Stocks to Watch on Sept 21: Infosys, Sheela Foam, SJVN, Cipla, DCB Bank

Stocks to Watch on Thursday, September 21: Equities are on a backfoot on Thursday after the US Federal Reserve overnight said it will raise interest rates one more time this year. Besides, the rate-setting Federal Open Market Committee projected two rate cuts in 2024, which is two fewer than its forecast in June.

Consequently, the Fed's hawkish pause on Wednesday sent equities into a tailspin this morning where markets across Asia fell over 1 per cent each. At 7:50 AM, Gift Nifty stood at 19,858, down 114 points from Nifty Futures' last close.

Overnight, the Nasdaq Composite lost 1.5 per cent, the S&P 500 dropped 0.94 per cent, while the Dow Jones Industrial Average fell  0.22 per cent.

Infosys: The IT major has tied up with NVIDIA to develop generative AI applications and solutions.

EMS: Water and sewage infra company EMS will list on Thursday. The issue price is Rs 211 and the stock is commanding a premium of 39 per cent in the grey market, as per ipowatch.com.

SJVN: The government will sell 96.667 million shares, or 2.46 per cent stake, in the company with an option to sell additional 2.46 per cent stake under offer for sale (OFS) route. At the floor price of Rs 69 a share, the sale of the entire 4.92 per cent stake will fetch over Rs 650 crore. The offer will open for non-retail investors today, and retail investors on Friday (Sept 22).  

Cipla: An inspection by the USFDA, at the manufacturing facility of InvaGen Pharmaceuticals Inc., New York, USA, a wholly-owned subsidiary of the company, has concluded with five observations in Form 483. There are no repeat or data integrity (DI) observations. The company will address these comprehensively within stipulated time, Cipla said in a statement.

State Bank of India, KFin Technologies: SBI has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments.

Sheela Foam: The QIP Committee has decided to open the QIP on September 20 at a floor price of Rs 1,133.99 per equity share. It will meet on September 25 to consider and approve the issue price of QIP. 

Integra Essentia: The Board of Directors has granted in-principle approval for evaluating merger proposal with G G Engineering Limited, a company engaged in the business of trading of iron steel and other infrastructure related items.

DCB Bank: The Reserve Bank of India has accorded its approval to HDFC Asset Management Company to acquire aggregate holding of up to 9.5 per cent of the Bank. The AMC has been advised by the RBI to acquire the shareholding within a period of one year from the date of approval.

Apollo Tyres: The company has stopped bias and OTR tyre production at their manufacturing facility in Limda, Gujarat.

MCX: According to reports, MCX plans to go live on the new trading platform by the end of this month.

Bartronics India: The company has entered into a Memorandum of Understanding (MOU), with Amplify Cleantech Solution Pvt Ltd, for promoting entrepreneurship, EV charging infrastructure development, and facilitating loan for the same from Grameen banks in rural areas across India.

Themis Medicare: The company has fixed Tuesday, October 10, 2023, as the 'Record Date' for sub-division/stock split.

Zydus Lifesciences: Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) for Clindamycin Phosphate Gel USP, 1%, which is used to treat acne. Clindamycin Phosphate Gel USP, 1% had annual sales of $37 million in the United States (IQVIA MAT July 2023).

REC: The entire shareholding of Beawar Transmission Limited, comprising 50,000 equity shares, presently held by REC Power Development & Consultancy (RECPDCL), has been transferred at par value along with all its assets and liabilities to Sterlite Grid 27 Limited.

Shree Renuka Sugars: The Board will meet on September 23 to consider and approve entering into a binding agreement for investment in 100 per cent equity shares in a sugar manufacturing company located in Uttar Pradesh, India.