Stocks in News: Tata Steel, HDFC AMC, Fortis, Welspun and More Making Headlines
Stocks in News Today, Sept 26, 2023: The Indian stock market indices, Sensex and Nifty are trading flat, indices are hovering near their flat line and looking for direction. The Bank Nifty is trading slightly lower by 0.21 percent at 12.10 p.m IST. The broader markets are outperforming their larger peers, as the Nifty mid and smallcap indexes are trading higher by 0.22 percent and 0.53 percent respectively.
Among the sectors, the Metal, Realty, and Auto sectors are trading higher while the IT, Banks, and Media sectors are in the red. Some Nifty stocks that are on the headlines are given below:
Nifty 50 Stocks in News
Tata Steel: The global rating agency Moody’s raised the steelmaker’s long-term rating to Baa3 from Ba1 and changed the outlook to stable from positive. It said the upgrade reflects expectations of continued strength in the company’s credit profile and considerable deleveraging through gross debt reduction. The rating agency expects the company’s profitability to increase even as softer steel prices dent revenues. The share price of Tata Steel gained 1.96% at Rs 129.90 per share.
HDFC AMC: The company will invest Rs 25 crore in unit HDFC AMC International to help it meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under IFSC rules. The share price of HDFC AMC gained 1.12% at Rs 2701 per share
Nifty Mid and Smallcap Stocks in News Today
Indian Hotels: The company will infuse $11.5 as equity in Dutch subsidiary Ihoco BV to help it repay debt and for other operations. The share price of Indian Hotel is trading higher by 1.13% at Rs 413.20 per share
DB Realty: the company plans to acquire a stake in Bamboo Hotel Global Centre, Goan Hotels, and BD & P Hotels for over Rs 2,300 crore. The share price of DB Realty is trading higher by 1.18% at Rs 166.80 per share.
SBI, Punjab & Sind Bank, Indian Bank: The Reserve Bank of India (RBI) on Monday imposed a monetary penalty, of Rs 1.30 crore, Rs 1 Crore, and Rs 1.62 crore, respectively on these three state-run banks owing to non-compliance with certain regulations.
Fortis Healthcare: The company will acquire a 99.9% stake in Artistry Properties Pvt. for Rs 32 crore. The share prices of Forties Healthcare are trading higher by 1.78% at Rs 338 per share
Welspun Corp: Unit Sintex will set up water tanks and PVC pipe facilities in Telangana with up to a Rs 350 crore investment. The share price of Welspun Corp is trading higher by 1.94% at Rs 396 per share
Kalpataru Projects International: The company will raise Rs 150 crore via NCDs through private placement. The share price of Kalpaturu Projects is trading higher by 0.29% at Rs 631 per share
Sheela Foam: The company plans to raise up to Rs 1,200 crore via QIP. It will allocate 1.11 crore shares at Rs 1,078 apiece. The share price of Sheela Foam is trading higher by 1.26% at Rs 1144 per share.
Global Stock Market Updates
On the global front, Asian markets are mostly in red on Tuesday. Japan’s Nikkei closed lower by 0.92 percent while China’s Shanghai index is trading lower by 0.28 percent. Hang Seng ended lower by 0.89 percent. Australi’s S&P ASX 200 also closed lower by 0.45 percent. The European markets are heading for a lower opening on Tuesday following the negative cues from Asian markets, while the US future indexes, Dow Futures, and Nasdaq futures are trading lower at 11.40 am IST.
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Also, read Nifty and Bank Nifty Prediction for Tomorrow Sept 26, 2023
Stock Market Prediction Next Week (25- 29 Sept 2023)
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