Tata Group Stocks in focus
BuzzingFurther to our intimation dated June 22, 2022, regarding outcome of the US FDA inspection, the “Official Action Indicated” (OAI) status for Baddi continues. Following the inspection in June 2022, the US FDA had issued a Form-483 with six observations to the Baddi facility, Glenmark Pharma said in its release.The company does not believe that this will have any material impact on the US business at this stage. The company is committed to maintaining the highest quality and compliant manufacturing standards at all of its facilities across the globe, it added.Also, on the audit conducted by the US FDA at company’s Aurangabad (India) facility, the company has received the Establishment Inspection Report (EIR) from the USFDA indicating closure of the inspection.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
The global risk-off is gaining strength aided by the steadily rising dollar. Dollar is rising against all currencies and this will impact capital flows into emerging markets including India. Resumption of FPI buying since July has been supporting the rally in India. Now this is under threat with FPIs turning sellers in 5 out of the last 7 days.
FPIs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111. The near-term market outlook is bearish. Investors may wait and watch before committing more money.
There is a trend of selective bottom up stock picking in the broader market. This trend is likely to continue even when the headline indexes turn negative.
Buzzing:Tata Steel’s board has approved the scheme of amalgamation between seven of its group companies and itself, as per the company’s exchange filing. These are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF Limited, the Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.The scheme of amalgamation was reviewed and recommended to the board by the committee of independent directors and the audit committee. The resources of the merged entity have been pooled to unlock the opportunity for creating shareholders’ value, said Tata Steel’s press release. The share exchange ratio has been decided individually for the seven companies, as per the filing.
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened lower on September 23 with Nifty around 17600 amid weak global cues.
The Sensex was down 149.96 points or 0.25% at 58969.76, and the Nifty was down 40.60 points or 0.23% at 17589.20. About 1274 shares have advanced, 711 shares declined, and 121 shares are unchanged.
HDFC, HDFC Bank, Tech Mahindra, IndusInd Bank and Tata Motors were among major gainers on the Nifty, while gainers were Tata Steel, Cipla, Hero MotoCorp, Apollo Hospitals and JSW Steel.
Glenmark Pharma gets Health Canada approval for treatment of seasonal Allergic Rhinitis
Bausch Health Companies Inc. and Glenmark Specialty S.A., a subsidiary of Glenmark Pharmaceuticals, are pleased to announce that RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) has been approved by Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms in adults, adolescents, and children aged 6 years and older.
RBI to raise rates again, slim majority of economists expect 50 bps hike – Reuters poll
The Reserve Bank of India is set to raise interest rates again next week with a slim majority of economists in a Reuters poll expecting a half-point hike and some others expecting a smaller 35 basis point rise.
There was a wide consensus that the RBI will raise rates at the Sept. 30 meeting, although there were differences over how far it would go with inflation accelerating to 7% and with the rupee weakening.
The RBI has lagged many of its global peers, despite inflation sticking above the top end of its target range of 2-6% all year. It has raised rates in three separate moves since May, one of them unscheduled, totalling 140 basis points and taking the key repo rate to 5.40%.
Market at pre-open: Benchmark indices are trading mixed in the pre-opening session.
At 09:03 IST, the Sensex is up 45.18 points or 0.08% at 59164.90, and the Nifty down 57.10 points or 0.32% at 17572.70.
Rupee Opens:
Indian rupee opened at fresh record low at 81.06 per dollar on Friday against previous close of 80.86.
Why analysts believe VIP Industries can pack a punch this festive season
Shares of luggage manufacturer VIP Industries have surged 16 percent over the last month and analysts believe there is more in the bag
Century Textiles real estate arm acquires 10-acre land parcel in Bengaluru
Birla Estates Pvt. Limited, a 100% wholly-owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 mn sq. ft. with a revenue potential of Rs 900 crore, the company said.
