Bulls strengthened their control over Dalal Street in the last session, helping the benchmark indices gain 1 percent following an uptrend in Asian peers, though other global peers were under pressure ahead of the outcome of the 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 removed the Central Bank of India from the Prompt Corrective Action (PCA) framework on complying with parameters like net non-performing assets (net NPAs) and capital ratios. Central Bank was placed under PCA in June 2017 due to high net NPAs and negative return on assets.
Mahindra & Mahindra (M&M): The home-grown auto major said it will acquire an additional 17.41 per cent stake in Swaraj Engines from Kirloskar Industries for Rs 296 crore.
Meanwhile in other news, Fiat Chrysler has got a second chance to permanently block the U.S. sales of redesigned Roxor off-road vehicles made by M&M, which is fighting claims that it copied Fiat Chrysler’s Jeep design.
Cipla: The stock of pharma major Cipla was the biggest gainer in the Nifty Pharma and Healthcare indices on Tuesday. The analysts remain bullish on India prospects with some concerns owing to the regulatory headwinds for Goa site. However, growth forecast in US market shall drive gains for the stock.
McLeod Russel: Lenders to McLeod Russel India will meet shortly to discuss a proposal from Carbon Resources to clear outstanding debts of banks and take charge of the company. The contours of the proposal are like this: of an outstanding bank debt of Rs 1,650 crore, the upfront payment being offered is Rs 1,245 crore.
Yes Bank: The private lender’s board approved the sale of stressed loans worth Rs 48,000 crore to JC Flowers Asset Reconstruction after receiving no bids to challenge that made by the private equity company.
Meanwhile, the RBI has approved the appointment of its former deputy governor R Gandhi as non-executive part time chairman of Yes Bank for three years.
SpiceJet: The low-cost airline has sent 80 pilots on leave without pay for three months in its bid to prune costs. SpiceJet has been reporting losses for the past four years and is operating less than 50 per cent flights, following the July 27 DGCA order in the wake of mishaps.
Piramal Enterprises (PEL): The board of directors of the company are scheduled to meet on September 23 to consider a proposal to raise up to Rs 750 crore by way of issue of non-convertible debentures.
Jindal Stainless: The company’s board is scheduled to meet on September 23 to consider a proposal to raise funds by way of issue of debt securities including secure or unsecured non-convertible redeemable debentures.
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