Stock Market Live Updates 7 March 2024: Sensex, Nifty open flat; IIFL Fin recovers 9%
Vedanta: The company is exploring all possible legal solutions, including the possibility of filing a review petition against the top court’s decision that rejected the mining giant’s plea to restart operations at its copper smelter in Thoothukudi, Tamil Nadu.
* Infosys:* The IT major has announced the renewal of its digital innovation partnership with the ATP Tour until 2026, aimed at driving Al-first innovations in professional tennis.
* Hindustan Aeronautics:* The company has signed an amendment to the LCA IOC contract. The value of the contract has been revised from Rs 2,700.87 crore to Rs 5,077.95 crore.
* Mahindra and Mahindra:* Promoter Prudential Management and Services has offered to sell up to 93 lakh shares or 0.75% equity, in the company for Rs 1,832 crore.
* Bajaj Finserv:* The company’s unit reported a Rs 1,294 crore general insurance gross direct premium for the month of February and a Rs 1,050 crore life insurance premium for the month of February.
* Asian Paints:* The company’s unit entered into the requisite agreements with Gujarat Chemical Port to set up an ethylene storage and handling facility in Dahej, Gujarat.
* Glenmark Pharmaceuticals:* The company has started the process of selling 55% of its subsidiary, Glenmark Life Sciences, to Nirma. Glenn Saldanha resigned from the position of Chairman, Non-Executive Director, effective March 6.
* Life Insurance Corp.:* The insurer has increased its stake in LIC Mutual Fund from 40.93% to 44.61% through private placement.
* NLC India:* The government will sell up to 9.71 crore shares, including the green shoe option, via an offer for sale at Rs 212 per share.
* Subex:* The company announced it has secured a deal with a prominent telecom operator in Southeast Asia for deploying its state-of-the-art business assurance and fraud management solutions on Hyper Sense.
* OnMobile Global:* The company appointed François-Charles Sirois, Executive Chairman, as CEO and Sanjay Baweja resigned from the role of ‘Global Chief Executive Officer and Managing Director’.
* Kaynes Technology India:* The company’s unit signed a technology provision agreement with ISO to enable the unit to set up a supply chain for OSAT business in India.
* Jupiter Wagons:* The company received an order worth Rs 956 crore from the Ministry of Railways for the manufacture and supply of 2,237 BOSM Wagons.
* Bajel Projects:* Sanjay Bhagat has resigned as CEO due to personal reasons.
* Seamec:* The company’s unit has decided to sell its vessel, Seamec Nidhi, to Joyo Shipping for $10.5 million.
* Cyient:* The company has joined the eSync Alliance, a network of businesses focusing on automotive OTA connectivity.
* Redtape:* The company incorporated REDTAPE Sports Goods in China.
* GPT INFRA:* The company received an order worth Rs 135 crore from North Central Railway, Uttar Pradesh.
* Exide Industries:* The company will invest Rs 70 crore in unit Chloride Metals to finance long-term capital requirements.
* Allcargo Gati:* The company’s total monthly volume for the month of February stood at 104 kilo tonnes, up 15% Yoy.
* UPL:* The company’s unit, UPL Corp., signed a pact with Masarrah Investment for a manufacturing complex in Saudi Arabia.
* Vikas Lifecare:* The company received a patent for a multi-layered plastic recycling process.
New Listing
Mukka Proteins: The company’s shares will debut on the stock exchanges on Thursday at an issue price of Rs 28 apiece. The Rs 224 crore IPO was subscribed 136.99 times on its third and final day. Bids were led by non-institutional investors (250.38 times), institutional investors (189.28 times), and by retail investors (58.52 times).
IPO Offerings
RK Swamy: The public issue was subscribed to 25.94 times on day 3. The bids were led by non-institutional investors (34.36 times), retail investors (34.03 times), institutional investors (20.58 times) and reserved for employees (2.52 times).
*JG Chemicals:*The public issue was subscribed to 6.4 times on day 2. The bids were led by non-institutional investors (9.64 times), retail investors (8.32 times), and institutional investors (0.45 times).
Gopal Snacks: The public issue was subscribed to 0.56 times on day 1. The bids were led by non-institutional investors (0.49 times), retail investors (0.89 times), and no bids by institutional investors.
Block Deals
Dollar Industries: Bajrang Kumar Gupta sold 5 lakh shares (0.88%), Fidelity Asian Values PLC bought 1.36 lakh shares (0.24%), and Fidelity Funds Asian Smaller Companies Pool bought 3.63 lakh shares (0.64%) at Rs 490 apiece.
Bulk Deals
Zomato: Antfin Singapore Holding sold 17.63 crore shares (2.04%) at Rs 160.4 apiece, while Morgan Stanley Asia bought 5.68 crore shares (0.66%) at Rs 160.1 apiece.
CarTrade Tech: Springfield Venture International sold 6.32 lakh shares (1.34%), MCP3 SPV LLC sold 3.16 lakh shares (0.67%) at Rs 738.5 apiece, ICICI Prudential Mutual Fund bought 6.77 lakh shares (1.44%), and ICICI Prudential Asset Management bought 2.71 lakh shares (0.57%) at Rs 738.5 apiece.
Samvardhana Motherson International: Sumitomo Wiring Systems sold 30 crore shares (4.41%) at an average price of Rs 121.11 apiece.
RBL Bank: Mathew Cyriac bought 32.5 lakh shares (0.54%) at Rs 250.91 apiece.
Insider Trades
Som Distillers and Breweries: Promoter Jagdish Kumar Arora bought 10,000 shares on March 6.
AAVAS Financiers: Partners Group sold 41.57 lakh shares, Lake District Holdings sold 58.39 lakh shares on March 5.
Pledge Share Details
Ramco Industries: Promoter P.R. Venketrama Raja created a pledge of 14 lakh shares on March 4.
Trading Tweaks
Price Band changes from 10% to 5%: Ashapura Minechem.
Price Band changes from 20% to 10%: IIFL Finance.
Ex/record dividend: Sanofi India.
Ex/record Stock Split: Manorama Industries.
Moved out short-term ASM framework: Data Patterns.
F&O BAN
1. MANAPPURAM
2. MGL
3. ZEEL
