Market Bizzz

The largest private lender HDFC Bank said it has got banking sector regulator RBI’s nod for the merger proposal of its parent HDFC with itself. It is touted as the biggest transaction in India’s corporate history.

Tata Motors hopes to return to the list of dividend-paying companies soon. The flagship of the Tata Group has not paid dividends to its shareholders for the last five years.

According to a report on India’s foreign exchange reserves by Barclays, while last week’s imposition of higher duties on gold imports and export levies on petroleum products are beneficial at the margin, they are unlikely to “materially alter the widening current account deficit”.

The proposal of merger of HDFC with its banking subsidiary HDFC Bank, the biggest transaction in India’s corporate history, has got approval from stock exchanges.

Marshall Machines, Trade-Wings, Aroma Enterprises, Mewat Zinc and Eastern Sugar & Industries are among the companies which will announce their quarterly earnings today. EKI Energy Services will go ex-bonus today in the ratio of 3:1.

Coming off the worst first-half since 1970, US equities now face a triple whammy of sticky inflation, recession risks and the threat to corporate profits from sinking consumer confidence. After just about everyone on Wall Street got their 2022 predictions wrong, investors are now focused on a toxic mix that spells stagflation and more damage to valuations.

“Infosys should be good for at least another Rs 25-30 on the upside over the very near-term. Traders could look at a target of Rs 1,520 approximately and stop loss at Rs 1460. The two other calls which I would probably want to focus on are Federal Bank and Hero MotoCorp.”

“Nifty has been stuck in a broader range for the last 15 trading sessions and has been witnessing increased volatility. We expect the market to remain subdued with downward pressure going forward as global headwinds remain a key overhang,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

In its order, Sebi noted that five entities did not adhere to the provisions of the mutual fund regulations while executing ISTs between open and close-ended schemes of PGIM MF. While executing ISTs, certain low-quality securities were transferred from close-ended schemes to open-ended schemes.