Stocks in News: Watch out for Paytm, Zomato, PNB, JSPL, Metro Brands among others on Wednesday

Indian markets snapped five-day winning streak on Tuesday, as both the benchmark indices – Sensex and Nifty50 – closed 1 per cent lower, dragged by metal and IT stocks. In the broader markets, mid and small cap fell between 1-1.5 per cent and Nifty Bank down nearly 1 per cent. 

The market slipped on the back of weak global cues and rising US bond yields ahead of the US Fed FOMC meeting outcome on Wednesday. Besides, the news of rising covid cases and lockdowns in major Chinese cities has sent negative signals to the market today. 

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Stocks such as Punjab National Bank, JSPL, Metro Brands, Shriram City Union Finance, Godrej Properties, CEAT, Tech Mahindra, Zomato, Paytm, among others likely to be in focus on Wednesday. 

Below are the five themes on which dozens of stocks are likely to show impact on the respective news and corporate actions of the company.    

Corporate Actions 

The boards of respective companies – Rail Vikas Nigam Limited, Alcargo and SAIL – to meet on Wednesday to consider on Dividend. 

Ex-date of Jindal Steel and Power Limited, Metro Brands and Shriram City Union Finance to give interim dividend of Rs 1, Rs 1.5 and Rs 27 per share respectively on Wednesday. 

DRC Systems’ ex-date to split its stock from Rs 10 to Rs 1 per share on Wednesday 

Investors Meeting 

Godrej Properties to attend B&K Securities conference on Wednesday 

Tech Mahindra is scheduled to meet Equirus Institutional on Wednesday 

CEAT to attend Jefferies second mid-cap summit on Wednesday 

Sapphire Foods will also attend the Jefferies conference on Wednesday 

Stocks in News 

Zomato board approves granting a loan of up to $150 m to Blinkit (formerly Grofers). The company said this move is in-line with intent to invest up to $400 million in quick commerce over 2 years. 

Max Healthcare Institute: Ananya Tripathi resigns as Non-Executive, Non-Independent Director. Gaurav Trehan appointed Additional Director (Non-Executive) 

PNB reports a fraud of Rs 2,060 crore in NPA account of IL&FS Tamil Nadu Power Company 

Paytm's parent One 97 Communications said Softbank’s Munish Varma has resigned from the company board 

Indiabulls Housing Finance approves reclassification of founder; Sameer Gehlaut, and firms to become public shareholders.

Global Events

US Fed two-day FMOC meeting to kick start today, analysts expect 25 basis points rate hike.

World Court to rule on Russia-Ukraine war on Wednesday

London Metal Exchange to resume trading Nickel contracts from Wednesday

Economic Indicators

IEA monthly report will be out on Wednesday

US Core Retail Sales and US Crude Oil Inventories – these two reports will also be released on Wednesday