Stocks To Watch: ITC, Paytm, PB Fintech, Punjab National Bank, Zomato

Stocks rose in Asia on Wednesday amid lower crude oil prices ahead of the looming U.S. Federal Reserve decision.

Shares advanced in Japan, South Korea and Australia. S&P 500 and Nasdaq 100 contracts fell following a rebound in Wall Street Tuesday. Singapore-traded SGX Nifty, an early barometer of India's benchmark Nifty 50 index, rose 1.71% to 16,937.50 points as of 6:45 am.

Treasuries were little changed ahead of the Fed decision Wednesday. The dollar was steady. Gold inched up while bitcoin slipped to $39,200.

Brent crude fluctuated after dropping below $100 a barrel. Signs that Iran nuclear talks may resume point to the possibility of more supply, while Covid-19 lockdowns in China may curb demand.

Here are the stocks to watch in trade today:

• ITC: The company has acquired 1,040 compulsorily convertible preference shares worth Rs 10 each of Mother Sparsh Baby Care.

• Punjab National Bank: The lender reported a fraud of Rs 2,060.14 crore in IL&FS Tamil Nadu Power Co. at a corporate branch in Delhi. The bank has already made provisions amounting to Rs 824.06 crore.

• Zomato: The food-delivery firm is weighing an all-stock takeover deal for Blinkit, Bloomberg reported. Separately, it has agreed to acquire 16.66% stake in Mukunda Foods. It has also approved a $150-million loan to support its capital requirements.

• One97 Communications: Munish Ravinder Varma, managing partner at SoftBank Vision Fund, has stepped down from the board of Paytm's parent firm.

• PB Fintech: Munish Ravinder Varma has also exited the board of the operator of PolicyBazaar and BankBazaar.

• Future Enterprises: The company has defaulted on interest of Rs 9.91 crore on non-convertible debentures that was due on March 14.

• IL&FS Transportation: The company has entered into share purchase agreement with Axis Trustee Services to sell 100% of its paid-up capital of Sikar Bikaner Highways, a wholly owned subsidiary of the company, for Rs 375 crore.

• Shyam Metalics: The company approved capital expenditure of Rs 990 crore to expand its Sambalpur and Jamuria facilities.

• EKI Energy Services: The company is in advanced discussions with some European oil and gas majors to launch an initiative to supply free improved cook stoves to rural households.

• Infibeam Avenues: The company has appointed Sunil Bhagat as the chief financial officer after Hiren Padhya’s resignation.

• Sangam India: The company has received NCLT's approval to merge wholly owned subsidiary Sangarn Lifestyle Ventures with itself.

• Future Retail: Non-executive director Rahul Garg has resigned.

• United Spirits: Inbrew is said to emerge as lead bidder for Diageo's Indian brands.