On September 16, the bears maintained tight control over Dalal Street for a third straight session, driving the benchmark indices down by almost 2% as the market was pressured by rising US dollar and bond yields, FII selling, and a correction in IT stocks as well as expectations of aggressive policy tightening by the US Federal Reserve in upcoming policy meetings to control inflation.
The Nifty50 lost roughly 350 points to 17,531 while the BSE Sensex dropped nearly 1,100 points to 58,841.
Stocks to watch:
Transport and Logistics
The National Logistics Policy was introduced by Prime Minister Narendra Modi on Saturday with the goal of promoting efficient goods movement and boosting the sector’s competitiveness. The PM emphasised that cutting logistics costs was an important factor.
ACC and Ambuja Cements
In the prospects of additional industry consolidation, cement company shares are expected to be in the spotlight. The boards of Ambuja Cements and its subsidiary, ACC, were reorganised on Friday, shortly after the $6.4 billion agreement to purchase Swiss firm Holcim’s interest in Ambuja Cements by the Adani group was completed.
Ambuja Cements’ board’s new chairman is Gautam Adani. ACC named his older son Karan chairman and non-executive director, while. At Ambuja Cements, Karan will also serve as a non-executive director. Ambuja Cements would receive an additional Rs 20,000 crore from the Adani group.
Adani Power
The company withdrew its proposed delisting offer since the exchanges would not provide them in principle approval. The proposal had been delivered by the business in January 2021.
ONGC
The domestic oil producer requests that the government eliminate the windfall profit tax imposed on domestically produced crude oil and instead use dividends to access the hefty profits brought on by the spike in energy prices globally.
Amara Raja
By 2025, the manufacturer of vehicle components anticipates reaching a revenue of 3,000 crores. The $1.3 billion group would continue to concentrate on conventional lead acid batteries while investing roughly Rs 7,000 crore in lithium-ion technology.
Indus Towers
Bimal Dayal, the MD and CEO, has offered his resignation. Tejinder Kalra, the COO, and Vikas Poddar, the CFO, will share management of the business operations in the interim.
Granules India
The company will begin its Rs 250 crore share buyback programme on September 27 and run it through October 11. The share repurchase price is set at Rs 400.
JMC Projects
On September 21, the company’s board of directors will meet to discuss a proposal for raising money through the issue of non-convertible debentures on a private placement basis.
Bharat Wire Ropes
The board of the corporation will meet on September 23 to discuss a plan to raise money through preferential allotment.
PC Jeweller
The company informed BSE that the Supreme Court has denied SEBI’s request for a review of its earlier ruling on insider trading in stocks, which was issued on April 19, 2022.
Zomato
In an effort to give customers additional healthy food alternatives, the food-delivery aggregator launched a new Healthy section with criteria like High Protein, Low Calorie, Low Carbs, Low Fat, High Fibre, etc. in 10 cities.
Hero MotoCorp
On October 7, 2022, the nation’s largest two-wheeler manufacturer will introduce its debut model to the domestic market under the Vida brand, marking the company’s entry into the electric vehicle industry.
Mafatlal Industries
The company’s board of directors has approved a 1:5 stock split.
