Stocks in focus on September 22, 2020

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BSE

Here are Stocks in focus on September 22, 2020.

New Delhi: Markets ended deep in the red led by losses in Index heavyweights amid a massive global selloff.

The BSE index tanked 811.68 points or 2.09 percent lower at 38,034.14. The NSE Nifty tumbled 254.40 points or 2.21 percent to finish at 11,250.55.

Here are Stocks in focus on September 22, 2020.

Route Mobile 

Route Mobile Ltd on Monday made a stellar stock market debut on Monday as they jumped 86 per cent at close of trade against its issue price of Rs 350. Route Mobile’s initial public offer was subscribed more than 74 times, mirroring huge investor appetite for the issue. The company joined the likes of Happiest Minds Technologies Ltd whose shares also jumped over 123 per cent in its debut trade on Thursday against its issue price of Rs 166 per share. Price range for Route Mobile’s Rs 600-crore offer was placed at Rs 345-350 per share.

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IOC

Indian Oil Corp, the country”s largest oil firm, expects petrol and diesel demand to return to pre-pandemic levels faster than previously anticipated but it is reviewing refinery expansion plans in view of permanent demand destruction in some sectors, a top company official said on Monday.

NBFCs

Fitch Ratings on Monday took rating action on the long-term issuer default ratings of four non-bank financial companies, including Shriram Transport Finance (STFC) and Muthoot Finance (MFL) amid the coronavirus pandemic challenges. The agency also took rating action on IIFL Finance and Manappuram Finance (MFIN). The ratings of these entities continue to reflect the considerable economic and financial challenges arising from the pandemic.

HSIL: The Board of Directors of HSIL has approved the proposal for buyback of fully paid-up equity shares worth Rs 70 crore from open market through Stock Exchanges.

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