The Indian market looked set to open positive on Wednesday, maintaining the previous session's recovery, but trading is likely to be cautious ahead of the Reserve Bank of India's monetary policy review later this week.
At 7:25 AM, the SGX Nifty was trading at 10,994 levels as against its low of 10,960, indicating a mildly positive start for the market.
Investor sentiment were weighed down by rising crude oil prices, falling rupee and the ongoing US-China trade skirmish.
Indian financial and debt markets were shut on Tuesday for a public holiday.
Following stocks are likely to move in trades today: Noida Toll Bridge: NCLT suspended current board of directors of IL&FS and inducted 6 new members on the board. Infrastructure Leasing & Financial Services (IL&FS) is the promoter and majority shareholder of IL&FS Transportation Networks Ltd (ITNL) and ITNL is the promoter of Noida Toll Bridge Company. Mphasis: Approved Rs 1,350/share as the price for buyback of equity shares by the company. The redemption date is October 25 and the current market price is Rs 1,160/share. Eicher Motors: Royal Enfield’s manufacturing facility at Oragadam has been operational since Saturday, September 29, 2018 after strike started on September 24. Also, Royal Enfield sales up 2 percent at 71,662 units vs 70,431 units on a YoY basis. Dr Reddy's Labs: Announces sale of Cloderm Cream, 0.1 percent franchise to EPI Health llc. Symphony: Elevation of Mr Vijay Joshi from COO to CEO India. IRB Infra: CRISIL has initiated rating of the bank loan facilities of the company. It has assigned 'CRISIL A+/Positive' to Long term facilities and 'CRISIL A1' to Short term facilities of the company. HCL Technologies: The IT firm completed acquisition of Hönigsberg & Düvel Datentechnik GmbH (“H&D”) on October 2. Glenmark Pharmaceuticals: The company has completed the formalities for the transaction with True North for Orthopaedic and Pain Management Business . Tata Steel: The iron and steel company has scheduled investor meet on October 3 with PL, October 8 with JP Morgan and Nomura financial, October 9 with the Capital group. Coal India: Provisional production of April-September 2018 at 256.47 million tonne versus 231.88 million tonne YoY (up 10.6 percent) and Offtake at 290.81 million tonne versus 269 million tonne YoY (up 8.1 percent). Infosys: Company entered into a three-year collaboration with Cornell University to reshape the workforce driving digital transformation by advancing employee education and research. Future Enterprises: Company has executed shareholders agreement and share subscription agreement, to acquire majority stake in Livquik Technology (India) Private Limited. Livquik will become subsidiary of the company. Hotel Leela: The company has defaulted in payment of principal redemption amount of Rs 22.50 crore which was due on September 30, 2018. The total interest outstanding as on date is Rs 13.8 crore and principal redemption amount outstanding as on date is Rs 67 crore.
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