Indian benchmark indices are likely to open in the red, as hinted by SGX Nifty. Yes Bank, IndusInd Bank, Dilip Buildcon, Zydus, JSW Steel stocks in focus on Monday.
Indian benchmark indices are likely to continue their losing streak to open in the red, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading lower, down 52 points, at the 17,385 level. On Friday, markets extended losses for a second session, pulled down by negative global cues. At close, Nifty was down 177 points at 17,413 while Sensex slid 1.12% to settle at 59,135.
“Markets ended the week with a sharp cut of over a percent, tracking feeble global cues. In continuation to the previous session’s fall, the Nifty index opened gap-down and hovered in a narrow band till the end. The selling pressure was widespread wherein the decline in the banking and financial majors was largely weighing on the sentiment. The broader indices too traded in tandem with the trend and lost in the range of 0.7-0.9%,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Read More: MCON Rasayan India IPO: Check Subscription Status, GMP, Listing Date
Stocks in focus on 13 March, Monday
Adani group shares, Ambuja Cement
The embattled Adani group prepaid a total of $2.65 billion in debt — including margin-linked share-backed financing and $500 million taken for acquisition of Holcim Group’s Indian assets — ahead of its committed deadline of March 31. “The entire prepayment programme has been completed within six weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” said the group.
Yes Bank
The private lender’s locked-in shares from the ‘YES Bank Limited Reconstruction Scheme’ will be released by the depositories (NSDL and CDSL) at the start of the day without further action from the bank, ending the lock-in period of three years.
IndusInd Bank
Sumant Kathpalia has been reappointed as the bank’s managing director & CEO for a further period of two years.
Ujjivan Small Finance Bank
The board approved an interim dividend of 50% or Rs 5 per equity share with face value of Rs 10. The record date for the aforesaid interim dividend shall be 20 March.
Read More: Global Surfaces IPO subscription to start on March 13: Here are the top 10 things to know
Godrej Properties
Godrej Properties entered into a sale deed to acquire land of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development.
Dilip Buildcon
The firm completed the four-laning project of the Sangli-Solapur section of NH-166, receiving a letter of completion from the relevant authorities. The project is estimated to have cost Rs 1102.40 crore.
HCL Infosystems
The company’s board invoked the doctrine of frustration regarding their share purchase agreement with Novezo. The two firms entered into a share purchase agreement on 10 February, 2021 for the sale of HCL Infotech, a wholly owned subsidiary, to Novezo.
Zydus Life
Zydus received the final approval from the USFDA for Olanzapine Orally Disintegrating Tablets USP, 5 mg, 10 mg, 15 mg, and 20 mg. This medication is used to treat certain mental/mood conditions (such as schizophrenia and bipolar disorder).
Godrej Industries
The company approved the issuance of up to one lakh rated, listed, unsecured, redeemable, Non-Convertible Debentures (NCDs) having with the face value of Rs 1,00,000 each, aggregating up to Rs 1,000 crore on private placement basis.
JSW Steel
JSW Steel Coated Products, a subsidiary, entered into a shareholders agreement and a share subscription agreement with Ayena Innovation to acquire 31% equity.
