Top Stocks to Buy and Watch Today

Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Inflation shifts investor attention away from China slowdown, says economist

A generational surge in inflation in advanced economies is stealing the attention of investors from a generational slowdown in China that is arguable of much greater importance for the long-term global outlook, according to the Group Chief Economist at Capital Economics.

"We recently lowered our forecast for this year's officially reported GDP growth rate to 3 percent from 4 percent – the government's 5.5 percent target set in March has been quietly abandoned – but in reality don't expect the Chinese economy to grow at all," Neil Shearing said in a note.

"The conventional response in Beijing to such weakness would be to loosen policy. But the past week has again revealed the constraints under which policymakers in China are operating."

China's zero-Covid policy has hurt growth in recent months even as a slowing global economy weighs on demand for its exports. Central banks across the world are also tightening monetary policy at a sharp pace to curb red-hot inflation, further exacerbating growth woes.

Financial markets have whipsawed. The S&P 500 sank to the lowest since December 2020 overnight and the US Treasury yields continued to rise, with the 10-year rate climbing to the highest since April 2010.

After a decade-long run of giddying expansion, mounting evidence of bad economic news from China reflects a structural slowdown that's now in full train. Investors can be forgiven for having more immediate concerns on their mind, but they should be paying attention."

Amid a surge in the dollar, the People's Bank of China is trying to prevent the renminbi from going much beyond the seven-to-a-dollar level. The Chinese central bank on Monday hiked the reserve ratio for currency forwards, a move aimed at deterring speculation against the renminbi.

While there is nothing sacrosanct about the seven-to-a-dollar level, it is the line in the sand that policymakers appear to have drawn amid concerns that an overt weakening of the currency could encourage capital outflows, which would, in turn, destabilize the domestic financial system, Capital Economics said.

Stocks to Watch Today | Coal India, Harsha Engineers, RailTel Corp, and others in news today

 Coal India: The coal ministry said the company would sign a Memorandum of Understanding with three major PSUs for coal to chemical products. It will set up four surface coal gasification projects, and aims for 100 MT coal gasification by 2030, says the ministry, reports CNBC-TV18.
State Bank of India: The bank has raised Rs 4,000 crore through non-convertible debentures on private placement basis.
Harsha Engineers International: The company will make its debut on the bourses today. The offer price has been fixed at Rs 330 per share.
PI Industries: Promoter Mayank Singhal has offloaded 0.6% stake or 10 lakh shares in the company via open market transactions. These shares were sold at an average price of Rs 3,150 per share.
Britannia Industries: The board of directors has elevated Varun Berry to Executive Vice-Chairman and Managing Director of the company, and appointed Rajneet Kohli as Executive Director and Chief Executive Officer, with immediate effect. Rajneet Kohli will report to Varun Berry.
Unichem Laboratories: Unichem Labs liquidates 19.97% stake in Optimus Drugs for Rs 271 crore. The company has completed its sale of 19.97% equity shares in Optimus Drugs to Sekhmet Pharmaventures. Accordingly, it has received payment towards completion of sale of first tranche.
RailTel Corporation of India: The Government of India has appointed Sanjai Kumar as Chairman and Managing Director of the company, with effect from September 23.

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Sterlite Tech stock under pressure after CFO tenders resignation

Shares of Sterlite Tech were under pressure in early deals on September 26 after the company said its chief financial officer has resigned.

"This is to inform that Mr. Mihir Modi, Chief Financial Officer and Key Managerial Personnel of the Company has tendered his resignation and will be relieved from his duties with effect from close of business hours of Friday, October 14, 2022," said the company in a regulatory filing.

At 10:00am, the stock was trading 5.39 percent lower at Rs 163.30 apiece on the BSE, while the benchmark Sensex was down 805.31 points or 1.39 percent at 57,293.61.

The company said Modi will be pursuing opportunities outside the company.

“The Board has taken note of his resignation and expressed its appreciation for his contributions during his tenure. The Company is in the process of appointing a new Chief Financial Officer and the same will be intimated to the exchanges in due course,” said the firm

Sterlite Tech shares have performed poorly so far this year. The stock is down 42 percent this year. The management exit will further put pressure on the shares of the company.

Sterlite Tech is engaged in providing data network solutions. It designs and deploys high-capacity converged fibre and wireless networks.

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