Among sectors, bank and oil & gas indices gained a percent each, and auto and metal indices added 0.5 percent each. However, selling was seen in capital goods, IT and pharma names
Indian equity benchmark ended at the day’s high in a highly volatile session on March 28, supported by the auto, bank, oil & gas and metal stocks. At close, the Sensex was up 231.29 points, or 0.40%, at 57,593.49, and the Nifty was up 69 points, or 0.40%, at 17,222.
PVR, Inox Leisure | The PVR stock price jumped over 3 percent and Inox 11 percent after the two companies announced a merger to create a cinema giant with more than 1,500 screens. The top multiplex players announced the merger deal after their boards on March 27 okayed an all-stock amalgamation subject to the approval of shareholders, stock exchanges, market watchdog, and others. Inox investors will receive PVR shares in exchange for shares in INOX at the approved swap ratio. After the merger, PVR promoters will have a 10.62 percent stake, while Inox promoters will own 16.66 percent of the combined entity.
Bharti Airtel | CMP: Rs 370 | The share price jumped over 5 percent on March 28. The company said it would acquire 4.7 percent equity in Indus Towers from an affiliate of Vodafone Group Plc at Rs 187.88 a share with the transaction totalling Rs 2,388.06 crore. The company also said it made Rs 8,815 crore part prepayment of deferred liabilities to the department of telecom on spectrum acquired in 2015 auction. The prepayment is for the instalments due in FY27 and FY28.
GAIL India | CMP: Rs 152 | The stock price gained 3 percent ahead of a board meeting in which a share buyback plan is to be taken up. “The meeting of the board of directors of the company is scheduled on March 31 to consider and approve a buy back of the fully paid-up equity shares of the company,” the state-owned natural gas distribution firm said in its BSE filing on March 25. In a buyback in 2021, GAIL bought back more than 6.97 crore shares, or 1.55 percent of the total paid-up equity, and the rice was fixed at Rs 150 a share. Recently, the company declared its second interim dividend of Rs 5 a share for the financial year 2021-22.
Aster DM Healthcare | CMP: Rs 199.10 | The scrip spiked 10 percent after the company signed a memorandum of understanding (MoU) with Tamil Nadu to set up healthcare facilities. The MoU proposes an investment of Rs 500 crore in hospitals, pharmacies and laboratories in the state.
Reliance Capital | CMP: Rs 14.90 | The share jumped 5 percent after banking sources told CNBC-TV18 that over 50 suitors had submitted EoIs for Reliance Capital & its group businesses. Banks, insurance companies, NBFCs, PEs, ARCs submitted EoIs for Reliance Capital. Piramal Fin, Bandhan Fin, IndusInd Intl, Yes Bank, ICICI Lombard, HDFC Ergo, Motilal Oswal submit EoIs for Reliance Capital. Also, Poonawala Fin, Adani Finserve, ICICI Lombard, Tata AIG along with Nippon Life, Zurich Ins, Oaktree, Brookfield, Blackstone, KKR, TPG, Arpwood Partners, Capri Global have submitted EoIs for Reliance Capital.
Sandip Das
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