After a significant drop in US markets overnight, equity benchmark indexes are expecting a dismal begin on Wednesday. According to the SGX Nifty, which was trading at 17,778 points, the Nifty index might open 60-70 points lower.
On Wall Street, the Dow Jones sank 2.06%, the S&P 500 slid 2%, and the tech-heavy Nasdaq plunged 2.5% as investors remained sceptical of strong economic data that supports further rate rises.
In Asia, the Nikkei and Kospi each fell 1.2%. The Shenzhen index and the Strait Times both fell 0.7%, while the Hang Seng began slightly higher.
Here are some stocks to watch out in trade today:
Mahindra & Mahindra: The business has engaged into an asset transfer agreement with Mahindra Electric Automobile (MEAL), which will be constituted as a subsidiary, for certain specified assets relevant to four-wheeler passenger electric cars. M&M and British International Investment Plc have agreed to invest up to Rs 1,925 crore in MEAL in two tranches, subject to the fulfilment of certain requirements and milestones.
Reliance Industries: The company’s subsidiary Reliance New Energy has completed the purchase of 7,433 common shares, 1,518 series B1 preferred shares, and 660 series B2 preferred shares of Nexwafe GmbH for a total consideration of euro 7,55,684.
Pharma Stock: The Department of Pharmaceuticals has given the first tranche of incentives under the Product Linked Incentive (PLI) programme of pharmaceuticals totaling Rs 166 crore to four selected applicants, namely Dr Reddy’s Laboratories, Biocon, Strides Pharma Science, and Premier Medical Corp.
Wockhardt: According to sources, the firm stated at its investor conference that the corporate reorganisation will result in annual savings of $12 million. The restructure will result in the closure of its Morton Grove manufacturing location. The business has also struck an arrangement with the Serum Institute of India to manufacture vaccines at its UK plant, for which it has received a commitment of 10 million pounds to reserve capacity.
Mirza International: The NCLT has authorised the merger of RTS Fashions Pvt Ltd (the transferor company) with and into Mirza International, as well as the de-merger of the latter’s branded business into Redtape Ltd on a going concern basis.
Hind Zinc: The company’s shareholders are due to meet on March 29, 2023, to discuss capital reorganisation in accordance with the NCLT ruling in this case.
Lemon Tree Hotels: The firm has inked a franchise deal for a 34-room resort under its brand “Lemon Tree Hotel” in Manali, Himachal Pradesh. The hotel is set to open in June 2023.
Bharat Electronics: The business has inked an Agreement with ADA and DRDO for the advanced medium combat aircraft programme.
ITI: Rajesh Rai has been named Chairman and Managing Director of ITI, beginning February 21, 2023.
Sapphire Foods: Gamma Pizzakraft (Overseas), a wholly-owned subsidiary of Sapphire Foods, has evaluated and authorised the subscription of up to 81,914 shares of its subsidiary Gamma Island Food. Gamma Pizzakraft’s ownership stake in Gamma Island Food will be enhanced from 51% to 75% as a result of this proposed transaction.
CE Info: CE Info Systems has invested further Rs 13.53 lakh in E-Chargeup Solutions Private Limited.
Toyam Sports: One of Bhakti World Radio Broadcasting Private Limited’s current shareholders has suggested transferring 12.6 percent of Bhakti World to the firm.
Arihant Tournesol: The Board of Directors will meet on February 27 to discuss raising money through Foreign Investment of up to $50 million in one or more tranches to finance capital and operating capital for company development through preferential allotment.
Advik Capital: The business is in the advanced stages of funding another Mega Infra Project for the Gohana Sonepat Highway, sponsored by NHAI and other agencies, in partnership with other NBFCs, private and PSU banks.
