Nifty futures extended losses, were now trading 162 points or 0.92 per cent down at 17439.50 on the Singaporean Exchange. BSE Sensex and Nifty 50 were set to witness a gap-down start today. Analysts say that the constitution of a ‘Bad Bank’ is a positive development as the focus remains on faster resolution of stressed assets, which will improve the balance sheet of the banks. “Valuations are not comfortable and hence could lead to bouts of profit booking. The weak global cues on account of worry over slower economic growth and rising Delta variant cases globally would market oscillating between greed and fear,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Stocks to watch
Wipro: Wipro announced the launch of the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate adoption of cloud services.
Vodafone Idea: The telecom company informed that its 26th Annual General Meeting (AGM) will be held on Wednesday, 29 September 2021. Also, the company claimed to have recorded a peak speed of 3.7 gigabit per second (gbps), highest by any operator in India, during 5G trials in Pune. The company also claimed to have recorded 1.5 gbps download speed in the mid-band spectrum in Gandhinagar and Pune.
Zomato: Online food delivery platform Zomato on Saturday said it did not disclose the exit of its co-founder, Gaurav Gupta, to the bourses as he was not designated as a key managerial personnel, nor was he a promoter of the company. Replying to a clarification sought by BSE, Zomato in a regulatory filing said, “…we would like to submit that Mr. Gaurav Gupta is not designated as a key managerial personnel under the Companies Act, 2013, and the Listing Regulations.”
Dish TV, Yes Bank: Direct-to-Home service provider Dish TV, which is facing a special notice from its shareholder Yes Bank to remove its Managing Director Jawahar Goel along with four other directors, has sought an extension of time for holding the annual general meeting of the company.
Cadila Healthcare: Zydus Cadila has received final approval from the USFDA to market Vortioxetine Tablets in the strengths of 5 mg, 10 mg, 20 mg. Vortioxetine is used to treat depression. It works by helping to restore the balance of a certain natural substance (serotonin) in the brain. Vortioxetine is an SSRI (selective serotonin reuptake inhibitor) and serotonin receptor modulator. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.