The benchmark indices had rallied for a second straight session on Tuesday led by gains in index majors HDFC twins, Bharti Airtel and Infosys as global shares advanced ahead of peace talks between Ukraine and Russia. The S&P BSE Sensex jumped 350.16 points (0.61 per cent) to settle at 57,943.65 while the broader Nifty 50 gained 103.30 points (0.60 per cent) to settle at 17,325.30. Here are the key stocks to watch on Wednesday, March 30, 2022:
On Tuesday, India Ratings and Research (Ind-Ra) said it has upgraded mining giant Vedanta Limited’s long-term issuer rating to ‘AA’ with a stable outlook. AA-rated instruments are considered to have a high degree of safety regarding timely servicing of financial obligations.
In a statement, the ratings agency said it has “upgraded Vedanta Limited’s (VDL) long-term issuer rating to ‘IND AA’ from ‘IND AA-‘ and the outlook is stable”.
Tuesday, the stock had ended at Rs 410.60, down 0.68 per cent on the BSE.
Future Enterprises (FEL) on Tuesday said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month.
The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing.
It had ended 6.66 per cent lower at Rs 5.61 on the BSE on Tuesday.
On Tuesday, Diageo-controlled United Spirits announced that it has extended the deadline to complete the “strategic review” of its select popular liquor brands till May 31, 2022. The company had earlier set the deadline of March 31, 2022, to complete the review process.
“The strategic review of selected popular brands initiated by the company on February 23, 2021, to consider all options to deliver sustainable long-term profitable growth is ongoing. The review is expected to be completed by May 31, 2022,” it said in an exchange filing.
The stock had ended 1.44 per cent lower at Rs 859.60 on the BSE.
Tata Consumer Products and Tata Coffee
Tata Consumer Products (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee with itself as part of a reorganisation plan. While the plantation business of Tata Coffee (TCL) will be demerged into TCPL’s wholly-owned arm TCPL Beverages & Foods (TBFL), the remaining business of TCL, consisting of its extraction and branded coffee business, will be merged with TCPL, the company informed in an exchange filing.
ICICI Bank will acquire 10 lakh equity shares in Open Network for Digital Commerce (ONDC) for Rs 10 crore. After the acquisition of shares, the private sector lender will hold a 5.97 per cent stake in ONDC.
The bank has on March 28, 2022, accepted the offer to acquire 10,00,000 equity shares of Open Network for Digital Commerce, the bank informed in an exchange filing.
Shares of ICICI Bank had ended 0.70 per cent higher at Rs 715.25 apiece on Tuesday on the BSE.