Price Action: HDFC Bank up 3% as board submits two CEO candidates to RBI; Solar Industries sheds 8%

Reports coming in for today mention that Stock-specific action remained in focus on Dalal Street on September 15, with market participants reacting to corporate developments and research firms view.

HDFC Bank stock price further noted nearly 3% after firm board members have approved the appointment of the Managing Director & Chief Executive Officer of HDFC Bank by submitting the names of two candidates in order of preference, along with the remuneration proposed to be paid to them, for a period of three years, subject to approval from the RBI. The Board additionally approved the re-appointment of V Srinivasa Rangan and Jimmy Tata as Whole-time Directors (designated as Executive Directors) of the Bank for a period of three years. Further, the Board has approved the creation of one additional position of Whole-time Director, thereby increasing the resilience of Whole-time Directors to four, in addition to the Managing Director & Chief Executive Officer.

Solar Industries stock price shed 8% after its subsidiary, Solar SA Investments Proprietary, has signed definitive agreements with Omnia Holdings, an international diversified group providing innovative products, solutions and specialised services to the mining and agriculture sectors, for the acquisition of all outstanding shares of Omnia for US$1.355 billion (Rs 12,951 crore).

KEC International stock price rose marginally has secured new orders worth Rs 1,303 crore for transmission & distribution projects across India, the Middle East and the Americas. With these orders, its year-to-date order intake has risen to over Rs 7,600 crore.

On the sectoral front, the IT index advanced 4% and the FMCG index rose 0.8%. On the other hand, the realty index declined 1%, while pharma, media, metal and PSU Bank indices declined 0.5% each.

The broader market remained under pressure, with the Nifty Midcap 100 index shedding 0.5%, while the Nifty Smallcap 100 index declined 1%.

Market breadth on the BSE remained negative, with 1412 shares advancing, 2180 declining and 204 unchanged.