The market was in bearish control for the second consecutive session, falling half a percent on September 22, after the US Federal Reserve raised interest rates by 75 bps and hinted at further rate hikes. The Swiss central bank and the Bank of England also raised interest rates by half a percentage point.
The BSE Sensex closed down 337 points at 59,120, while the Nifty 50 lost 89 points to 17,630, after recovering half the losses from the day’s low.
The company’s board has approved a scheme of amalgamation, wherein it will merge seven step-down subsidiaries of the company with itself – namely, Tata Steel Long Products, Tinplate Company of India, Tata Metals, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining. Company.
After falling nearly 15 percent on the day of the Supreme Court verdict, stocks may also be in focus on Friday. The SC on Thursday sentenced former Fortis Healthcare promoters Singh brothers to six months in jail in a case filed by Japanese firm Daiichi Sankyo and also ordered a forensic audit of the Fortis-IHH deal.
Information technology stocks have been under pressure of late amid fears of a slowdown in the world’s largest economy. Adding to the woes, Accenture’s issued its first quarter guidance of $15.20 billion – $15.75 billion, well below Street expectations. However, back home, a renewed decline in the Indian rupee could provide some cushion to beaten stocks.
The company’s board has approved a proposal to raise funds up to Rs 940 crore through rights issue of equity shares.
The company announced an immediate price hike of up to Rs 1,000 on its two-wheelers to partially cushion the impact of inflation.
Mahindra & Mahindra Financial Services (MMFSL)
The Reserve Bank of India (RBI) on Thursday banned non-banking financial services firms from outsourcing recovery agents, days after a 22-year-old pregnant woman died while trying to block debt recovery agents employed by MMFSL in Jharkhand’s Hazaribagh. His father’s tractor was hijacked and crushed under a car.
The company informed the BSE that it has received the Establishment Inspection Report (EIR) from the USFDA at its Aurangabad facility indicating the discontinuation of the inspection. Meanwhile, the company, in a separate release, said the ‘Official Action Indicated’ (OAI) status continues, regarding the results of the USFDA inspection at its Baddi facility. USFDA issued a Form-483 in June 2022 with six observations for Baddi facilities.
The company informed BSE that it has sold its entire holding in Sundaram Auto Components to Sundaram Clayton for a consideration of Rs 317.01 crore.
InterGlobe Aviation (Indigo)
The airline has started a new daily direct flight between Mumbai and Ras Al-Khaimah (UAE) from Thursday.
The Ahmedabad-based group, with presence in power, city gas distribution and pharmaceutical businesses, is now planning an offer for Reliance Nippon Life Insurance, a 51:49 joint venture between Reliance Capital and Japan’s Nippon Life.
The consumer durables firm is expected to outperform the industry, predicting a rebound for its mid-priced and premium products as consumers resume spending during the festive season. The festive season accounts for 30-40 percent of Whirlpool’s total annual sales.
The Enforcement Directorate (ED) on Thursday seized assets and properties worth over Rs 2,747 crore owned by ABG Shipyard, its group companies and other related entities. These include agricultural land, dockyards and bank deposits. This was coupled with the ED’s money-laundering probe into what could be the country’s biggest bank fraud. Among banks, ICICI Bank had the highest exposure to entities, followed by IDBI Bank and others.
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