The benchmark indexes ended the previous session with a loss of 1.5% despite the market declining by 2.5% in the first hour of trading before recovering and trading in a range. The Federal Reserve Chair Jerome Powell underlined in his speech at Jackson Hole that rate hikes to achieve the target inflation rate of 2% will continue at the expense of suffering for consumers and businesses, which put additional pressure on international markets. Rising oil prices also dampened people’s spirits.
The Nifty50 dropped 246 points to 17,313 while the BSE Sensex plunged 861 points to 57,973.
Stocks to Watch:
Ugro Capital
The business said that through a private placement, the Board of Directors has allocated 50,000 non-convertible debentures with a face value of Rs. 10,000 apiece. The instrument’s term is 24 months from the date of allocation, and its annual coupon rate is 10.35 percent.
ICRA
The nomination of Venkatesh Viswanathan as group chief financial officer and other key executive employees was approved by the company’s board. From August 30, 2022, he will hold the position of Chief Investor Relations Officer, according to the business. Amit Kumar Gupta, nevertheless, is no longer the chief financial officer.
L&T Technology Service
BMW Group has awarded the engineering services firm a multi-million dollar contract for the hybrid vehicles produced by the continent’s top automaker. In accordance with the five-year agreement, it will offer top-tier engineering services for the business’s collection of infotainment consoles intended for its hybrid vehicle family.
Vodafone Idea
The rollout of 5G services by the indebted telecom provider will be influenced by a number of variables, including use cases, consumer demand, competitive dynamics, etc. According to Vi’s Managing Director and CEO Ravinder Takker, the company’s promoters have invested Rs 4,940 crore, and the company is actively seeking investors for a funding round.
Lupin
Dasatinib pills, which are used to treat some types of cancer, come in strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg, according to the pharmaceutical company. The product is a substitute for the Sprycel pills made by Bristol-Myers Squibb Company.
BC Power Controls
The company’s board of directors has given the go-ahead for the issuing of 1.1 crore preferential equity shares to the promoter group category at a price of Rs 5.65 per share. The amount raised overall was Rs. 6.21 crore.
Krishna Institute of Medical Sciences
The business and SPANV Medisearch Lifesciences, Nagpur, have signed a legally binding agreement for the company to buy a majority (51 percent) ownership in the latter. Kingsway Hospitals, a multi-specialty hospital with more than 300 beds, is managed by SPANV. The remaining 49 percent will remain in the hands of the current promoters and shareholders. The hospital will change its name to “KIMS Kingsway Hospitals” upon the acquisition.
Orient Cement
On August 26, Franklin Templeton Mutual Fund sold 1.52 lakh equity shares, representing 0.07 percent of the cement company. With this, it decreased its ownership of the aforementioned company from 3.2% to 3.12%.
Star Housing Finance
On August 26, The Coronation Castles Pvt Ltd sold a 0.07 percent stake in the business through open market transactions. As a result, its shareholding dropped from 0.13 percent to 0.06 percent.