Vodafone Idea, ZEEL, Dhanlaxmi Bank, Bharti Airtel, Infosys, Bank of India stocks in focusAnalysts say that the short term uptrend remains intact and the market is now taking breather before showing further upside. Image: Reuters

BSE Sensex and Nifty 50 were set to open higher on the day of weekly F&O expiry, as indicated by trends on SGX Nifty. Analysts say that the short term uptrend remains intact and the market is now taking a breather before showing further upside. “The overall chart pattern of daily and weekly indicate a possibility of range-bound action in the next 1-2 sessions before showing further upside. The crucial overhead hurdles are placed at 17625 and 17790 levels and immediate support is placed at 17445 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch

Vodafone Idea: Vodafone Idea will soon go for a fundraising exercise and the company’s co-promoters will have the option and opportunity to participate in it, CEO and managing director Ravinder Takkar said on Wednesday. He said that the recent telecom reforms unveiled by the government has addressed all investor concerns and opened the doors for new investments. “The enthusiasm and interest to invest in the sector has increased with the government’s package,” Takkar said.

Zee Entertainment Enterprises: Zee Entertainment Enterprises (ZEEL) on Wednesday said that its board has approved a merger of the company with rival Sony Pictures Networks India (SPNI), a subsidiary of Japan’s Sony Corporation.

Dhanlaxmi Bank: Problems seem to be never ending for Dhanlaxmi Bank, with major shareholders, including NRI Ravi Pillai, engaging in conflict with the board of directors. A shareholder and two others have approached the court against the board’s decision of rejecting their candidature for the office of director, to be placed before members during the annual general meeting scheduled for September 29.

Bharti Airtel: Bharti Airtel’s Rs 21,000 crore rights issue will open on 5 October 2021. The company has fixed 28 September 2021 as the record date for rights entitlement in the issue.

Infosys: Infosys announced a strategic collaboration with Amazon Web Services (AWS) to develop quantum computing capabilities and use cases. Infosys will use Amazon Braket to explore and build multiple use cases in quantum computing as part of Infosys Cobalt cloud offerings.

Bank of India: Bank of India is planning to raise up to Rs 1,800 crore through Basel-III compliant Tier-II non-convertible debentures (NCDs), maturing in 10 years. The NCDs will have a base issue of Rs 1,000 crore, with retain over-subscription option of Rs 800 crore. “Date of the bidding is not fixed yet, but the probable date is September 28 or 29,” an arranger close to the issue said.

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