Benchmark indices ended in the red for the third straight session on September 23 amid selling across the sectors. At close, the Sensex was down 1,020.80 points or 1.73% at 58,098.92, and the Nifty was down 302.50 points or 1.72% at 17,327.30.
Tata Steel | CMP: Rs 104.40 | The scrip ended in the green on September 23 after the company said its board had approved the scheme of amalgamation between seven of its group companies and itself. These seven companies include Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF Limited, the Indian Steel & Wire Products, Tata Steel Mining and S& T Mining Company.
Mahindra & Mahindra Financial Services | CMP: Rs 193.50 | The scrip tumbled over 13 percent after the Reserve Bank of India barred the company from outsourcing loan recovery or repossession activity. The RBI crackdown followed after a 27-year-old pregnant woman was allegedly crushed to death by a tractor forcibly driven away by the company’s recovery agent in Jharkhand’s Hazaribagh. The non-banking finance company, however, can continue to carry out recovery or repossession activities, through its employees, the RBI said in a statement.
One 97 Communications | CMP: Rs 690 | The stock ended in the green in weak market conditions. Research firm Goldman Sachs has kept the stock’s buy rating with a target of Rs 1,100 per share. It steadily raised FY24 revenues estimate by 13% and expects elevated growth in high-margin segments to lead to faster profitability. It recognises that the lock-in expiry in November 2022 may represent an overhang on stock and expect Paytm to deliver 50 percent revenue growth for the next few quarters.
Sterling & Wilson | CMP: Rs 337 | The scrip added over 2 percent after Sterling and Wilson Solar Solutions, a wholly owned step-down subsidiary of Sterling and Wilson Renewable Energy along with its consortium partner Sun Africa LLC signed a Memorandum of Understanding with the Government of the Federal Republic of Nigeria to develop, design, construct and commission solar photovoltaic power plants with a total installed capacity of 961 MWdc at five different locations in the Federal Republic of Nigeria along with battery energy storage systems with a total installed capacity of 455 MWh.
IOL Chemicals | CMP: Rs 371 | The scrip ended in the green on September 23. IOL Chemicals and Pharmaceuticals’ Board of Directors approved to invest $ 2.1 million in USpharma Limited, a USA-based Company, subject to compliance with Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022.
Kirloskar Industries | CMP: Rs 1,840.05 | The stock price ended in the green after the firm made an announcement of the proposed divestment of its 17.41% stake in Swaraj Engines Limited (SEL) to Mahindra &Mahindra Limited (M&M). The divestment is proposed through inter-se transfer amongst the promoter through off-market transaction at a price of Rs 1,400 per share.
Mahindra & Mahindra | CMP: Rs 1,274.30 | The stock price slipped over 2 percent on September 23. The stock was in focus after the automobile company said it was in talks with global investors to raise between $ 250 million and $ 500 million to accelerate its plans to build electric vehicles (EVs), Reuters said quoting a source.
Zydus Lifesciences | CMP: Rs 356.20 | The stock shed 2 percent amid weak market conditions. Zydus Lifesciences has entered into a share purchase, subscription and shareholder’s agreement (SPSSA) to acquire upto 11.86 percent stake in AMP Energy Green Nine. With this, it will set up captive wind-solar hybrid power project in Gujarat.
Cipla | CMP: Rs 1,071.50 | The scrip ended in the green on September 23. Cipla has informed that, following the product-specific PreApproval Inspection (PAI) by the United States Food and Drug Administration (USFDA) at the Indore plant from June 27, 2022, to July 1, 2022, the company has now received the Establishment Inspection Report (EIR) indicating closure of the inspection.
Somany Ceramics | CMP: Rs 582 | The share price ended in the red on September 23. Somany Ceramics’ Administrative Committee decided to sell the company’s equity stake in Amora Ceramics Private Limited (ACPL) (its Subsidiary Company). The company is holding 51 percent of the total paid-up capital of ACPL and it has decided to sell its entire stake/investment in the equity shares of ACPL for Rs 3.62 crore.
