Market this week 23-9-2022

MARKET THIS WEEK 23-9-2022

SpiceJet stock plummets more than 3% as the airline places 80 pilots on unpaid leave.

On September 21, a day after SpiceJet requested that 80 of its pilots take a three-month unpaid leave of absence, the company’s shares started 3.5 percent down.

This action will assist rationalise the pilot strength in relation to the aircraft fleet and is in line with SpiceJet’s commitment of not laying off any employees, which the airline stubbornly adhered to even at the height of the Covid outbreak. The stock was one of the top five losses on the BSE Smallcap index at Rs 42 per share on September 21.

The airline’s Boeing and Bombardier fleet includes the pilots who were compelled to take unpaid leave. The business has recently made headlines for all the wrong reasons. Several aeroplane catastrophes this year have shocked both investors and passengers. Included in this are collisions with power lines, violent turbulence, broken weather radar, mechanical issues, and engine fires.

Increase in RateGain Travel Tech following client onboarding

On September 21, RateGain Travel Tech’s stock increased after the business agreed to offer its services to Sonder Holdings, a hotel chain.

According to RateGain, Sonder has joined to the Connectivity Switch Platform and introduced its own unique dedicated chain code, SS. Agents may now quickly and easily look for Sonder availability on travel reservation systems as a result.

In more than 40 locations around the world, including well-known business hubs like New York City, London, Dubai, Paris, Toronto, and Philadelphia, Sonder provides both hotel-style and apartment-style rentals. Partnering with Sonder will give their inventory the greatest exposure to all distribution channels, including the top Global Distribution System (GDS) platforms, at a time when business travellers are looking for new lodging options that break the mould of a traditional hotel and demand for corporate travel is on the rise.

Gains for Natco Pharma following court orders for an insecticide launch

On September 20, when the business acquired Delhi High Court authorisation for the introduction of chlorantraniliprole and related formulations using a non-infringing technique, Natco Pharma’s share price increased by more than three percent intraday.

The Central Insecticide Board & Registration Committee approved Natco Pharma as the first firm in India to manufacture chlorantraniliprole technical at a minimum concentration of 93.000% w/w domestically.

Insecticides with chlorantraniliprole technology are developed and used on a variety of crops to control pests. According to the business, there is currently a market worth more than Rs 2,000 crore in India for products containing chlorantraniliprole. It anticipates launching its items very soon.

MOFSL expects Tata Motors to grow by 17%, and semiconductor shortages will be a major obstacle for JLR.

On September 20 (Tuesday), Tata Motors shares rose more than 4%, reaching an intraday high of Rs 443.20, as Motilal Oswal Financial Services (MOFSL) forecasts a potential gain of 17% from the current high.

The shares of the automaker continues to have a “buy” recommendation from Motilal Oswal, with a target price of Rs 520. The stock was up 1.9 percent to Rs 433.7 at 3:12 p.m. on the BSE. The stock increased today following four straight sessions of declines.

The local brokerage firm predicts a gradual turnaround for Tata Motors as supply-side problems for Jaguar Land Rover (JLR) resolve and commodities headwinds for the India division stabilise. The car giant will benefit from a macroeconomic recovery, company-specific volume, margin drivers, a strong boost in free cash flow, and leverage in both JLR and India operations.

In response to rumours that Carbon Resources will buy a stake, Mcleod Russel rises 60% in 4 days.

On September 21, during the morning session, the price of Mcleod Russel (India) shares reached a 10 percent upper circuit, a day after media reports claimed that Carbon Resources had announced its desire to purchase the indebted company.

The Mcleod Russel lenders have received a non-binding letter of intent from the electrode paste manufacturer in Kolkata to purchase a majority stake in the financially troubled Williamson Magor firm.

On September 16, Carbon Resources purchased a 5.03 percent share in McLeod on the open market. According to sources, the company proposes in the letter to settle Mcleod Russel’s outstanding debt by injecting upfront stock worth Rs 300 crore and a debt of Rs 945 crore. The tea manufacturer is currently over Rs 1,700 crore in debt.

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