Central Bank of India out of PCA framework

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Equity markets snapped two day winning streak as market participants looked ahead to US Fed policy meeting outcome on interest rates later tonight. Also there have been reports of Russian forces mobilizing in Ukraine. Any military escalation will have significant on the world and domestic economy.

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?Central Bank of India out of PCA framework
Central Bank of India jumped 6 percent as Reserve Bank of India removed the bank from PCA framework after more than 5 years. The bank was put under PCA framework in June 2017 due to high NPA and low return on assets.

?Welspun Corp hit 52 week high defying week market trend
The stock hit 52 week high as the company is on a expansion spree and announced acquisition of Nauyaan Shipyard with an intention to make it a wholly owned subsidiary and a special purpose vehicle for investment in the field of Marin Fabrication.
 
?KEC International rallied as the company received order from Power Grid Corporation
The firm secured orders for building substations in India including 400 kV Digital GIS Substation order from Power Grid Corporation of India Limited and 400 kV GIS Substation order from a reputed industrial developer. The Railways business has secured an order for the construction of bridges and associated works for a new railway line in the conventional segment in India.

News from the IPO world?

• Indian IPOs to regain momentum in 6 months: Bank of America
• Drone maker IdeaForge considers $125 million India IPO
• Snack maker Annapurna Swadisht’s SME IPO subscribed by 190 times

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