The market clocked more than half a per cent gain and closed at a fresh four-month high, continuing the uptrend for the sixth consecutive session in the previous session. Positive global cues supported the market, while auto, banking and financial services, oil and gas, and select metal and pharma stocks aided the rally. The benchmark indices had a gap-up opening on Tuesday. The BSE Sensex rose 379 points to 59,842, while the Nifty50 climbed 127 points to 17,825.
Stocks in News
Bajaj Hindusthan Sugar
State Bank of India has filed an insolvency petition in the National Company Law Tribunal (NCLT) against Bajaj Hindusthan Sugar, the company said in an exchange filing on August 16. The petition has been filed at the Allahabad bench of the National Company Law Tribunal under the Insolvency and Bankruptcy Code, the filing showed. Bajaj Hindusthan Sugar owes nearly Rs 4,800 crore to banks like SBI, Punjab National Bank, Indian Bank and Central Bank of India.
Cipla
The stock will be in focus after the company said it appointed Ashish Adukia as global Chief financial officer. Dinesh Jain was relieved from additional responsibility as interim chief financial officer of the company. Jain will continue as senior vice president and head of corporate finance. The company also said that the US food and drug administration has begun inspection of the Goa plant today. Goa facility was issued a warning letter in February 2020.
SBI Cards and Payment Services
The stock will be in focus after Informist reported that the Reserve Bank of India is against unregulated firms issuing credit cards. Also, the company can offer credit cards after getting an RBI licence, the report said.
Hindustan Zinc
A PTI report said ICICI Securities, Axis Capital and Citigroup Global Markets are among the five investment bankers selected to manage the sale of the government’s 29.53 per cent residual stake in the company. The Department of Investment and Public Asset Management (DIPAM) had in early July invited bids from merchant bankers for managing Hindustan Zinc Ltd (HZL) residual stake and set July 28 as the deadline for putting bids.
Bharat Gears
The company will consider a bonus share issue on August 19.
Techno Electric & Engineering
The firm informed exchanges that it has got new orders for flue gas desulphurisation (FGD) totalling Rs 1455 crore. It got orders worth Rs 666 crore from Rajasthan Rajya Vidyut Utpadan Nigam Limited Kota and Rs 789 crore orders from Rajasthan Rajya Vidyut Utpadan Nigam Limited Jhalawar.
Future Enterprises
The Future Group firm said its non-executive director Chandrapraksh Toshniwal has resigned from the board of directors with effect from August 16, 2022 due to occupational and personal commitments. FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments.
Future Lifestyle Fashions
The beleaguered firm reported a widening of its consolidated net loss to Rs 1,879.91 crore in the fourth quarter ended March 2022 due to closure of stores and higher expenses. The company had posted a consolidated net loss of Rs 149 crore in the January-March quarter a year ago.
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