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Shares of the Chennai-based two-wheeler maker rose 1.75 percent to Rs 562 after it reported sales numbers for the month of June.
Key highlights:
Vedanta Resources gained as much 28 percent after majority holder Anil Agarwal made a potential offer via his holding co. Volcan to take the company private.
Source: Bloomberg
Shares of the Anil Agarwal promoted Vedanta Resources agreed to a recommended all cash offer to be made by Volcan at 825 pence/share for the remaining issued and to be issued share capital of Vedanta not currently owned by Volcan.
Source: Bloomberg
Shares of the Mumbai-based private sector lender rose as much as 5.65 percent to Rs 58 after Insurance Regulatory Development Authority of India (IRDAI) approved Life Insurance Corporation's investment plan.
Life Insurance Corporation of India will increase its stake in IDBI Bank up to 51 percent—at a time when a third of its loans are stressed.
LIC will invest between Rs 10,000 crore and Rs13,000 crore in the troubled state-owned lender in several tranches as part of the capital infusion plan.
Activity in India’s manufacturing sector gathered momentum, improving at the fastest pace in the year so far, supported by the strength in output and new orders.
The Nikkei India Purchasing Managers Index improved to 53.1 in June from 51.2 in the previous month, according to a statement by IHS Markit, which compiles the index. A reading below 50 indicates contraction in activity, while a number above it signals expansion. Manufacturing activity in the country has remained above the 50-point-mark for the eleventh consecutive month.
Shares of the Chennai-based commercial vehicle maker rose 2.5 percent to Rs 129 after it reported June sales numbers.
Ashok Leyland sold 15,791 vehicles in June compared with 12,333 units sold during same period last year.
Key highlights:
Buyers and sellers were not immediately known
Source: Bloomberg
Fine Organic Industries made a positive stock market debut after it raised Rs 600 crore via selling its shares through initial public offering (IPO).
Fine Organic Industries opened at Rs 815, up 4 percent over its issue price of Rs 783 and extended gains to rise as much as 5.2 percent.
The IPO was subscribed 9 times on final day of bidding.
Shares of Rail India Technical and Economic Services (RITES), the country's first railway PSU, made a positive stock market debut after it raised Rs 460 crore via selling its shares through initial public offering (IPO).
RITES' opened at Rs 190, up 2.7 percent over its issue price of Rs 185 and extended gains to rise as much as 6.5 percent.
The IPO saw huge demand for its shares as it was subscribed 67 times on the final day of listing.
Sunil Subramaniam, managing director & chief executive officer at Sundaram Mutual Fund told BloombergQuint in an interview that upcoming state elections are riskier than rewarding for the government.
Key highlights of the conversation:
Shares of the Pune-based two wheeler maker rose as much as 3.12 percent to Rs 2,898 after its sales rose for the eleventh straight month in June, registering its best monthly sales growth in over eight years.
Bajaj Auto sold 4.04 lakh units last month, an increase of 65 percent from the year-ago period, the company said in an exchange filing.
Key highlights:
Shares of the Mumbai-based automobile maker rose as much as 2.86 percent to Rs 277 after it reported June sales numbers.
Tata Motors' overall sales jumped 50 percent in june, with domestic sales increasing by more than half to 56,773 units. Exports also rose 50 percent to 5,246 units year-on-year, according to an exchange filing.
Key Highlights
Shares of the country's second largest steel maker rose as much as 3.30 percent to Rs 586.50 after it approved a joint venture with Germany's Thysenkrupp AG to make Europe's second largest steel company after ArcelorMittal.
The board of Tata Steel approved to create a 50:50 joint venture and has adopted resolutions for the signing the definitive agreement, the company said in its exchange filing. Thyssenkrupp workers’ union had given their consent to the deal, on Friday.
(As reported on June 29)
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