Stocks to Watch on October 11: The GIFT Nifty October futures contract indicates a flat start to domestic equities in trade on Wednesday. The futures contract was trading at 19,783, up 7 points or 0.04%.
Bank of Baroda: The Reserve Bank of India (RBI) on Tuesday asked the Bank of Baroda (BoB) to immediately suspend further onboarding of customers onto their mobile app ‘bob World’. This ban comes after RBI found material supervisory concerns while onboarding customers onto the app. Any further onboarding of customers of the bank on the app will be subject to rectification of deficiencies observed and strengthening of the related processes, said an RBI release.
TCS: Tata Consultancy Services (TCS), the largest software service exporter in India, will report its earnings for the quarter ended September 2023 on Wednesday, October 11. Moreover, the TCS board will also consider a proposal for share buyback in its meeting on October 11. This will be its fifth share buyback in six years. The Q2FY24 results for the overall IT sector are expected to be muted, in continuation with the previous quarter, analysts said.
MCX: Multi Commodity Exchange of India (MCX) is all set to go live with its new commodity derivates platform on October 16. The announcement came two days after MCX received approval from capital markets regulator SEBI. The exchange has also planned to conduct mock trading on October 15 in order to allow members to participate, and validate setup and connection for which separate circular would be issued, said MCX in a statement on Tuesday.
Union Bank of India: Union Bank of India has promoted Sudarshana Bhat to the position of Chief General Manager, effective from October 10. Sudarshana Bhat previously held the role of General Manager within the bank. Notably, the former Chief General Manager of Union Bank, Lal Singh, has been appointed as the Executive Director of Bank of Baroda by the Central Government.
Cipla: Differences within the Hamied family, Cipla Ltd’s promoters, over the pricing of the deal and the decision of patriarch Yusuf K. Hamied to sell the drugmaker threaten to derail the $7 billion sale plan, according to five people aware of the discussions. Any sale may take longer than anticipated since a consensus is yet to emerge within the family, the people said on condition of anonymity. Some family members have questioned the deal’s pricing and the decision to exit the business.
JSW Steel: JSW Steel has posted a 13% rise in its consolidated production to 6.41 million tonne (MT) for July-September 2023-24. It had produced 5.68 MT crude steel during the second quarter of 2022-23, the company said in a statement on Tuesday. However, on a q-o-q basis, the production was lower by 3%, primarily due to scheduled shutdowns undertaken at Indian operations and lower capacity utilisation at USA-Ohio due to market conditions, JSW Steel said.
Religare Enterprises: Religare Enterprises Ltd’s board has commissioned an independent valuation report as it believes that the company is worth more than the price the Burman family has offered, a person with knowledge of the development said. On 23 September, the Burman family, which controls packaged goods company Dabur Ltd, offered to acquire an additional 5.27% stake in the financial services company for ₹407 crore, leading to a mandatory open offer to buy an additional 26% stake from the public.
SpiceJet: The National Company Law Tribunal (NCLT) on Tuesday deferred the case involving SpiceJet and aircraft lessor Celestial Aviation Services Ltd after both parties told the court they were in the advanced stages of a settlement. The court will hear the case next on 7 November. Celestial Aviation is one of four lessors to have filed a case against SpiceJet in the NCLT over pending dues – the others are Willis Lease Finance Corp, Wilmington, and Aircastle.
Indian Bank: Public sector Indian Bank on Tuesday said Shiv Bajrang Singh assumed charge as its Executive Director with immediate effect. Prior to taking up the new responsibility, Singh was serving the Bank of India as its chief general manager, the Chennai-headquartered Indian Bank said in a statement. Singh holds an MBA degree and is a certified associate of the Indian Institute of Bankers.
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