Page 5 - Shares

Polycab India's stock sees 21% rout on allegations of tax evasion

Company refutes allegations; stock may underperform in near term

US-based Capital Group sells Polycab India's shares worth Rs 337 crore

Financial Services company Capital Group on Thursday sold shares of electrical goods company Polycab India for Rs 337 crore through an open market transaction. US-based Capital Group through its affiliate SmallCap World Fund Inc offloaded shares of Polycab India on the National Stock Exchange (NSE). According to the bulk deal data with the NSE, SmallCap World Fund Inc disposed of 8,51,003 shares of Polycab India. The shares were offloaded at an average price of Rs 3,955.87 apiece, taking the deal value to Rs 336.64 crore. Details of the buyers could not be ascertained. On Thursday, the scrip of Polycab India nosedived 20.50 per cent to close at Rs 3,904.70 per piece on the NSE.

Bajaj Auto board approves Rs 4,000 cr share buyback at Rs 10,000 apiece

The company will be buying 4 million shares via the tender route, representing 1.41 per cent of Bajaj Auto's outstanding shares

Tata Steel fixes Jan 19 as record date to allot shares to TCIL shareholders

Tata Steel has fixed January 19 as the record date to determine the shareholders of TCIL, for allocating the company's shares as per the scheme of amalgamation. Tata Steel is in the process of merging several of its subsidiary companies, including Tinplate Company of India Limited (TCIL), into itself. "The Board has approved Friday, January 19, 2024, as the record date for the purpose of determining the shareholders of TCIL who shall be entitled to receive fully paid-up ordinary equity shares of the company in the share exchange ratio as per the scheme of amalgamation," Tata Steel said in a BSE filing on Monday. The company will issue and allot fully paid-up equity shares to those shareholders of TCIL, whose names would appear in the register of members on the record date, in ratio of 33 fully paid-up equity shares of Re 1 each for every 10 fully paid-up shares of Rs 10 each held by such members in TCIL, it said. Tata Steel is among the top three steel-producing companies in India

Record buyback of Rs 47,810 cr by 48 firms in 2023, highest in 6 yrs

A buyback is a process a company employs to repurchase its shares from stakeholders

Only a successor has claim over shares, not a nominee: Supreme Court

The court said that the succession of these instruments (shares and debentures) will be determined by the deceased's Will or as maintained by succession laws

Bharti Telecom acquires 1.35% stake in Bharti Airtel through block deal

Bharti Telecom's stake in Bharti Airtel now stands at 39.59 per cent

Megastar Foods plans to raise Rs 42 cr through preferential issue of shares

Food processing firm Megastar Foods Ltd plans to raise Rs 42.38 crore through the issue of preferential shares to pre-pay debt and meet future requirements of funds. The company's board approved to create, issue, offer and allot up to 13 lakh shares of Rs 10 each on a preferential basis to the promoters/non-promoters/public category shareholders of the company, according to a regulatory filing on Thursday. The company would seek the approval of the shareholders at the extra ordinary general meeting. "The proceeds of the preferential issue will be utilised for prepayment of borrowings of the company, meeting future funding requirements, working capital and other general corporate purposes of the company," the filing said. The equity shares under this preferential issue would be made at an issue price of Rs 326 per equity share. The company intends to raise Rs 42.38 crore through this issue. Megastar Foods has a wheat processing plant in Punjab. Its turnover stood at Rs 304.40 crore

BASF India posts first profit growth in six quarters at Rs 149 crore

Weak global demand due to inventory destocking and lower rates of Chinese supplies have hurt chemicals makers

IndiGo co-founder Rakesh Gangwal may buy stake in SpiceJet? Shares soar

Currently, the promoter group in SpiceJet, which includes Ajay Singh and his family, and Spice Healthcare, own 56.5 per cent stake in the airline

Dividends triumph over buybacks despite potential for higher tax payouts

Share of buybacks in reward kitty drops to lowest in seven years

Shares of Finolex Cables jump over 6% after Supreme Court judgement

Shares of the company last traded at Rs 1,194, up 6.6 per cent over its previous day's close. Experts said traders are lapping up the stock in anticipation of a change in guard at the company

SME stocks to come under additional surveillance, T2T framework: NSE

The process of identifying stocks moving to the TFT segment will be done fortnightly and stocks moving to and from the segment shall be on a quarterly basis

Reliance Retail receives full subscription amount of Rs 2,069 cr from KKR

Reliance Retail Ventures Ltd, the retail arm of Reliance Industries, has received the full subscription amount of Rs 2,069.50 crore from the global investment firm KKR and has allotted 1.71 crore equity shares. Following the share allotment, KKR's shareholding in Reliance Retail Ventures Ltd (RRVL) has increased to 1.42 per cent, from 1.17 per cent. "Reliance Retail Ventures Ltd today received the subscription amount of Rs 2,069.50 crore from Alyssum Asia Holdings II Pte. Ltd. (KKR) and allotted 1,71,58,752 equity shares to KKR," Reliance Industries said in a regulatory filing on Saturday evening. Earlier this month, Reliance Industries had announced KKR's investment of Rs 2,069.50 crore in RRVL, the holding company of the retail business of billionaire Mukesh Ambani-led group, for a 0.25 per cent additional stake at a valuation of about Rs 8.36 lakh crore. Founded in 1976, KKR has approximately USD 519 billion in assets under management as of June 30, 2023. Earlier this month, RI

Ipca Laboratories acquires 19.29% stake in Unichem through open offer

Ipca shares ended the day's trade at Rs 898 apiece, down 1.6 per cent on BSE

IndiGo promoter Shobha Gangwal sells shares worth Rs 2,801 cr

InterGlobe Aviation's promoter Shobha Gangwal on Wednesday sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore through open market transactions. Shobha Gangwal is the wife of Rakesh Gangwal, the co-founder of the company, which is the parent of the country's largest airline IndiGo. The shares were sold in three bulk deal transactions. As many as 3,841,121 shares were sold at a price of Rs 2,426.21 apiece, while 3,841,120 shares were offloaded twice at prices of Rs 2,440.92 and Rs 2,427.09, respectively, as per data available on the BSE. Together, the shares are worth Rs 2,801.79 crore. The total number of shares offloaded translates to around 2.9 per cent stake. The shares were sold at a discount compared to Wednesday's closing price of Rs 2,457.60 apiece on the BSE. At the end of the June quarter, Rakesh Gangwal and his wife Shobha Gangwal had 13.23 per cent and 2.99 per cent stakes, respectively, in the company. The Chinkerpoo Family Trust, whose

Shares of SBFC Finance gains 62% on trading debut, subscribed over 70 times

The company has 152 branches spread across 120 cities and 16 Indian states

IndiGo co-founder's family to sell shares worth up to $450 million

The offer floor price for the sale by Rakesh Gangwal and wife Shobha Gangwal is set at Rs 2,400 per share - nearly a 6% discount on the current market price

China property developers' shares, bonds dive as sector worries deepen

Doubts are growing any official support will be forthcoming, and investors do not expect any aid to be aimed at shareholders

Federal Bank fixes floor price of Rs 132.59 per equity share for QIP

Private sector lender Federal Bank on Wednesday said the board has a fixed floor price of Rs 132.59 per equity share for its proposed Qualified Institutional Placement (QIP). Pursuant to regulation, the bank may at its discretion offer a discount of not more than 5 per cent on the floor price calculated for the issue, Federal Bank said in a regulatory filing. The bank had posted a 42 per cent rise in net profit at Rs 1,147 crore for the June quarter as against Rs 807 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 5,757 crore from Rs 4,081 crore in the same period a year ago.