The market rebounded with half a per cent gains on September 19, after losing 3 percent in the previous three trading sessions, as traders await the Federal Reserve’s interest rate decision which is due in the middle of this week. The BSE Sensex rallied 300 points to 59,141, while the Nifty50 climbed 92 points to 17,622.
Stocks in News
Adani Enterprises
The company has raised Rs 100 crore by allotment of 1,000 non-convertible debentures of face value of Rs 10 lakh each on a private placement basis. The said MLD will be listed on the Wholesale Debt Market segment of BSE.
IRCTC
Indian Railway Catering and Tourism Corporation (IRCTC) can now apply for a payment aggregator licence to the Reserve Bank of India (RBI), and if approved, can enter the payments space with one of the country’s largest back-end databases of over 100 million users.
Mahindra & Mahindra (M&M)
The launch of M&M’s first electric SUV – SUV-XUV400 – on September 8, saw great enthusiasm. With the launch, M&M has entered the competition in the new e-SUV segment, which also features Tata Nexon EV (87 per cent market share in FY22). M&M’s future stock price movement would largely depend on the response to its EV, when the bookings open in January 2023.
Sugar stocks
India’s top sugar producing state – Maharashtra is set to churn out record levels for the second year in a row as farmers have expanded the growing area for the cane crop. Higher production will weigh on local prices and may prompt New Delhi to allow sugar exports in the 2022/23 marketing year starting from Oct. 1.
GAIL India
The company has bought several LNG cargoes for delivery between October and November at more than double the price it paid around this time last year, after vital Russian deliveries were canceled. The New Delhi-based company is struggling to replace supply from the former trading arm of Gazprom PJSC, which was nationalized by Germany earlier this year and is paying contractual fines rather than delivering fuel.
Oil stocks
The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil.
Ugro Capital
The company said the board of directors will consider raising funds by issuance of non-convertible debentures on a private placement basis on September 22.
Natco Pharma
The pharma company is allowed to launch Chlorantraniliprole (CTPR) and its formulations, through its non-infringing process. It has received an order from the High Court of Delhi to launch the same. CTPR technical is formulated into broadspectrum insecticides used across a wide range of crops for pest management. Natco estimates the current market size of CTPR-containing products in India to be over Rs 2,000 crore.
Ceat
The company said the Board of Directors has allotted non-convertible debentures (NCDs) on a private placement basis aggregating to Rs 150 crore.
Future Supply Chain Solutions
The company has called off a proposal to sell or dispose of warehouse assets, and has decided to explore other opportunities for rehabilitation of business operations.
Ircon International
The stock will be in focus as the company has received a work order of detailed engineering and project management consultancy services for the development of rail infrastructure for Ananta OCP of Jagannath Area at Talcher, from Mahanadi Coalfields. The total value of the order is Rs 256 crore.
Butterfly Gandhimathi Appliances
Promoter Crompton Greaves Consumer Electricals is going to sell 10.72 lakh equity shares or a 6 per cent stake in the subsidiary via offer for sale on September 20 and September 21. The floor price for the sale will be Rs 1,370 per share.
Bombay Dyeing and Manufacturing Company
The company said the board of directors on September 22 will consider a proposal of raising funds by issue of equity shares.
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