Nifty futures on the Singapore Exchange traded 207 points, or 1.20 per cent, lower at 16,999, signaling that Dalal Street was headed for a gap-down start on Tuesday. The selling pressure amid volatility, in the benchmark indices, continued for the fourth consecutive session on February 21; however, it was the broader market that took the deep cuts as the Nifty Midcap 100 index declined 1.24 per cent while Smallcap 100 index slumped 2.73 per cent. The BSE Sensex slipped 149 points to 57,684, while the Nifty50 declined 70 points to 17,207 and formed Doji kind of indecisive pattern on the daily charts as the closing was near opening levels.
Here are Stock to Track in Today’s Trade:
Hero MotoCorp
The company has created a new role of chief growth officer to leverage emerging opportunities in the post-COVID world, integrating marketing, sales, after-sales & parts businesses. Ranjivjit Singh was elevated to the new role of Chief Growth Officer.
TCS
The IT major has grown its revenues to $25 billion in calendar 2021 from $18.5 billion 2017, while market capitalisation has doubled to $200 billion as of September 2021 from April 2018. TCS said the next $25 billion will be driven by growth and transformation projects undertaken by clients, helped by the IT services provider’s sustained move towards cloud-based offerings.
HDFC Bank
An appellate tribunal has dismissed a Sebi order against HDFC Bank in a case related to invoking securities pledged by stockbroker BRH Wealth Kreators. In January 2021, Sebi had imposed a Rs 1 crore fine on the private lender and directed to transfer Rs 158.68 crore along with 7 per cent interest per annum into an escrow account till the issue of settlement of clients’ securities was reconciled.
Vedanta
Announced that it has made an oil discovery in its exploratory well in Rajasthan’s Barmer district. In a regulatory filing, Vedanta said it has notified the Directorate General of Hydrocarbons and the petroleum ministry about the oil discovery in a block that was awarded to it under the Open Acreage Licensing Policy (OALP). This is the third hydrocarbon discovery notified by the company under the OALP portfolio.
IDBI Bank
IPO-bound Life Insurance Corp. (LIC) has said it would like to retain some stake in IDBI Bank so that the insurer continues to reap the benefits of the bancassurance channel. IDBI Bank became a subsidiary of LIC, effective 21 January 2019, following the acquisition of an additional 8,27,590,885 equity shares.
Tata group stocks
The Supreme Court has agreed to hear in open court a review plea filed by Cyrus Investments Ltd. against its order setting aside an appellate tribunal order which had restored Cyrus Mistry as the executive chairman of the Tata group. The petitions will be heard in open court on March 9.
Adani Group
Adani Group and Ballard Power Systems have tied up to evaluate a joint investment in hydrogen fuel cells manufacturing in India. Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India, Adani group said in a statement.
L&T Finance Holdings
BNP Paribas Arbitrage on Monday bought shares of L&T Finance Holdings worth nearly Rs 413 crore through an open market transaction. As per block deal data on BSE, over 5.78 crore shares were purchased at an average price of Rs 71.35 apiece.
Hindalco Industries
Subsidiary Novelis Inc. will build a $50 million (around Rs 373 crore) recycling and casting centre in South Korea to expand low carbon aluminium production. Fully funded by Novelis, the Ulsan Recycling Centre will have an annual casting capacity of 100 kilotonne of low-carbon sheet ingot.
Sintex Industries
Lenders of Sintex Industries will approach the National Company Law Tribunal to seek an extension of time for the completion of the Corporate Insolvency Resolution Process and select a bidder for the debt-ridden textiles maker. The Committee of Creditors in a meeting held on Monday discussed and approved the proposal for extension of CIRP period beyond 330 days.
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