Stocks to Watch: Infosys, Bharat Forge, JSW Steel, IRCTC, Ambuja Cements, PVR Inox deal
The Sensex and Nifty indices are looking to start sharply lower on Wednesday following a slump in global stocks after the US August retail inflation came higher than expected, cementing bets for the Fed to continue its aggressive rate hikes.
US CPI in August rose 0.1 per cent on a monthly basis, and 8.3 per cent from last year. Economists had expected CPI to fall by 0.1 per cent for the month.
Global markets have spiralled down with the Nasdaq index dropping 5 per cent in the US, and Nikkei and Hang Seng sliding 2 per cent each this morning in Asia.
That said, here are some stocks that will likely see some market action today:
Power Finance Corporation (PFC): The Union power ministry has moved a proposal to grant PFC the status of a development financial institution (DFI), according to sources in the know. The objective behind the move is to enable PFC to steer global climate funding and net zero investment in the country. Read here
JSW Steel: The company on Tuesday signed a memorandum of understanding (MoU) with SMS group, a German engineering and technology company, for exploring decarbonisation projects at the Indian firm’s plants. A statement said that the collaboration would enable the companies to together explore opportunities to reduce carbon emissions and produce green steel. Read here
Indian Railway Catering and Tourism Corporation: IRCTC has received a nod from the Registrar of Companies to act as a payment aggregator.
PVR/ Inox: The Competition Commission of India has rejected a complaint against the proposed PVR-Inox deal. As per reports, Consumer Unity and Trust Society (CUTS) had filed a complaint with the watchdog alleging the deal would have anti-competitive effects on the film exhibition industry.
Ambuja Cements: The company said its board will meet on September 16 to consider raising funds.
Bharat Forge: The company’s arm Kalyani Powertrain and commercial electric vehicle company Harbinger Motors Inc have announced a joint venture to develop electrified drivetrains for commercial trucking industry. The new JV will be called ElectroForge and will leverage the strengths of both the partners to offer best in-class drivetrains developed for Class 3 through eight markets.
Infosys: The company, along with Palo Alto Networks, has collaborated with Bpost (Belgium Post), a leading postal operator and omni-commerce logistics partner in Europe, to secure cloud environment and build robust cyber resilience for Bpost’s mail delivery and logistics services.
KEC International: The company has secured new orders of Rs 1108 crore across its various businesses including transmission & distribution and railways.
Bajaj Holdings & Investment: The company has declared an interim dividend of Rs 110 per share of face value Rs 10 for the financial year 2023. The record date to determine the eligibility of members to receive the dividend has been fixed as September 23.
Hatsun Agro: The company said its board will meet on September 19 to consider raising funds via a rights issue.
Neuland Laboratories: Deepak Gupta has resigned as Chief Financial Officer of the company to pursue career opportunities outside the company. He will continue serve the role till October 13.
Filatex India: The company has received a patent for recycling of polyethylene terephthalate (PET) waste for 20 years with effect from June 2, 2021.
Krishna Ventures: The company had participated in a tender from Ordinance Factory Medak Hyderabad for turret pneumatic equipment and has technically qualified as the lowest financial bidder. This is the trial order and the total expected annual revenue is around Rs 30 crore from the HVAC/sheet metal business.
Choice International: The company has fixed September 23 as the record date to determine the names of members who will be entitled for allotment of bonus equity shares in the ratio of 1:1.
Stocks under F&O ban: Ambuja Cements, Delta Corp, Indiabulls Housing Finance
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