The SGX Nifty hints at a positive start for NSE Nifty, BSE Sensex. Hindustan Zinc, Bandhan Bank, IOC, Power Finance Corporation, HG Infra stocks in focus on Wednesday.
SGX Nifty hinted that the domestic equity indices could see a start in the green. On the Singapore Exchange, Nifty futures were trading higher, up 25 points, at the 17,169 level. On Tuesday, markets gained sharply as Nifty reclaimed the 17,000 level, while Sensex settled at 58,074, up over 500 points.
“Gaining buoyancy from a slew of measures to shield the banking sector, global markets witnessed recovery ahead of the US Fed policy announcement on Wednesday. The momentum was passed onto domestic equities, which were led by large-cap banks. However, the gains were capped by IT stocks on caution over muted deal wins from the BFSI segment in the western markets,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Stocks in focus on 22 March, Wednesday
Power Finance Corporation
The board of directors approved raising resources to the tune of Rs 80,000 including domestic long-term borrowing through various types of bonds, debt instruments, or loans to the tune of Rs 40,000 crore; long-term currency borrowing up to Rs 20,000 crore; short-term borrowings and commercial papers of Rs 10,000 crore respectively.
Hindustan Zinc
Hindustan Zinc’s board on Tuesday approved a fourth interim dividend of Rs 26 per share for FY23, amounting to Rs 10,985.83 crore, with March 29 as the record date.
Zydus
Zydus received the final and tentative Approval from the USFDA for Tofacitinib Tablets, 5 mg and 10 mg, respectively. Tofacitinib is indicated for the treatment of adult patients with moderately to severely active rheumatoid arthritis and for the treatment of adult patients with active psoriatic arthritis.
Tata Motors
The commercial vehicle manufacturer in India implemented a price increase of up to 5% on its commercial vehicles starting from 1 April. The decision to increase prices is a result of the company’s efforts to comply with the more stringent BS6 phase II emission norms.
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Tata Power
Tata Power Renewable Energy secures ‘Letter of Award’ to set up a 200MW Solar PV Project for MSEDCL in Solapur, Maharashtra. The project is expected to offset approximately 432.94 million kg of CO2 emissions annually.
Indian Oil
IOC will carry out pre-project activities including preparation of Detailed Feasibility Report for setting up Paradip Petrochemical Complex at Paradip, Odisha at an estimated project cost of Rs 61,077 crore. The project shall improve the Petrochemical Intensity Index of the Company and de-risk its fossil fuel business.
Bandhan Bank
The lender has received binding bids for its written-off portfolio with outstanding of Rs 2,614.03 crore for Rs.369.20 crore and its non-performing assets portfolio of Rs 2,316.32 crore for Rs 370.62 crore.
HG Infra
The company emerged as the lowest bidder for redevelopment of Kanpur Central Railway Station by by North Central Railway for a total consideration of Rs 677.31 crore.
