Top Share of the Day: Amid all-round selling in the global market, the Indian stock market may have a slow start again today. GIFT Nifty Doing business by slipping. Whereas, Dow fell 370 points and Nasdaq fell 245 points. India’s entry in JP Morgan Global Bond Index, big deal in Glenmark-Nirma and sale of 75% stake in GLS are likely to act as major triggers for the market today. Earlier on Friday, amidst the fall in the markets and withdrawal of foreign capital, investors have lost Rs 5.50 lakh crore in three trading sessions in the domestic stock markets. On Wednesday, BSE Sensex fell for the third consecutive day and closed at 66,230.24 points. In this phase of decline that started from Monday, till now the Sensex has fallen by 1,608.39 points i.e. 2.37 percent. In this period of all-round decline, the market capitalization of companies listed on BSE fell by Rs 5,50,376.85 crore to Rs 3,17,90,603.86 crore. Earlier, the Sensex had registered gains in 11 consecutive trading sessions and achieved its highest level till date. But this week there is a downward trend in it.
These shares will be in focus today
wipro: Company’s Chief Financial Officer Jatin Praveenchandra Dalal has left with effect from November 30 to explore other career options. Aparna C. Iyer has been named chief financial officer of the IT services firm with immediate effect. Aparna will join the executive board of Wipro and report to CEO Thierry Delaporte.
SJVN: On September 22, the Government of India will exercise its greenshoe option for 2.46% ownership or 9,66,72,961 shares in the hydroelectric power generating company. This is due to oversubscription of the issue, which is in addition to the base issue size of 9,66,72,961 shares or 2.46% stake.
Vedanta:The mining business has received board approval to raise up to Rs 2,500 crore through non-convertible debentures (NCDs) in one or more tranches through private placement.
ICICI Bank: The country’s second largest private sector lender has agreed to invest about Rs 5 crore in healthcare services platform Quantum CorpHealth. This transaction will be done through the issue of equity shares and compulsorily convertible preference shares (CCPS). Post the investment, the bank will own 9.99% of Quantum CorpHealth through purchase of 100 equity shares and 3,33,200 CCPS.
Glenmark Pharma:The pharmaceutical business has agreed to sell 75% ownership in its subsidiary Glenmark Life Sciences (GLS) to Nirma. The company will sell shareholding for Rs 5,651.5 crore or Rs 615 per share. Glenmark Pharma will hold 7.84% of GLS after the stake sale, and Nirma will subsequently launch a mandatory open offer for all GLS public shareholders.
InterGlobe Aviation: IndiGo and British Airways have signed a codeshare agreement to strengthen ties between India and the United Kingdom. Thanks to this codeshare agreement with IndiGo, British Airways will be able to add three new flights to its existing network.
Tech Mahindra: The merger of Tech Mahindra Credit Solutions Inc and its parent firm Tech Mahindra (US) Inc has been approved by the IT solutions company. Tech Mahindra (America) Inc. is a wholly owned content subsidiary of Tech Mahindra. The combination of both organizations will reduce operating costs and compliance risks.
JSW Steel: Caretta Minerals LLC, a subsidiary of Periyama Holding LLC, has agreed to sell its property, plant and equipment and mineral rights to West Virginia Properties for $24 million because operating the mines is not economically viable without a coal mining lease. Plant lease. JSW Steel’s step-down subsidiary is Periyama Holding LLC.
NBCC (India): SAIL has given orders to the state-owned construction company for various development activities in the township and mines of Bhilai Steel Mill. This order is worth Rs 100 crore.
ICICI Lombard General Insurance Company: Bhargav Dasgupta, MD and CEO of General Insurance Company, has left his job to explore opportunities outside the country.