Stocks in focus: The SGX Nifty recorded a 0.12% gain during Tuesday’s early trading session, with a value of 18,725 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex ended Monday’s session mostly flat. The Nifty 50 rose 25.70 points or 0.14% to 18,691.20 and BSE Sensex dipped 9 points to settle at 62,970.
“The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia. This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia’s status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support. Additionally, mid and small-cap stocks were seen recovering their positions following a recent sell-off, indicating a regained investor confidence in these segments,” said Vinod Nair, Head of Research at Geojit Financial Services.
Adani Enterprises
Adani Enterprises clarified on reports that the SEC is subpoenaing US investors. The embattled flagship firm said that, “We are not aware of any subpoena to the US investors by SEC. It is routine that various regulators will seek access to public material.”
Shree Cement
Shree Cement refuted the media reports that alleged the company of evasion of Rs 23,000 crore in taxes in what is being said to be one of the biggest, unearthed during tax searches at Shree Cement offices in Rajasthan’s Beawar, Jaipur, Chittorgarh and Ajmer.
City Union Bank
City Union Bank’s board of directos has approved fundraising through QIP for Rs 500 crore.
Tech Mahindra
Tech Mahindra’s step down subsidiary LCC France SARL has approved a proposal to divest its 49% holding in SARL Djazatech along with its wholly owned subsidiary EURL LCCUK Algerie.
Sun Pharma
Sun Pharma said its subsidiary Sun Pharma Canada received Health Canada approval for ABSORICA LD (isotretinoin capsules). Absorica LD is used to treat severe acne in patients 12 years of age and older.
Hindustan Unilever
Hindustan Unilever will be in focus today as CEO and MD Sanjiv Mehta retired. His roles will be taken over by Rohit Jawa. Filings suggested his total remuneration will be around Rs 21 crore.
ZEE
Securities Appellate Tribunal declined to take on record an additional affidavit filed by the Securities and Exchange Board of India (Sebi), saying it would continue to hear on Tuesday the matter pertaining to the capital market regulator’s directive banning Essel Group chairman Subhash Chandra and Zee Entertainment Enterprises MD and CEO Punit Goenka from holding directorial or key managerial positions in any listed entity. The affidavit was filed on Sunday night by the Sebi.