Indian shares are likely to open weak on Friday, tracking sluggish Asian equities after US stocks fell to a three-week low amid the surge in bond yields.
The BSE Sensex and NSE’s Nifty 50 plunged over 2 percent on Thursday following a massive selloff in oil refiners after the government asked the companies to absorb Rs 1 cut on fuel prices.
Investors now switch their focus to the Reserve Bank of India monetary policy decision later in the day. A majority of the economists in CNBC-TV18’s MPC
have asked for a rate hike looking at the sheer plunge in rupee.
Following stocks are likely to see action today:
IL&FS: The Serious Fraud Investigation Office (SFIO) will probe the role of statutory auditors in crisis-hit IL&FS and its subsidiaries amid concerns over financial irregularities, sources privy to the developments told CNBC-TV18. Separately, the board of IL&FS appointed Vineet Nayyar as vice chairman and managing director of the company.
LIC, IDBI Bank: LIC on Thursday came out with an open offer to buy 26 percent stake in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore.
Jet Airways: Beleaguered carrier Jet Airways on Thursday said that it has received around Rs 258 crore from Jet Privilege, its customer loyalty programme, for advance ticket sale.
Maruti Suzuki: RC Bhargava, chairman of the auto company, said he will not step down from his position due to the controversies surrounding the troubled infrastructure company.
ICICI Bank: Chanda Kochhar, ICICI Bank CEO and MD, resigned with immediate effect on Thursday after the board accepted her request to seek an early retirement. Sandeep Bakhshi has been appointed as the new MD and CEO for five years, with effect from October 3.
Oil marketing companies: The government on Thursday reduced excise duty on petrol and diesel by Rs 1.50 per litre and said the oil marketing companies (OMC) will absorb the impact to the tune of Re 1 per litre. Shares of oil marketing companies tanked right before the close as and when the announcement took place.
Lupin: Drug firm Lupin on Thursday said it has launched its generic potassium chloride oral solution used for prevention and treatment of low blood levels of potassium in the US.
Cadila Healthcare: Drug firm Cadila Healthcare on Thursday said its biologics manufacturing facility at Ahmedabad has received Establishment Inspection Report (EIR) from the US health regulator with zero observations.
Unitech: Crisis-hit Unitech has appointed Hemangi Dhir as an additional non-executive independent director of the company.
SpiceJet: Sikkim became the latest addition to the country's aviation map on Thursday as SpiceJet operated the first direct commercial flight to Pakyong airport from Kolkata, the airline said in a statement.
(With inputs from PTI)