Stocks to watch: Zomato, PNB, IDBI Bank, Ruchi Soya, Reliance Power on 22 March 2022

BSE Sensex and Nifty 50 were eyeing a tepid start on Tuesday, as suggested by trends on SGX Nifty in early trade

BSE Sensex and Nifty 50 were eyeing a tepid start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 13.5 points or 0.08 per cent up at 17,165 on Singaporean Exchange. The ongoing Russia Ukraine crisis and fluctuation in crude oil prices amid supply constrain is expected to keep investors on edge. In the previous session, the Sensex settled 571.44 points lower at 57,292.49 points, and the broader Nifty declined 169.45 points to end the day at 17,117.60. Analysts say After witnessing a sharp recovery of around 10%, there is some fatigue visible in Indian markets with profit booking emerging at higher levels. “For the near term, 17,000 may act as a strong support. While traders need to remain cautious of sharp volatility, Investors can gradually add quality blue chip companies in their portfolios,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

Stocks to watch

Ruchi Soya Industries: Diversified consumer company Ruchi Soya Industries will launch its follow-on public offering (FPO) on March 24 to raise Rs 4,300 crore and the offer will close on March 28. The price band of the issue is set between Rs 615 and Rs 650. It also includes a reservation of up to 10,000 equity shares for eligible employees.

Reliance Power: Piramal Capital and Housing Finance (PCHFL) has initiated bankruptcy proceedings against Anil Ambani-controlled Reliance Power and its subsidiary Reliance Natural Resources (RNRL), following a default of Rs 526-crore loan.

IDBI Bank: The Centre is holding roadshows to gauge investor interest for strategic disinvestment of IDBI Bank before inviting expression of interest (EoI) from potential bidders, minister of state for finance Bhagwat Karad said on Monday.

Zomato: Zomato will deliver food to its customers in record 10 minutes. In a blog post Zomato CEO Deepinder Goyal said, “innovating and leading from the front is the only way to survive (and therefore thrive) in the tech industry. And here we are… with our 10-minute food delivery offering – Zomato Instant.”

Punjab National Bank: PNB will convene a board meeting later this month to decide on its capital raising plan through debt for the next fiscal year.

Equitas Small Finance Bank: The boards of Equitas Holdings and its subsidiary Equitas Small Finance Bank (ESFBL) have approved their merger plan, according to regulatory filings. As per the scheme of amalgamation, each of the equity shareholders of the Equitas Holdings will be allotted 231 equity shares for every 100 shares of the transferee company (Equitas SFB).

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