Benchmark indices ended lower with Nifty below 16,300 in the volatile session on March 4. At close, the Sensex was down 768.87 points or 1.40% at 54,333.81, and the Nifty was down 252.60 points or 1.53% at 16,245.40.
Jet Airways | CMP: Rs 81.90 | The share price spiked 5 percent after the Jalan Kalrock Consortium – new promoter of Jet Airways – announced the appointment of Sanjiv Kapoor as the chief executive officer (CEO). Kapoor, currently, the president of Oberoi Hotels & Resorts, will be joining as CEO of Jet Airways from April 4. Before the Oberoi Group, Kapoor was the chief strategy and commercial officer at Vistara from 2016 until 2019.
Vodafone Idea | CMP: Rs 10.35 | The stock was down over 6 percent after research firm Nomura retained a reduce rating on Vi with a target of Rs 8 per share. According to Nomura, the promoter infusion at premium is a positive, but not enough for revival and after remitting funds to Indus, Vodafone Idea will likely be left with only about Rs 2,550 crore. Vodafone Idea board approved raising Rs 4,500 crore via issuing of shares to promoters on a preferential basis.
Vedanta | CMP: Rs 375.70 | The scrip fell over 5 percent after Societe Generale sold shares in the billionaire Anil Agarwal-owned company via open market transactions. France-based financial services company Societe Generale on March 3 sold 2.24 crore shares amounting to 0.6 percent of the metal major Vedanta at an average price of Rs 391.74 for nearly Rs 880 crore.
Wockhardt | CMP: Rs 345.70 | The stock ended in the green on March 4. Wockhardt’s rights issue will open on March 15 and close on March 22. Up to 33.24 million shares will be offered as part of the rights issue, the company’s special committee of directors for the rights issue decided at its meeting. The rights shares will be issued at a price of Rs 225 per fully paid-up share. Eligible investors will receive three shares for every 10 shares held as on the record date. The firm has fixed March 9 as the record date for rights entitlement in the issue. The company will raise up to Rs 748 crore assuming full subscription and receipt of all call monies with respect to rights equity shares.
PTC India Financial Services | CMP: Rs 16.40 | The stock price ended in the red on March 4. The Securities and Exchange Board of India (SEBI) has denied permission to PTC India Financial Services (PFS) to hold a board meeting without independent directors, stating that they are not satisfied by the company’s report on actions taken on corporate governance and response to queries on allegations made by former independent directors. SEBI wrote to PFS, the non-banking financial company subsidiary of PTC India, on March 2, barring the company from holding a board meeting without an Independent Director. This is the second time the regulator has denied the exemption to PFS since all three of its independent directors submitted their resignation citing concerns over lapses in governance and compliance on January 19, ahead of a board meeting that was scheduled for January 22.