Benchmark indices ended with marginal gains in the volatile session on August 24. At close, the Sensex was up 54.13 points or 0.09 percent at 59,085.43, and the Nifty was up 27.50 points or 0.16 percent at 17,605.
NDTV | CMP: Rs 388.20 | The stock hit 5 percent upper circuit after Adani Group, which recently established a media arm, announced that it would pick up 29.18 percent stake in the company and make an open offer to acquire 26 percent more.
Bharat Gears | CMP: Rs 181.55 | The share price added 2 percent after the board of directors in its meeting held on August 24, 2022, considered and approved the issue of bonus shares to the members of the company by way of capitalisation of reserves in the ratio of ‘L:2 i.e. issue of 1 (One) Equity Share for every 2 (Two) equity shares held by the members.
Confidence Petroleum | CMP: Rs 68 | The scrip jumped over 6 percent after the firm said that a meeting of the board of directors of Confidence Petroleum is scheduled to be held on August 27 to consider a fundraising proposal through the issue of shares on the basis of preferential allotment.
SpiceJet | CMP: Rs 46.60 | The stock ended in the green on August 24. The low-cost airline said it was looking to raise funds ahead of its board meeting to consider Q4FY22 earnings. SpiceJet was looking for investments from external parties, including airlines, and also planned to add seven more Boeing aircraft to its fleet, the carrier’s chief Ajay Singh said on August 23. A meeting of the company’s board would be held on August 31, 2022, to consider and approve the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2022, along with unaudited standalone and consolidated financial results for the first quarter ended June 30, 2022.
Ugro Capital | CMP: Rs 184.60 | The share added over 2 percent on August 24. Ugro Capital’s Investment and Borrowing Committee will meet on August 26 to approve raising of funds by way of issuance of non-convertible debentures through private placement basis.
Chennai Petroleum Corporation | CMP: Rs 314.40 | The scrip added over 2 percent on August 24. Chennai Petroleum has decided to form a joint venture company along with Indian Oil Corporation and other seed equity investors — Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company — for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at an estimated cost of Rs 31,580 crore. Chennai Petroleum received board approval for equity investment of up to Rs 2,570 crore in the joint venture, towards its contribution of 25 percent.
KEI Industries | CMP: Rs 1,396.40 | The share price ended in the green after rating agency ICRA upgraded the long-term bank facilities ratings and reaffirmed the short-term bank facilities/ debt instruments ratings of the company. ICRA said the upgrade in ratings for the debt programme of KEI Industries considered the strong domestic demand growth prospects of wires and cables in various end-user segments benefitting from both government infrastructure development activities as well as private capex.
Devyani International | CMP: Rs 187.80 | The stock managed to end in the green after a volatile session on August 24. Dunearn Investments (Mauritius) Pte Ltd sold 2,63,29,516 equity shares or 2.18 percent stake in the company via open market transactions at an average price of Rs 183.11 per share. Dunearn held 8.13 percent stake or 9.8 crore equity shares in the company as of June 2022.
IDBI Bank | CMP: Rs 39.90 | The scrip ended in the green on August 24. The government is considering selling at least 51 percent of state-backed IDBI Bank Ltd, according to media reports. Officials in the government and the state-backed Life Insurance Corp. of India, which together own about 94 percent of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell. Both parties are expected to retain a stake in the lender after the sale, sources said.
SecMark Consultancy | CMP: Rs 240 | The stock price jumped over 5 percent on August 24. The company’s board approved the issue of bonus shares. The board of directors on August 23 considered and approved the issue of bonus shares in the ratio of three fully paid-up equity shares for every two existing full paid-up equity shares held by the shareholders, subject to the approval of the shareholders of the company, as per a SecMark Consultancy press release.
