The market is expected to open down as SGX Nifty trends point to an opening loss of 87 points for the larger Indian index.
The Nifty50 dropped 40 points to 16,818 and yesterday created a bearish candle on the daily charts, while the BSE Sensex dropped 188 points to 56,410.
Here is the list of Top 10 stocks to watch today:
Hero MotoCorp: The largest two-wheeler manufacturer in the nation announced on Thursday that it is completing a collaboration arrangement with an American electric vehicle manufacturer to create electric motorcycles together, likely for the Indian market. The co-development of e-bikes will be the main emphasis of Hero MotoCorp’s partnership with California-based Zero Motorcycles. According to the company, Zero produces high-end electric motorcycles and powertrains. Zero is a “global leader” in its industry, it was further said.
Adani Power: On Thursday, the Competition Commission of India (CCI) announced that it has given its approval for Adani Power Limited to purchase the entire share capital of Diliigent Power Private Limited and DB Power Limited. The main activities of Diligent Power are those of a holding company. Additionally, it offers DB Power-specific project management and consulting services. In Chhattisgarh, DB Power runs a thermal power plant that burns coal and has an installed capacity of 1200 MW per hour.
JSW Energy: On Thursday, the Competition Commission of India gave its approval for JSW Neo Energy Ltd., a JSW Energy subsidiary, to purchase 18 subsidiaries of Mytrah Energy. According to a press release, the proposed combination calls for JSW Neo Energy Ltd. to purchase the stock of 18 subsidiaries of Mytrah Energy (India) Pvt Ltd (Mytrah) through separate share purchase agreements. JSW Neo Energy has the chance to purchase a 1,753 MW operational renewable portfolio thanks to the combination.
Indian Oil Corporation: The largest oil corporation in the country, Indian Oil Corporation (IOC), announced on Thursday that it will create a new company in GIFT City, Gandhinagar, to handle finance-related tasks, including providing worldwide treasury services. IOC stated in a stock exchange filing that its board has approved the creation of a wholly-owned subsidiary and the opening of its office at Gujarat International Finance Tec-City (Gift City) at Gandhinagar’s International Financial Services Centre (IFSC).
Life Insurance Corporation: In order to increase its overall ownership of the company to over 5%, LIC: Life Insurance Corporation revealed on Thursday that it has purchased a further investment in Deepak Nitrite, a manufacturer of specialty chemicals. In a regulatory statement on Wednesday, LIC stated that the Corporation’s equity interest in Deepak Nitrite increased from 67,88,327 to 68,58,414 equity shares, bringing its stake from 4.977 percent to 5.028% of the paid-up capital of the aforementioned firm.
InterGlobe Aviation: The largest Indian airline, IndiGo, today took delivery of its first freighter aircraft in an effort to launch a dedicated cargo service, according to InterGlobe Aviation. The airline recently took delivery of an Airbus A321 freighter that had been fully modified in Singapore from a passenger plane to a freighter configuration. According to IndiGo, the aircraft will be used for both local and international operations, carrying goods like valuables, urgent packages, perishables, general cargo, documents, and messengers.
Blue Dart Express: With effect from January 1, 2023, Blue Dart Express Ltd, a supplier of courier delivery services, will raise the price for shipments by an average of 9.6%. According to the corporation, the price hike will not apply to customers who sign up between 1 October and 31 December. The company claimed that it makes annual price adjustments while accounting for factors such as currency fluctuations, fuel price volatility, rising regulatory costs, and other mandatory costs, such as those incurred by the workforce to comply with tighter security regulations across more than 55,000 locations.
Motherson Sumi Wiring: Motherson Sumi Wiring India (MSWIL), a leading solutions provider to OEMs, is thinking about issuing bonus shares to its current owners. The bonus issue proposal will be discussed at today’s board of directors meeting. In its regulatory filing, MSWIL said, “we wish to inform that a meeting of the Board of Directors of the company is scheduled to be held on Friday, September 30, 2022, inter-alia, to consider the proposal for issue of bonus shares to the equity shareholders of the company.”
Adani Green: On Thursday, Adani Green Energy Ltd (AGEL) announced the completion of the largest wind-solar power facility in the world, with a 600 MW capacity, in Jaisalmer, Rajasthan. According to a corporate release, the facility has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years at a rate of 2.69/kwh.
Lupin: Drug maker Lupin announced on Thursday that it has received a warning letter for its Maharashtra-based Tarapur manufacturing site from the US health authorities. From March 22 to April 4, 2022, the location was under inspection by the US Food and Drug Administration (USFDA). “The company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility,” the Mumbai-based company said in a regulatory filing.