Stocks to Watch Today: Harsha Engineers, Embassy REIT, Coal India, BPCL, and Others
The market extended losses for a third consecutive session on September 23, with the benchmark indices falling 1.7 per cent as rising recession fears amid expectations of aggressive policy tightening by the US Federal Reserve and FII selling weighed on the sentiment. The BSE Sensex plunged 1,021 points to 58,099, while the Nifty50 fell 302 points to 17,327.
The company share will debut on stock exchanges on Monday. Ahead of the listing, Harsha Engineers shares commanded a grey market premium of Rs 170. The Rs 755-crore public issue was bought 74.7 times by participants, and despite uncertainty in the equity markets, analysts expect Harsha Engineers stocks to make a strong debut with a significant premium over its issue price of Rs 330 per share.
Embassy Office Parks REIT
Blackstone Inc will reportedly sell a stake of $400 million in Embassy Office Parks REIT, India’s major real estate investment trust, through block deals. Abu Dhabi’s Sovereign wealth fund, being the world’s largest, will pick up at least half of the stake that Blackstone is to sell, reported Reuters.
State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a Memorandum of Understanding (MoU) with Brazilian oil major Petrobras, to diversify its crude oil sourcing. In a statement BPCL said, the signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long-term basis, especially considering the current geopolitical situations.
State-owned Coal India will sign agreements with three public sector enterprises — Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd. and GAIL (India)– in order to set up four surface gasification projects. The government aims to achieve 100 million tonnes of coal gasification in the next eight years in order to reduce the import of crude oil which is otherwise used to produce syngas.
The maker of the popular Good Day and Tiger biscuits has appointed Rajneet Kohli as its chief executive officer, effective September 26. Kohli is currently president and chief business officer at Domino’s India, run by food service company Jubilant FoodWorks. He also held senior leadership roles in Asian Paints Ltd and Coca-Cola Co. His appointment comes at a time when the industry is grappling with margin concerns amid soaring inflation.
Mihir Modi has tendered his resignation as Chief Financial Officer and key managerial personnel of the IT company. He will be relieved from his duties with effect from October 15.
State Bank of India
The bank has raised Rs 4,000 crore via non-convertible debentures on private placement basis.
The fintech & payment infrastructure company has consolidated its international business to aggressively tap and expand its global digital payment gateway infrastructure market. The company’s three fully owned international subsidiaries – Infibeam Avenues Australia Pty Ltd, AI Fintech Inc in the US and Infibeam Avenues Saudi Arabia for Information Systems Technology will become a step-down subsidiary of the company after being transferred to its UAE-based subsidiary, Vavian International. Vavianis the second largest payment aggregator in UAE. The company plans to increase its global play in the digital payments space by going aggressively with its flagship brand CCAvenue.
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