Indian benchmark equity indices fell for the second consecutive week ended September 23 on weak global sentiments after the US Federal Reserve hiked interest rates by 75 basis points. Steadily rising dollar, rupee hitting fresh low, FIIs selling, interest rate hiked by Bank of England and rise in the US 10-year bond yield were among the other factors weighing on sentiment. In the week gone by, BSE Sensex slipped 741.87 points or 1.26 percent to close at 58,098.92 while the Nifty50 fell 203.55 points or 1.16 percent to end at 17,327.30.
M&M Financial Services | CMP: Rs 194.40 | The stock price fell over 14 percent after The Reserve Bank of India (RBI) on September 22 said M&M Financial Services cannot undertake loan recovery or repossession activity through outsourcing arrangements until further orders. However, the non-banking finance company may continue to carry out recovery or repossession activities through its own employees, said the central bank in a statement. This action is based on certain material supervisory concerns observed in M&M Financial with regard to the management of its outsourcing activities, the regulator added.
Fortis Healthcare | CMP: Rs 262.25 | The scrip was down over 11 percent after the Supreme Court on September 22 continued with the stay on Malaysia’s IHH’s open offer for Fortis Healthcare as it directed the Delhi High Court to consider the issue. The Supreme Court has directed the high court which is considering execution proceedings of the Fortis-IHH deal to consider the issues involved in the case. The court has asked for the executing court to consider the appointment of forensic auditors to examine the transactions involved in the deal. Malaysian major IHH Healthcare acquired a 31 percent stake in Fortis Healthcare in 2018 for $1.1 billion through a bidding process. The acquisition triggered a mandatory open offer for IHH to acquire another 26 percent stake in Fortis.
