The bulls tightened their grip on Dalal Street in the latest session, helping the benchmarks gain 1% on a bullish trend in Asian peers, although other global peers were under pressure ahead of the outcome. Federal Reserve meeting. The BSE Sensex jumped 578 points to 59,720, while the Nifty50 rose 194 points to 17,816.
Central Bank of India: The Reserve Bank of India on Tuesday withdrew the Central Bank of India from the Rapid Corrective Action Framework (PCA) on compliance with metrics such as Net Non-Performing Assets (Net NPAs) and capital ratios. The Central Bank was placed under PCA in June 2017 due to high net NPAs and negative asset returns.
Mahindra & Mahindra (M&M): The local auto major has said it will acquire an additional 17.41% stake in Swaraj Engines from Kirloskar Industries for Rs 296 crore.
Meanwhile, in other news, Fiat Chrysler is getting a second chance to permanently block US sales of redesigned Roxor off-road vehicles made by M&M, which is fighting claims it copied Fiat Chrysler’s Jeep design.
Cipla: Pharmaceutical company Cipla was the biggest gainer on the Nifty Pharma and Healthcare indices on Tuesday. Analysts remain bullish on India’s outlook with some concerns due to regulatory headwinds for the Goa site. However, expectations for growth in the US market will lead to gains for the stock.
McLeod Russel: Lenders to McLeod Russel India will meet shortly to discuss a proposal by Carbon Resources to write off outstanding bank debt and take over the company. The outlines of the proposal are as follows: on an unpaid bank debt of Rs 1,650 crore, the initial payment offered is Rs 1,245 crore.
Yes Bank: The private lender’s board has approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no offers to challenge the one made by the private equity firm .
Meanwhile, the RBI has approved the appointment of its former deputy governor R Gandhi as part-time non-executive chairman of Yes Bank for three years.
SpiceJet: The low-cost airline has sent 80 pilots on unpaid leave for three months as part of its bid to cut costs. SpiceJet has reported losses over the past four years and is operating less than 50% of flights, following the July 27 DGCA order following incidents.
Piramal Enterprises (PEL): The company’s board is due to meet on September 23 to consider a proposal to raise up to Rs 750 crore through the issuance of non-convertible debentures.
Jindal Stainless: The company’s board of directors is due to meet Sept. 23 to consider a proposal to raise funds through the issuance of debt securities, including non-convertible, secured or unsecured callable debentures.
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