As a result of the crisis that was caused by Silicon Valley banks, it is quite possible that domestic markets will continue their losing streak for a third straight day.
Yesterday evening, the futures market for U.S. stocks went up because the government was trying to protect all Silicon Valley Bank depositors after people took out more than $42 billion from the bank.Futures contracts for the Dow Jones, the NASDAQ, and the S&P 500 all saw losses of up to one percent.
The Nikkei 225, the S&P 200, the Kospi, the Kosdaq, and the Topix all dropped by up to one percent this morning, dragging the rest of the Asia-Pacific market indexes down with them.
In the meanwhile, here are a few equities that are expected to see some movement in Monday’s trading session:
Sona BLW: On Monday, March 13, the American private equity company Blackstone is poised to sell all of its shares in the car component manufacturer in a block sale. There have been rumours indicating that the floor price has been established at Rs 400 for each share.
Mahindra & Mahindra: According to sources, the auto giant is expected to sell 4.6 percent of its ownership in automotive component supplier Mahindra CIE Automotive via a block offer at a minimum price of Rs 355 per share.
Abhyuday Jindal, the managing director of Jindal Stainless, said that the 300 MW hybrid project being developed with ReNew is expected to start up within the next 18 months.In the meanwhile, the managing director of the firm said that the hydrogen project is scheduled to begin in July of this year.
Bank of Baroda, a financial institution serving the public sector, has announced its intention to sell 49% of its ownership in its credit card business, BoB Financial Solutions. The financial institution is targeting a timeframe of twelve months to bring on a partner with competence in technology, distribution, and sourcing.
Vedanta Resources: The corporate family rating (CFR) of the company was lowered from “B3” to “Caa1” by the global rating agency Moody’s because the risk of refinancing for the holding company had gone up.The prognosis is still pessimistic in general since the company’s attempts to refinance its debt and its continued dependence on dividend revenues are continuing to reduce the amount of liquid assets held by its operational companies.
DLF: The management of DLF said that the real estate company is in the advanced stages of finishing its second commercial project in Chennai, which is called DLF Downtown and has an investment cost of Rs 3,200 crore. In addition, DLF was considering developing a residential project on a six-acre plot of land in the Guindy neighborhood of Madras, which would be located close to the Madras Race Course.
Ashok Leyland, a company that makes heavy commercial vehicles, recently said that it would start a new production line at its Hosur factory.This line will be used to build engines and will be entirely staffed by female personnel. The purpose of the bill is to further the cause of women’s empowerment and encourage more women to pursue careers in the manufacturing sector.
Tech Mahindra: Mohit Joshi has been appointed to the roles of MD and CEO designate at Tech Mahindra, an IT services provider that made the announcement. On December 19, 2023, when CP Gurnani retires, he will succeed CP Gurnani as commander in chief. Joshi has more than twenty years of experience working in the business technology software and consulting areas. He is a veteran of Infosys.
The state-owned Bank of Maharashtra has reduced the interest rate on house loans from the previous 8.6 percent to 8.4 percent, making the pricing more competitive. In addition to that, it has lowered the interest rates that it charges for MSME loans, which now begin at 8.4 percent.
Godrej Properties: The business has recently purchased a property tract in Bengaluru that is almost 28 acres in size in order to create a mixed-use project that will include both residential buildings and a retail center. The construction site may be found close to Whitefield and the Outer Ring Road.
Zydus Lifesciences: The US Food and Drug Administration (USFDA) has given the well-known drug company Zydus Lifesciences permission to make and sell Olanzapine Orally Disintegrating Tablets USP in strengths of 5 mg, 10 mg, 15 mg, and 20 mg. Both schizophrenia and bipolar illness may be treated with this medication.
