Tech Mahindra surges 6.83% on appointment of former president of Infosys
Written by - Fisdom Research
March 13, 2023 4 minutes
Daily Snippets Date: 13th March 2023
Nifty 50 Movement: Indices closed below 17,450 mark
Mixed global cues and continuous FII selling dented investors sentiment.
All sectoral indices ended the day in the red with the fear gauge index or India VIX zooming over 21 percent.
Over the weekend, U.S. regulators announced plans to backstop both depositors and financial institutions associated with California-based Silicon Valley Bank (SVB). The US regulators on Sunday (12 March) night cleared a plan for the Silicon Valley Bank to protect depositors and assured that no losses would be borne by the taxpayers.
European markets tumbled while most Asian stocks ended higher on Monday as investors reacted to plans by the Bank of England and the US Federal Reserve to backstop both depositors and financial institutions associated with SVB.
SVB last week was shuttered by regulators, after customers withdrew a staggering $42 billion of deposits by the end of Thursday.
All of the depositors of Signature Bank and Silicon Valley Bank will be made whole, and no losses will be borne by the taxpayer, the U.S. Treasury Department and other bank regulators said in a joint statement.
US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected.
Stocks in Spotlight:
👉Foreign brokerages were left puzzled following Sumant Kathpalia’s reappointment as IndusInd Bank managing director and chief executive officer for two more years instead of three. The bank’s board had in September 2022 approved the re-appointment of Kathpalia with effect from March 24, 2023 up to March 23, 2026. After six months, the RBI’s nod has come for only two years, contrary to Street expectations. Following this, JPMorgan downgraded the stock to a "neutral" rating and cut its target. As per Jefferies, the lower extension may mean a slight pullback on growth and a deferred re-rating. It has trimmed the loan growth estimate by 100 basis points for FY24-25.
👉Tech Mahindra announced that Mohit Joshi, the former president of Infosys, as its managing director (MD) and chief executive officer (CEO) designate for a period of five years, effective from 20 December 2023. Mohit Joshi will take over as MD & CEO when CP Gurnani retires on 19 December 2023. However, he will join Tech Mahindra well before that date to allow for sufficient transition time, said the company.
👉HAL announced winning a Rs 667 crore order from the defence ministry. In the past few weeks, order inflow has been decent. Earlier this month, the Union Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from HAL for Rs 6,828.36 crore. In February, the company signed a contract with the Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopter
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