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Shares of ONGC rose over 3.6% to Rs 154.75 apiece. This follows the 5.55% surge on Tuesday.
The stock is on a four-day winning streak in which it has gained over 13.6%.
Trading volume is more than twice the 30-day average.
ONGC and Bharti Airtel are expected to see highest inflows among Nifty 50 stocks after rebalancing on Thursday, according to a prior note by Edelweiss Alternative & Quantitative Research. Reliance was expected to see outflows.
About 3.14 million shares of ONGC changed hands in three large trades on Wednesday, according to data from Bloomberg. The details of the buyers and sellers are not known immediately.
Of the 29 analysts tracking the company, 24 maintain 'buy', two suggest 'hold' and three recommends 'sell'. The return potential of the stock is 41.4%.
The rise in ONGC as well as Oil India's stock rose after the government allowed the sale of domestically produced oil to non-state buyers.
Source: Bloomberg
Pharma company Innova Captab to raise up to Rs 400 crore via issue of new shares in IPO.
The company will sell up to 96 lakh shares for the offer-for-sale portion.
Source: DRHP
Bajaj Finserv has joined SBI, HDFC, ICICI in acquiring stakes in account aggregator Perfios.
The four have each picked a 9.54% stake for Rs 4.03 crore.
Source: Exchange filing
The S&P BSE MidCap underperformed Sensex and Nifty, falling 0.70% while the S&P BSE SmallCap outperformed its larger peers, rising 0.13%. Twelve of the 19 sectoral indices compiled by BSE Ltd declined with fmcg, finance, bankex and consumer durables falling the most. On the flip side, energy, utilities, oil & gas, power gauges advanced.
The market breadth is skewed in neither the favour of bulls nor bears. About 1,571 stocks rose, 1,521 fell and 165 remained unchanged.
Shares of security services provider SIS rose nearly 2%.
The company approved buyback of 14,54,545 equity shares having face value of Rs 5 each at Rs 550 per share, not exceeding Rs 80 crore.
The buyback size represents 0.99% to the total paid-up capital of the company. The buyback offer price represents a 23.97% and 24.10% premium over the closing price of the equity shares on NSE and BSE, on June 23, 2022.
The process, record date, timelines and other details of the buyback will be announced soon, the company said in an exchange filing.
All 11 analysts tracking the company suggest 'buy'. The overall consensus price of analysts tracked by Bloomberg implies an upside of 29.8%.
Source: Exchange filing, Bloomberg
Hindalco has bought a 26% stake in Cleanwin Energy for Rs 71.5 lakh.
Hindalco said it is exploring avenues for reducing energy costs and one of the options available is through open access from renewable energy generators in captive mode.
Source: Exchange filing
Yield on the 10-year bond rose 1bp to 7.48%, at the open.
Source: Bloomberg
The broader indices almost mirrored their larger peers. All 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Consumer Discretionary, FMCG, Finance, I.T., Bankex, Capital Goods, Consumer Durables, Metal, Realty and Teck indices losing over 1%.
The market breadth is skewed in the favour of bears. About 686 stocks rose, 1,473 fell and 85 remained unchanged.
The Indian currency depreciated 0.14% (11 paise) to 78.88.
Rupee had slid to a record low on Tuesday as well.
Source: Bloomberg
SEBI imposes penalty on National Stock Exchange, Chitra Ramakrishna, Anand Subramanian and others in co-location case
SEBI imposes Rs 7 crore penalty on the NSE
The markets regulator fines former NSE chief Chitra Ramakrishna Rs 5 crore
SEBI fines former NSE official Anand Subramanian Rs 5 crore.
SEBI fines NSE official Ravi Varanasi Rs 5 crore.
Way2Wealth Brokers Pvt. Ltd has been fined Rs 6 crore.
NSE, Chitra Ramakrishna, Anand Subramanian and others to pay the penalty within 45 days.
Penalty imposed under various provisions of the SEBI act and Section 23H of the Securities Contracts (Regulation) Act.
Source: SEBI Order
Carlyle will pick up a significant minority stake in Ahmedabad-based tile and bathware brand Varmora Granito.
Terms of the transaction were not disclosed.
Carlyle’s partnership to help accelerate Varmora’s investments in product innovation, channel partnerships and M&A-led consolidation.
Positive outlook for India’s residential sector, along with rising per capita income in India and product premiumisation provide significant growth opportunities for a branded building materials consumer player such as Varmora, Carlyle said.
Source: Press statement
Asian Paints
HDFC Asset Management Company
Mindspace Business Parks REIT
Polycab India
Sundaram Fastners
Balaji Amines
Prism Johnson
Eveready Industries
Bombay Dyeing & Manufacturing
Agro Tech Foods
Reliance Industries: Reliance Jio Infocomm names Mukesh Ambani's son Akash Ambani as chairman.
SBI/ICICI Bank: The banks will invest Rs 4.03 crore each to pick up 9.54% stake in Perfios, an account aggregator.
HDFC Bank: The bank will invest Rs 4.02 crore for 9.54% stake in Perfios.
Route Mobile: The company approved buyback of shares for an aggregate amount of Rs 120 crore. It will buyback 705,882 shares, representing 1.12% of the total paid up share capital at maximum buyback price of Rs 1,700 per share.
Jammu and Kashmir Bank: The bank will raise Rs 500 crore by equity and Rs 1500 crore via bonds in FY23.
ONGC: The company said four die and five rescued in helicopter accident.
Glenmark Pharma: The company's U.S. arm acquired four OTC ANDAs from Wockhardt.
Godawari Power & Ispat: The company has acquired 78.96% stake in Alok Ferro Alloys for Rs 126.98 crore.
Stocks fell in Asia on Wednesday on heightened worries about a gloomy economic outlook, amid monetary policy tightening and rise in crude oil prices.
Equities fell in Japan, Australia and South Korea. U.S. contracts were volatile after the S&P 500 tumbled and the tech-heavy Nasdaq 100 lost over 3%.
As of 7:30 a.m., the Singapore-traded SGX Nifty—an early barometer of India's benchmark Nifty 50—fell 1% to 15,695.50.
Oil held gains, hovering around $112 a barrel. In cryptocurrencies, Bitcoin settled near $20,000 amid generally poor sentiment.
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