The market declined 2.5 per cent in the opening trade but the recovery in the initial hour, which was followed by rangebound trade, helped the benchmark indices settle with a 1.5 per cent loss in the previous session. Global markets were also under pressure after Federal Reserve Chair Jerome Powell in his speech at Jackson Hole reiterated that the rate hikes to bring inflation to 2 per cent target are going to continue at the cost of pain to consumers and businesses. The rising oil prices also weighed on sentiment.
The BSE Sensex tanked 861 points to 57,973, while the Nifty50 fell 246 points to 17,313.
Stocks to Watch
Ugro Capital
The company said the Board of Directors has made an allotment of 50,000 non-convertible debentures having a face value of Rs 10,000 each, through private placement. The tenure of instrument is 24 months from the date of allotment and the coupon rate is 10.35 per cent per annum.
ICRA
The company received board approval for the appointment of Venkatesh Viswanathan as a Group Chief Financial Officer and key managerial personnel. His appointment is effective from August 30, 2022, and the company also designated him as Chief Investor Relations Officer. However, Amit Kumar Gupta has stepped down as Chief Financial Officer.
L&T Technology Services
The engineering services company firm has bagged a multi-million-dollar deal from BMW Group for the European premier car maker’s hybrid vehicles. As part of the 5-year deal, it will provide high-end engineering services for the company’s suite of infotainment consoles targeted for its family of hybrid vehicles.
Vodafone Idea
The debt-ridden telecom operator’s 5G services launch will depend on several factors such as use cases, customer demand, competitive dynamics etc. Vi Managing Director and CEO Ravinder Takker said that the promoters of the company have invested Rs 4,940 crore and the company is in active discussion with investors for fund raise.
Lupin
The drug maker said it has received a tentative approval from the USFDA to market Dasatinib tablets, used to treat certain types of cancer, in America in strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. The product is a generic version of Bristol-Myers Squibb Company’s Sprycel tablets.
BC Power Controls
The company has received board approval for the issuance of 1.1 crore equity shares, on a preferential basis, to the promoter group category at a price of Rs 5.65 per share. The total fundraising was Rs 6.21 crore.
Krishna Institute of Medical Sciences
The company has entered into a definitive agreement to acquire a majority stake (51 percent) in SPANV Medisearch Lifesciences, Nagpur. SPANV is running a multi-speciality hospital – Kingsway Hospitals, having over 300+ beds. Existing promoters and shareholders will continue to hold the balance 49 percent stake. Post-acquisition, the hospital will be renamed ‘KIMS Kingsway Hospitals’.
Orient Cement
Franklin Templeton Mutual Fund sold 1.52 lakh equity shares or 0.07 per cent stake in the cement company on August 26. With this, it reduced its stake in the said company to 3.12 per cent, down from 3.2 per cent earlier.
Star Housing Finance
The Coronation Castles Pvt Ltd has offloaded a 0.07 per cent stake in the company via open market transactions on August 26. With this, its stake reduced to 0.06 per cent, from 0.13 per cent earlier.
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