SGX Nifty hinted at a weak start for the domestic equity indices on Friday, as Wall Street closed with sharp cuts. Reliance Industries, Tata Motors, Bank of Baroda, Ujjivan Small Finance Bank stocks in focus on Friday.
Indian benchmark indices are likely to open decisively in the red, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading lower, down 103 points, at the 17,515 level. Markets fell on selling pressure, snapping a three-day relief rally. Nifty closed under 17,600, losing almost 165 points while Sensex slid 541 points, settling at 59,806.
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“The domestic market could hardly hold on to its previous gains as the Fed chair’s reaffirmation of his hawkish statement brought in more worries. In this backdrop, the upcoming US job data will have a substantial impact on the Fed’s policy decisions in its upcoming FOMC meeting. A stronger-than-expected jobs report will prompt the Fed to raise interest rates by 50 bps,” said Vinod Nair, Head of Research, Geojit Financial Services.
Stocks in focus on 10 March, Friday
Reliance Industries
Reliance Industries group’s FMCG unit announced the relaunch of Campa Cola, alongwith two other flavors, almost 23 years after the soft drink brand stopped selling in India. Reliance Industries had acquired the Campa business earlier last year for Rs 22 crore. Campa is being launched by Reliance Retail Ventures’s FMCG arm and wholly-owned subsidiary, Reliance Consumer Products. Reliance Polyester, also completed the acquisition of the polyester business of Shubhalakshmi Polyesters and Shubhlaxmi Polytex.
Tata Motors
Tata Technologies, a subsidiary of Tata Motors, filed a DRHP with Sebi on Thursday for an IPO by the way of an offer for sale (OFS) for sale of up to 95,708,984 equity shares, representing approximately 23.60% of its paid-up share capital.
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Bank Of Baroda
The lender’s board of directors approved the bank’s divestment plan of shedding up to a 49% stake in its wholly owned subsidiary, BOB Financial Solutions. BOB Financial Service’s is the lender’s credit card arm, which offers consumer & commercial credit cards and caters to all segments of customers with varied needs.
Ujjivan Small Finance Bank
NSE and BSE provided their observation letters for the scheme of amalgamation between Ujjivan Financial Services and Ujjivan Small Finance Bank. This will allow the lender to further file their scheme with the NCLT.
