Adani Group, Ambuja Cement, Yes Bank, IndusInd Bank, Dilip Buildcon, Zydus, JSW Steel stocks in focus

Adani Group, Ambuja Cement, Yes Bank, IndusInd Bank, Dilip Buildcon, Zydus, JSW Steel stocks in focus

Indian benchmark indices are likely to continue their losing streak to open in the red, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were trading lower, down 52 points, at the 17,385 level. On Friday, markets extended losses for a second session, pulled down by negative global cues. At close, Nifty was down 177 points at 17,413 while Sensex slid 1.12% to settle at 59,135.

“Markets ended the week with a sharp cut of over a percent, tracking feeble global cues. In continuation to the previous session’s fall, the Nifty index opened gap-down and hovered in a narrow band till the end. The selling pressure was widespread wherein the decline in the banking and financial majors was largely weighing on the sentiment. The broader indices too traded in tandem with the trend and lost in the range of 0.7-0.9%,” said Ajit Mishra, VP – Technical Research, Religare Broking.

Yes Bank

The private lender’s locked-in shares from the ‘YES Bank Limited Reconstruction Scheme’ will be released by the depositories (NSDL and CDSL) at the start of the day without further action from the bank, ending the lock-in period of three years.

IndusInd Bank

Sumant Kathpalia has been reappointed as the bank’s managing director & CEO for a further period of two years.

Ujjivan Small Finance Bank

The board approved an interim dividend of 50% or Rs 5 per equity share with face value of Rs 10. The record date for the aforesaid interim dividend shall be 20 March.

Godrej Properties

Godrej Properties entered into a sale deed to acquire land of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development.

Dilip Buildcon

The firm completed the four-laning project of the Sangli-Solapur section of NH-166, receiving a letter of completion from the relevant authorities. The project is estimated to have cost Rs 1102.40 crore.

HCL Infosystems

The company’s board invoked the doctrine of frustration regarding their share purchase agreement with Novezo. The two firms entered into a share purchase agreement on 10 February, 2021 for the sale of HCL Infotech, a wholly owned subsidiary, to Novezo.

Zydus Life

Zydus received the final approval from the USFDA for Olanzapine Orally Disintegrating Tablets USP, 5 mg, 10 mg, 15 mg, and 20 mg. This medication is used to treat certain mental/mood conditions (such as schizophrenia and bipolar disorder).

Godrej Industries

The company approved the issuance of up to one lakh rated, listed, unsecured, redeemable, Non-Convertible Debentures (NCDs) having with the face value of Rs 1,00,000 each, aggregating up to Rs 1,000 crore on private placement basis.

JSW Steel

JSW Steel Coated Products, a subsidiary, entered into a shareholders agreement and a share subscription agreement with Ayena Innovation to acquire 31% equity.