On September 23, the market continued to lose money for a third straight session, with the major indices down 1.7% as mounting recession fears, anticipation of a hawkish US Federal Reserve, and selling by foreign institutional investors weighed on the mood. The Nifty50 dropped 302 points to 17,327 while the BSE Sensex plummeted 1,021 points to 58,099
Stocks to watch today
Harsha Engineers
On Monday, the firm share will make its debut on public exchanges. Shares of Harsha Engineers were trading at a premium of Rs 170 before the IPO. Participants purchased the Rs 755-crore public offering 74.7 times, and analysts anticipate that Harsha Engineers stocks will make a solid debut at a large premium over the issue price of Rs 330 per share, notwithstanding the uncertainties in the equities markets.
Embassy Office Parks REIT
According to reports, block deals will be used by Blackstone Inc. to sell a $400 million share in Embassy Office Parks REIT, India’s largest real estate investment trust. According to Reuters, the largest sovereign wealth fund in the world, Abu Dhabi’s, will purchase at least half of the share that Blackstone is planning to sell.
BPCL
To diversify its sources of crude oil, the government-run Bharat Petroleum Corporation Ltd (BPCL) has inked an MoU with Petrobras, the largest oil company in Brazil. According to a statement from BPCL, the signing of the MoU will improve the two firms’ possible future crude oil trading relations and allow BPCL to explore long-term options for crude imports, especially in light of the geopolitical climate we currently find ourselves in.
Coal India
In order to establish four surface gasification projects, state-owned Coal India would enter into agreements with three public sector companies: Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd., and GAIL (India). In order to decrease the import of crude oil, which is otherwise used to make syngas, the government wants to achieve 100 million tonnes of coal gasification over the next eight years.
Britania
Rajneet Kohli has been named CEO of the company that makes the well-known Good Day and Tiger cookies, beginning September 26. At the moment, Kohli serves as president and chief operating officer of the Domino’s India branch of the food delivery company Jubilant FoodWorks. Additionally, he held senior executive positions at Coca-Cola Co. and Asian Paints Ltd. His hiring coincides with the industry’s struggle with margin issues amid growing inflation.
Sterlite Technologies
Mihir Modi has submitted his resignation from his positions as the IT company’s CFO and other important administrative positions. With effect from October 15, he will be released from his obligations.
State Bank of India
Through a private placement of non-convertible debentures, the bank has raised Rs 4,000 crore.
Infibeam Avenues
The company that provides payment infrastructure and fintech has integrated its international operations in order to aggressively enter and grow the market for digital payment gateway infrastructure globally. The three wholly owned foreign subsidiaries of the company—Infibeam Avenues Australia Pty Ltd, AI Fintech Inc. in the US, and Infibeam Avenues Saudi Arabia for Information Systems Technology—will be transferred to Vavian International, a step-down subsidiary of the corporation. The second-largest payment aggregator in the UAE is called Vaviani. The company intends to actively promote its flagship brand CCAvenue in order to expand its global presence in the digital payments industry.