Paytm, Reliance Industries, TCS, JSW Steel, AstraZeneca, IIFL Finance stocks in focus on 22 August

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,” said Ajit Mishra, VP – Research, Religare Broking. 

Paytm: Shareholders of One97 Communications, the parent company of Paytm, have voted to reappoint Vijay Shekhar Sharma as the managing director of the company.  

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. 

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. 

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. 

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).  

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”)