Indian benchmark indices are likely to open lower today as SGX Nifty fell 149 points to 17,452 amid mixed global cues.
On September 17, the benchmark indices ended lower after scaling record highs as investors booked profits at higher levels. After moving in a range of 866 points during the day, Sensex closed 125.27 points lower at 59,015 and Nifty slipped 44.35 points to 17,585. While Sensex touched lifetime high of 59,737, Nifty reached new peak of 17,792 during the day.
Here are the stocks that are likely to be in focus today.
Wipro Limited: The company announced the launch of the Wipro-Google Cloud Innovation Arena in Bangalore, India. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers.
Vodafone Idea: Telecom operator Vodafone Idea (Vi) on Sunday said it achieved peak speed of over 3.7 Gbps during its ongoing 5G trials in Pune. The company also claimed to have achieved peak download speed of up to 1.5 Gbps in 3.5 Ghz band 5G trial network in Gandhinagar and Pune.
The company is conducting 5G trials on government allocated 5G spectrum in Pune (Maharashtra) and Gandhinagar (Gujarat), along with its technology vendors. The Department of Telecommunications had allocated Vi mmWave high bands like 26 GHz, along with the traditional 3.5 GHz spectrum band, for 5G network trials.
Welspun India: The company said that it is looking to invest around Rs 800 crore on capacity expansion of its home textiles and flooring businesses over the next two years. Welspun India, the country’s largest home textiles manufacturer, would invest Rs 656.5 crore on its home textiles business expansion during FY’22-23. Its plans include augmenting its towel manufacturing capacity by 20 per cent to meet the growing demand from the overseas customers.
The board of the company in a meeting held on Saturday approved plans to augment towel manufacturing capacity at its Anjar, Kutch (Gujarat)-based plant to 1,02,000 metric tonnes per annum (MTPA) from the existing 85,400 MTPA.
KEC International: Infrastructure major KEC International Ltd., an RPG Group Company, has entered into a definitive agreement to acquire 100% equity in Spur Infrastructure Private Ltd. for an enterprise value of Rs 62 crore “subject to customary adjustments at closing,” the company announced on Saturday.
The acquisition is expected to be completed within 60 days from the date of agreement. Spur Infra, incorporated in 2016, is an Indian EPC company engaged in setting up of cross country oil and gas pipelines and city gas distribution networks.
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 (US RLD: Trintellix Tablets). Vortioxetine is used to treat depression. It works by helping to restore the balance of a certain natural substance (serotonin) in the brain.
Zomato: Foodtech firm Zomato on Saturday said it didn’t inform the stock exchanges about the resignation of its co-founder Gaurav Gupta as he was not designated as a key managerial personnel and his exit from the company didn’t warrant any disclosure under the relevant regulations.
The BSE had sought a clarification from the company on news reports saying that Gupta had resigned from the company.
Replying on the matter, Zomato in a BSE filing said, “…the company upholds and intends to maintain high standards of corporate governance, has complied with the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (“Listing Regulations”) in letter and spirit.”
IDBI Bank: Most of the merchant bankers who had submitted bids for facilitating strategic sale of LIC-controlled IDBI Bank indicated a time-frame of one year to complete the elaborate process, sources said.
During a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently, most of the eligible transaction advisers gave a time-frame of 50-52 weeks to undertake several stages of the privatisation process of IDBI Bank, market sources said.
Lupin: USFDA has concluded an inspection at the company’s Goa facility in India. The inspection was carried out from September 6, 2021 to September 18, 2021 and closed with seven observations.
“We are confident of addressing the observations satisfactorily and are committed to be compliant with Good Manufacturing Practice standards across all our facilities,” the company said.