SGX Nifty hints at a positi start for benchmark indices BSE Sensex and NSE Nifty 50. LIC, Oil India, Zomato among stocks to watch on Friday.
Indian benchmark indices are likely to open on a mildly positive note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the green at the 17,629 level. In the previous session, Sensex closed in the red at 59,606, down 0.23% and the Nifty extended losses for a fifth session. “The equity market traded cautiously between gains and losses as the minutes of the central bank policy meeting revealed concerns over high inflation and its commitment to bring inflation under control. In response to the heightened fears of rate hikes, the US 10 yr treasury yield continued to stay high, near 4%. Additionally, the dollar index rose as the greenback cheered over hawkish Fed comments and rising geopolitical tensions,” said Vinod Nair, Head of Research, Geojit Financial Services.
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ZEEL: Zee Enterprises’ managing director and chief executive Puneet Goenka on Thursday moved appellate tribunal NCLAT challenging the order of the National Company Law Tribunal which admitted an IndusInd Bank plea for insolvency proceedings against the firm. The share price fell over 10% intraday on Thursday, before paring losses to close 3.46% lower.
Lemon Tree Hotels: The company approved acquisition of up to 22,00,000 Compulsorily Convertible Preference Shares of Aleur Hotels, APG Strategic Real Estate Pool N.V, existing shareholder.
HDFC Bank: The private sector lender announced it raised $750 million through a dollar bond sale. The bank, acting through GIFT City IFSC Banking Unit completed the issue of $750 million Senior Unsecured Bonds. The notes are rated Baa3 by Moody’s Rating Services and BBB- by S&P.
Muthoot Finance: The board of the company may consider and approve fund raising by way of issuance of Non-Convertible Debentures (NCDs) on Private Placement basis.
Axis Bank: the lender announced plans to purchase Citibank’s India Consumer Business from Citibank N.A. and the NBFC Consumer Business from Citicorp Finance (India) last year. It revealed to the exchanges that they have made progress, obtaining all the approvals necessary. The bank estimated that the completion of the acquisition could be finalized by 1 March.
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Jindal Steel, Jindal Steel (Hisar): The NCLT sanctioned the merger between Jindal Steel and Jindal Steel (Hisar). The company, in its filing with the exchanges, said the company received the final ordered from NCLT sanctioning “the Composite Scheme of Arrangement under Section 66, 230-232 and other applicable provisions of the Companies Act, 2013, amongst Jindal Stainless, Jindal Stainless (Hisar), JSL Lifestyle, JSL Media, Jindal Stainless Corporate Management Services and Jindal Lifestyle and their respective shareholders and creditors”
Sanofi India: The firm’s board recommended a final dividend of Rs 194 per equity share and a second special dividend of Rs 183 per equity share. The company also announced an on-year rise of 44.8% rise in net profit, to Rs 130.8 crore for the quarter ended 31 December, 2022.
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TII: Tube Investments of India acquired 10,753 equity shares, representing 50% of the subscribed and paid up share capital of X2Fuels and Energy. The company is an early-stage start-up that endeavors to develop and deploy thermochemical technologies for the conversion of waste materials into storable liquid and solid fuels.
Titan: The company’s subsidiary, Favre Leuba AG (FLAG), will seek to scale down operations based on recommendations from Titan’s board. FLAG will sell its brand “Favre Leuba” to a prospective buyer. FLAG also stated that it will file for liquidation after the completion of the transaction, subject to receiving requisite approvals, if any.
