Stocks to Watch: Bank of Baroda, TCS, MCX, Union Bank of India, Cipla
Bank of Baroda: The Reserve Bank of India (RBI) on Tuesday asked the Bank of Baroda (BoB) to immediately suspend further onboarding of customers onto their mobile app ‘bob World’. This ban comes after RBI found material supervisory concerns while onboarding customers onto the app. Any further onboarding of customers of the bank on the app will be subject to rectification of deficiencies observed and strengthening of the related processes, said an RBI release.
TCS: Tata Consultancy Services (TCS), the largest software service exporter in India, will report its earnings for the quarter ended September 2023 on Wednesday, October 11. Moreover, the TCS board will also consider a proposal for share buyback in its meeting on October 11. This will be its fifth share buyback in six years.
The Q2FY24 results for the overall IT sector are expected to be muted, in continuation with the previous quarter, analysts said. MCX: Multi Commodity Exchange of India (MCX) is all set to go live with its new commodity derivates platform on October 16. The announcement came two days after MCX received approval from capital markets regulator SEBI.
The exchange has also planned to conduct mock trading on October 15 in order to allow members to participate, and validate setup and connection for which separate circular would be issued, said MCX in a statement on Tuesday. Union Bank of India: Union Bank of India has promoted Sudarshana Bhat to the position of Chief General Manager, effective from October 10. Sudarshana Bhat previously held the role of General Manager within the bank.
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