Top stocks to watch— State Bank of India, GMM Pfaudler, HSIL, Route Mobile, Muthoot Finance, Manappuram Finance, CAMS, Chemcon and others

Amid the weak cues from the global market, the sell-off in the Indian stock market is likely to continue. Meanwhile, at 7:49 am the SGX Nifty was trading 0.68% higher.

US stocks fell for the third consecutive session on Monday in a row amid the fear of the second lockdown in Europe and the rising uncertainty on negotiations with the next round of fiscal stimulus in the US. The Dow Jones Industrial Average tanked 509.72 points, and the S&P 500 lost 1.16% towards the end of trading

Asian markets also opened on a weak note. Hong Kong’s Hang Seng Index was trading 185 points lower, and the Shanghai Composite Index was down nearly 1% at 8:05 am.

These are the stocks to watch out for during the trading session on September 22:

State Bank of India

The country’s largest lender State Bank of India on Monday said it had raised ₹7,000 crores by issuing Basel III compliant bonds.

“The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020, accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable...debt instruments in the nature of debentures aggregating to ₹7,000 crore, to bond subscribers,” SBI said in a regulatory filing to stock exchanges.

The shares of SBI ended 4% lower yesterday.

HSIL Limited

The board of directors of HSIL in a meeting held yesterday approved the proposal for buyback of fully paid-up equity shares of the face value of ₹2 each from the open market, amounting to ₹70 crore.

The shares of HSIL Limited ended 1% lower yesterday.

Bombay Burmah Trading

The Wadia group-owned, Bombay Burmah Trading told investors that its board would meet on September 24, to consider the proposal of raising up to ₹75 crore via non-convertible debentures. The company in a stock exchange filing said it aims to use that money for a private placement basis.

The shares of Bombay Burmah Trading ended 2% lower yesterday.

GMM Pfaudler

GMM Pfaudler said the company's promoter would sell 25.71 lakh shares via offer for sale at a floor price set at ₹3,500 per share on September 22 and 23.

The shares of GMM Pfaudler ended 3% lower yesterday.

Muthoot Finance, Manappuram Finance, IIFL Finance

Fitch Ratings took rating action on the long-term issuer default ratings of four non-bank financial companies.

For Manappuram Finance rating has been affirmed at ‘BB-’ and ‘Rating Watch Negative’ (RWN) has been removed. Whereas Muthoot Finance’s rating has also been affirmed at ‘BB’, but RWN has been removed.

The shares of Muthoot Finance, Manappuram Finance and IIFL Finance ended 6%, 4% and 5% lower yesterday, respectively.

Route Mobile

The recently debuted Route Mobile received a stellar response from investors. The company dominated the bulk deals on Monday. Goldman Sachs acquired 24.09 lakh shares at the debut for ₹705.95 per share, and Kuwait Investment Authority acquired 5.79 lakh shares at ₹697.25 per share.

The shares of Route Mobile ended 8% lower yesterday.

IPO watch: CAMS, Angel Broking and Chemcon Speciality Chemicals

CAMS and Chemcon Speciality Chemicals were subscribed 0.82 times and 5.20 times respectively yesterday. Today is the day two for CAMS and Chemcon investors to invest in the IPO. Angel Broking IPO will open today for subscription and will remain open until September 24.

SEE ALSO: INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria

Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't