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Stocks to Watch Today: The key benchmark indices are likely to trade on a volatile note on Wednesday, ahead of the key US Federal Reserve rate outcome later tonight. For starters, as of 07:10 AM, the SGX Nifty futures quoted at 17,710, indicating a likely opening loss of 80-odd points on the Nifty 50 benchmark.
Meanwhile, following are the stocks that are likely to some action in trades on Wednesday.
Central Bank of India: The Reserve Bank of India on Tuesday removed the Central Bank of India from the Prompt Corrective Action (PCA) framework on complying with parameters like net non-performing assets (net NPAs) and capital ratios. Central Bank was placed under PCA in June 2017 due to high net NPAs and negative return on assets. READ MORE
Mahindra & Mahindra (M&M): The home-grown auto major said it will acquire an additional 17.41 per cent stake in Swaraj Engines from Kirloskar Industries for Rs 296 crore. READ MORE
Meanwhile in other news, Fiat Chrysler has got a second chance to permanently block the U.S. sales of redesigned Roxor off-road vehicles made by M&M, which is fighting claims that it copied Fiat Chrysler's Jeep design.
Cipla: The stock of pharma major Cipla was the biggest gainer in the Nifty Pharma and Healthcare indices on Tuesday. The analysts remain bullish on India prospects with some concerns owing to the regulatory headwinds for Goa site. However, growth forecast in US market shall drive gains for the stock. READ ANALYSIS
McLeod Russel: Lenders to McLeod Russel India will meet shortly to discuss a proposal from Carbon Resources to clear outstanding debts of banks and take charge of the company. The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore. READ MORE
Yes Bank: The private lender’s board approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge that made by the private equity company.
Meanwhile, the RBI has approved the appointment of its former deputy governor R Gandhi as non-executive part time chairman of Yes Bank for three years.
SpiceJet: The low-cost airline has sent 80 pilots on leave without pay for three months in its bid to prune costs. SpiceJet has been reporting losses for the past four years and is operating less than 50 per cent flights, following the July 27 DGCA order in the wake of mishaps. READ MORE
Piramal Enterprises (PEL): The board of directors of the company are scheduled to meet on September 23 to consider a proposal to raise up to Rs 750 crore by way of issue of non-convertible debentures.
Jindal Stainless: The company's board is scheduled to meet on September 23 to consider a proposal to raise funds by way of issue of debt securities including secure or unsecured non-convertible redeemable debentures.
ITI: The company’s board is scheduled to meet on September 28 to consider allotment of equity shares to the President of India, as per the revival package.
GPT Infraprojects: The company's board is scheduled to meet on September 29 to consider a proposal for issue of bonus equity shares.
Ruby Mills: The company's board has fixed September 26 as the record date for its proposed 1:1 bonus issue.
Stocks in F&O ban: Delta Corp, Escorts, India Cements, PVR and RBL Bank were the stocks in F&O ban period on Wednesday.
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