Stocks to Watch Today: HDFC Bank, Greenlam, Hero MotoCorp, PVR, and Others
Nifty futures on the Singapore Exchange traded 13 points, or 0.08 per cent, higher at 15,635.50, signaling that Dalal Street was headed for a positive start on Wednesday. Bulls tightened their grip, lifting benchmark indices higher by nearly 2 per cent in the previous session as the rally was seen across sectors. Positive global cues also aided sentiment. The BSE Sensex jumped 934 points or 1.8 per cent to 52,532, while the Nifty50 rose 289 points or 1.88 per cent to 15,639.
SIEL Financial Services
Deepak Kumar Rustagi is appointed as Chief Financial Officer (CFO) and key managerial personnel (KMP) of the company with effect from March 17. Ram Jeevan Chaudhary will be relieved from his responsibilities as Chief Financial Officer.
The country’s largest private lender proposes to double its network of branches in the next three to five years by adding 1,500 to 2,000 branches annually, which would akin to adding a new HDFC Bank every five years.
PVR, Inox Leisure
The multiplex operators said that they have received clearances for their merger from bourses NSE and BSE. Both companies announced to receive a letter with ‘no adverse observations’ from BSE and National Stock Exchange of India in relation to the scheme of amalgamation.
At a time when concerns are being raised about lenders delaying deposit rate hikes amid the overall rate increases, the private lender Tuesday introduced a product where the interest earned on a term deposit is linked to the RBI’s repo rate.
The company has executed a share subscription agreement with Smiti Holding and Trading Company for allotment of up to 63.1 lakh equity shares at a price of Rs 309 per share. Smiti Holding is an investor and will get shares on a preferential basis.
CARE revised its credit rating on the company’s long-term bank facilities to A+, from ‘A’, with a stable outlook.
The company launched Euro-5 compliant variants of its three globally popular products (Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters), in Turkiye. Hero has been operating in Turkiye since 2014 and caters to its customers through a network of over 100 touchpoints, which provide sales, service and spares.
The company has subscribed to Optionally Convertible Debentures of Rs 194 crore allotted by Gem Paints, and has appointed majority directors on the board of Gem Paints, and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and step-down subsidiary of the company respectively.
Generic Engineering Construction and Projects
CRISIL has reaffirmed its long-term credit rating on the company’s bank loan facilities as BBB with a stable outlook and short-term rating as A3+.
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