Tata Steel share price jumps 0.58 percent

The Markets Today in a nutshell

• After a gap down opening, domestic benchmark indices declined further and closed with deep losses for the third consecutive session.
• Traders were also cautious ahead of RBI’s policy meet next week. Selling was wide spread. Interest-rate sensitive sectors like banks, autos and realty were under pressure. Defensive plays like pharma, healthcare and FMCG outperformed the benchmarks.

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News you could use

?Tata Steel share price jumps 0.58 percent 
Tata Steel rose 0.58% after the steel major’s board approved the amalgamation of seven of its subsidiaries – Tata Steel Long Products, Tata Metaliks, The Tinplate Company of India, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company into and with their parent company Tata Steel.

?MMFSL slumped 13.09% after the Reserve Bank of India (RBI) action
Reserve Bank of India (RBI) on Thursday barred the NBFC from appointing any agents for recovery or repossession. The RBI action came after MMFSL’s loan recovery agents reportedly mowed down a pregnant borrower during a tractor repossession in Hazaribagh, Jharkhand.

?Cipla rose 0.88 percent on indication of closing of inspection 
The company has received the establishment inspection report (EIR) indicating closure of the inspection. The company had earlier informed about the product specific pre-approval inspection (PAI) by the United States Food and Drug Administration (US FDA) at the Indore plant from 27th June 2022 to 1st July 2022.

?Piramal Enterprises fell 2.28 percent on decision of fund raising 
The company on Friday announced that its board has approved fund raising up to Rs 750 crore via non-convertible debentures on private placement basis.

News from the IPO world?

• Seven IPOs expected to hit the D-street this festive season.
• Collectively IPO worth rupees Rs.10 Crore is expected to be launched by the end of October.
• Electronic Mart India IPO is expected to launch sometime soon.

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