Indian equity markets are likely to open in the red as trends in the SGX Nifty indicated at a negative opening for benchmark indices in India with a loss of 85 points. In the previous session, the BSE Sensex fell 652 points to 59,646, while the NSE Nifty 50 slipped 198 points to 17,758 and formed a bearish Engulfing pattern on the daily charts. “17,300-17,600 zone would provide a cushion in Nifty next week while a rebound towards the 17,850-18,100 zone may attract profit booking. It’s prudent to focus more on risk management as correction in the index usually derails the momentum even in the top-performing sectors,” 

Stocks in focus on 22 August, Monday

Paytm: Shareholders of One97 Communications, the parent company of Paytm, have voted to reappoint Vijay Shekhar Sharma as the managing director of the company. Of the total votes polled, 99.67% were in favour of the resolution to reappoint Sharma. Institutional investors also supported the resolution with 94.69% of their votes cast. Three proxy advisory firms — Stakeholders Empowerment Services (SES), Institutional Investor Advisory Services India (IiAS) and InGovern Research Services – had asked shareholders to vote against the reappointment. Shareholders have also approved Sharma’s remuneration with 94.48% of the votes in favour of the resolution.

Reliance: The Supreme Court dismissed a PIL challenging the permission granted to a zoo being built by Reliance Industries in Gujarat’s Jamnagar saying there was no logic or basis in the petition. A bench of justices Dinesh Maheshwari and Krishna Murari junked the plea filed by an advocate seeking to ban acquisition of animals by Greens Zoological Rescue and Rehabilitation Centre. The top court said there is hardly any scope to dispute that the Greens Zoological Rescue and Rehabilitation Centre is a recognised zoo as well as a rescue centre.

AstraZeneca Pharma India: The pharma major has received import and market permission in Form CT-20, the subsequent new drug approval, from the Drugs Controller General of India (DGCI) for Olaparib film-coated tablets. With this approval, Olaparib film-coated tablets of 100mg and 150mg can be indicated as a monotherapy for the adjuvant treatment of adult patients with BRCA-mutated HER2- negative high risk early breast cancer who have previously been treated with neoadjuvant or adjuvant chemotherapy.

IIFL Finance: Morgan Stanley Asia Singapore Pte acquired 35 lakh equity shares in the company via open market transactions, at an average price of Rs 334.95 per share. However, CDC Group Plc sold 1.35 crore equity shares in the company at an average price of Rs 335.64 per share.

TCS: Tata Consultancy Services (TCS) has reportedly delayed variable compensation payout or performance bonus by a month for some employees for the June quarter (Q1 FY23). The company has delayed the performance bonus for C3A, C3B, C4, and equivalent grades by almost a month. Employees who fall into these grades are assistant consultants, associate consultants, and consultants. The due amount, which was supposed to be paid in July, is now likely to be paid by August end.

JSW Steel: SW Steel announced that the Competition Commission of India has vide its letter dated 18 August 2022 approved the proposed Composite Scheme of Arrangement amongst the JSW Steel (“Transferee Company”), Creixent Special Steels (“Transferor Company 1”) and JSW Ispat Special Products (Transferor Company 2) and their respective shareholders and creditors (“Scheme”).