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The domestic markets remained under pressure due to rising US bond yields and a stronger greenback, said Vinod Nair, Head of Research at Geojit Financial Services. Concerns reigned over upcoming Fed policy, interest rate trajectory and rising oil prices, Nair added.
On the stock-specific front, Zydus Lifesciences, Cochin Shipyard, LT Foods, Force Motors, Harsha Engineers International, Olectra Greentech, Patanjali Foods, Power Finance Corporation, SJVN, Poly Medicure and Swan Energy and some others will be in focus on Thursday.
Shares of Zydus Lifesciences settled 2.95 per cent lower at Rs 624.50 on Wednesday. The company, in a post market hours exchange filing, said, it has received final approval from the USFDA for Clindamycin Phosphate Gel USP, 1% (USRLD: Cleocin T Gel, 1%). "Clindamycin Phosphate Gel USP, 1% is used to treat acne. It helps to decrease the number of acne lesions. Clindamycin is an antibiotic which works by stopping the growth of bacteria. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad," it stated.
State-owned Cochin Shipyard will be trading ex-dividend on September 21. The defence stock on Wednesday settled 2.21% lower at Rs 1,065.70. Cochin Shipyard has declared a final dividend of Rs 3 for the financial year 2022-23 (FY23).
LT Foods Ltd will be trading ex-dividend on September 21. The stock, with a market capitalisation (m-cap) of Rs 5,729.67 crore, has declared a final dividend of 50 paise for the financial year 2022-23 (FY23)
Shares of Force Motors will also turn ex-dividend on September 21. The company announced a dividend of Rs 10 per equity share. Bourses BSE and NSE have put the securities of Force Motors under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Shares of Harsha Engineers International will be trading ex-dividend on September 21. The company has announced a final dividend of Re 1 per equity share.
Shares of Olectra Greentech and Patanjali Foods will turn ex-dividend on September 21. Olectra and Patanjali have announced a final dividend of 40 paise and Rs 6, respectively, per equity share.
Power producer SJVN will turn ex-dividend September 21. In addition, the government has announced that it will sell up to 4.9% stake in power producer SJVN via Offer For Sale (OFS) at a floor price of Rs 69 per share. Other stocks such as Poly Medicure, Swan Energy, Power Mech Projects, Rithwik Facility Management Services, Accel, Carysil, Earthstahl & Alloys and HLE Glascoat will also be trading ex-dividend today.
Shares of Power Finance Corporation will turn ex-bonus on September 21. The company has announced a bonus share issue in a 1:4 ratio.
"Nifty concluded below the crucial 20,000 mark after a span of one and a half weeks, indicating a discernible presence of selling pressure. It is imperative to closely monitor the downside levels, particularly the 19,800 mark, as a breach could potentially trigger a substantial selling spree," said Ameya Ranadive CMT CFTe, Equity Research Analyst at Choice Broking.
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