The stock market closed positively on September 10, with the Sensex gaining 362 points and the Nifty staying above 25,000. IT, media, and telecom sectors led the rally, while oil and gas remained the only sector to close in the red.
Here’s a look at stocks likely to be in focus on Wednesday due to recent developments:
- JSW Energy has been penalized ₹54.99 lakh by the CGST and Central Excise department for wrongly claiming input tax credit in FY 2019-20.
- Izmo Limited launched izmo Microsystems, a new subsidiary focusing on semiconductor packaging and manufacturing in Bangalore, aiming to capitalize on the growing demand in the tech sector.
- IREDA has received provisional registration for its subsidiary IREDA Global Green Energy Finance IFSC Limited, boosting its operations in Gift City, India’s financial hub.
- Reliance Industries announced a strategic partnership between Reliance Retail Ventures and Delta Galil Industries, expanding Delta Galil’s presence in India and launching an apparel innovation platform tailored to the Indian market.
- Bhageria Industries received a ₹2.09 crore tax demand notice from the CGST in Palghar and plans to file an appeal.
- Ashoka Buildcon sold a 90% stake in its joint venture for a Maldives project for ₹5.44 crore, further optimizing its portfolio.
- Yes Bank appointed Manish Jain as an Additional and Executive Director for a three-year term, strengthening its leadership team in the wholesale banking division.
- UCO Bank revised its lending rates, including MCLR and TBLR, effective September 11, with the new overnight MCLR set at 8.20%, signaling a potential impact on borrowing costs for customers.
- Indigo had its penalty reduced from ₹1.2 crore to ₹70 lakh by the Bureau of Civil Aviation Security after an appeal, and the airline promptly paid the reduced amount on September 10.
- Sun Pharmaceutical was fined ₹10.7 lakh by the Ministry of Corporate Affairs for violations related to non-filing of forms for board approvals in FY 2014-15.
With various earnings reports, penalties, and strategic business moves, these companies are expected to draw investor attention during Wednesday’s trading session.
