commercial operation and hence has zero revenue & net worth.
Rail Vikas Nigam: The company in joint venture with ISC Projects has received letter of award for supply and commissioning of ballastless track for Surat Metro Rail Project under Phase-1. The accepted contract amount is Rs 166.26 crore.
Ambuja Cements: The company has incorporated a wholly owned subsidiary company in the name of “Ambuja Resources Limited” for manufacturing cement and allied products, alternate fuel and power generation.
Tata Motors: The board of the company will convene on Jan. 25 to consider and approve the financial results for quarter ended December 2022.
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