Govt may divest 7% stake in Hudco, Torrent Pharma's promoters get exemption

Centre plans to divest 7% stake in Hudco

The government plans to offload 7 per cent in Housing Urban Development Corpo­ration (Hudco) through the offer for sale (OFS) route on Wednesday. It has put on the block a total of 140 million shares at a floor price of Rs 79 per share. The stake sale could fetch the government over Rs 1,100 crore. Shares of Hudco last closed at Rs 89.9. The government currently holds about 81.81 per cent stake in the company. In July 2021, the government had divested 8 per cent stake in Hudco at Rs 45 per share to raise Rs 720 crore. Shares of Hudco have rallied nearly 70 per cent this year. 
 

Cello World, ESAF, ASK Automotive get nod for IPOs

The Securities and Exchange Board of India (Sebi) has given nod to Cello World, ESAF Small Finance Bank and ASK Automotive to launch their IPOs. The market regulator issued final obse­rv­ation letters on the offer docu­ments filed by all three companies on October 9. Cello World plans to raise Rs 1,750 crore via a complete offer for sale. ESAF Small Finance Bank had refil­led the draft red herring prospectus to raise Rs 629 crore through fresh issue and OFS. Prom­oters of ASK Automotive too will be offloading nearly 30 million shares in the OFS. 

Torrent Pharma’s promoters get Sebi’s exemption 

Sebi has granted open offer exem­ption to the promoters of Torrent Pharma and Torrent Power. Torrent Investments holds over 71 per cent in Torrent Pharma and around 53 per cent in Torrent Power. Four family trusts belonging to the promoter group prop­oses to acquire these stakes in order to streamline family’s shareholding and succession planning. 

After 3-day fall, markets rebound

Equity benchmark indices bounced back on Tuesday after three days of fall amid recovery in global markets and buying in HDFC Bank post its quarterly earnings.

The 30-share BSE Sensex climbed 261.16 points or 0.39 per cent to settle at 66,428.09. During the day, it jumped 392.89 points or 0.59 per cent to 66,559.82. The Nifty gained 79.75 points or 0.40 per cent to 19,811.50.

Among the Sensex firms, Power Grid, Kotak Mahindra Bank, Tech Mahindra, Bajaj Finserv, ITC, Bharti Airtel, Nestle, NTPC, Bajaj Finance, Reliance Industries, Infosys and HDFC Bank were the major gainers.

Gold remains flat

Gold remained flat at Rs 60,150 per 10 grams in the national capital on Tuesday, according to HDFC Securities. However, silver declined Rs 300 to Rs 73,700 per kg.

Rupee rises 3 paisa

Rupee consolidated in a narrow range and settled for the day higher by 3 paisa at 83.24 against the US dollar on Tuesday amid a positive trend in domestic equities.

-PTI