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After a significant drop in US markets overnight, equity benchmark indexes are expecting a dismal start on Wednesday. According to the SGX Nifty, which was trading at 17,778 points, the Nifty index may open 60-70 points lower.
On Wall Street, the Dow Jones sank 2.06%, the S&P 500 slid 2%, and the tech-heavy Nasdaq plunged 2.5% as investors remained sceptical of strong economic data that supports future rate rises.
In Asia, the Nikkei and Kospi both fell 1.2%. The Strait Times and Shenzhen index fell up to 0.7%, while the Hang Seng began slightly higher.
Here are some stocks to watch out in trade today:
Mahindra & Mahindra: The business has engaged into an asset transfer agreement with Mahindra Electric Automobile (MEAL), which will be established as a subsidiary, for certain specified assets relevant to four-wheeler passenger electric cars. M&M and British International Investment Plc have agreed to invest up to Rs 1,925 crore in MEAL in two tranches, with completion contingent on the fulfilment of agreed-upon criteria and milestones.
Reliance Industries: The company’s subsidiary Reliance New Energy has completed the purchase of 7,433 common shares, 1,518 series B1 preferred shares, and 660 series B2 preferred shares from Nexwafe GmbH for a total of 7,55,684 euros.
Pharma Stock: The Department of Pharmaceuticals has granted the first tranche of incentives under the Pharmaceutical Product Linked Incentive (PLI) scheme, totaling Rs 166 crore, to four selected applicants, namely Dr Reddy’s Laboratories, Biocon, Strides Pharma Science, and Premier Medical Corp.
Wockhardt: According to sources, the firm stated during its investor conference that the business restructuring will result in annual savings of $12 million. The restructure will involve the closure of its Morton Grove manufacturing location. In addition, the business has struck a deal with the Serum Institute of India to manufacture vaccines at its UK plant, for which it has received a commitment of 10 million pounds to reserve capacity.
Mirza International: On a continuing concern basis, the NCLT has authorised the merger of RTS Fashions Pvt Ltd (the transferor company) with and into Mirza International, as well as the de-merger of the latter’s branded business into Redtape Ltd.
Hind Zinc: The shareholders of the firm are due to meet on March 29, 2023, to discuss capital reorganisation in accordance with the NCLT ruling in this subject.
Lemon Tree Hotels: The firm has inked a franchise deal for a 34-room resort under the name “Lemon Tree Hotel” in Manali, Himachal Pradesh. The hotel is scheduled to open in June 2023.
Bharat Electronics: The business has inked a Memorandum of Understanding (MOU) with ADA and DRDO for the advanced medium combat aircraft programme.
ITI: Rajesh Rai has been named Chairman and Managing Director of ITI, beginning February 21, 2023.
Sapphire Foods: Sapphire Foods’ wholly-owned subsidiary Gamma Pizzakraft (Overseas) has evaluated and authorised the subscription of up to 81,914 shares in its subsidiary Gamma Island Food. Gamma Pizzakraft’s equity interest in Gamma Island Food will be enhanced from 51% to 75% as a result of this proposed purchase.
CE Info Systems: CE Info Systems has invested an additional Rs 13.53 lakh in E-Chargeup Solutions Private Limited.
Toyam Sports: One of Bhakti World Radio Broadcasting Private Limited’s current owners has recommended transferring 12.6 percent of Bhakti World’s shares to the firm.
Arihant Tournesol: The Board of Directors will meet on February 27 to discuss raising money through Foreign Investment of up to $50 million in one or more tranches to finance capital and operating capital for company development through preferential allotment.
Advik Capital: In partnership with other NBFCs, private and PSU banks, the business is in the advanced stages of funding another Mega Infra Project for the Gohana Sonepat Highway, which is sponsored by NHAI and other authorities.
