Buzzing Stocks: News from M&M, Zomato, Adani Ent, Tata Motors, Asian Paints, IIFL Finance, and others
IIFL Finance: The exchanges changed the share price circuit limit for IIFL Finance from twenty percent to ten percent. Since the RBI forbade the company from offering gold loans, the stock got stuck in a 20 percent lower circuit for two sessions in a row.
Mahindra and Company: According to numerous individuals acquainted with the situation, a promoter group entity is anticipated to sell around 0.75 percent of M&M in order to earn about $215 million through a block sale. The offer price range for the block deal, which has been issued, is Rs 1,911.5 to Rs 1,970.65 per share.
Tata Motors: The board of directors has agreed in principle to demerge the company’s operations into two separate listed companies for commercial vehicles and passenger vehicles, respectively, subject to shareholder and regulatory approvals. As a result, rating agency Moody’s has affirmed Tata Motors’ BA3 ratings with an optimistic outlook. The demerger is expected to be finished in the upcoming twelve to fifteen months.
Zomato: At an average price of Rs 160.1 per share, foreign investor Morgan Stanley Asia (Singapore) Pte purchased 5,68,11,443 equity shares in the meal delivery behemoth, valued at Rs 909.55 crore. Nevertheless, as of December 2023, its stake in the business was 6.42 percent. The foreign investor and Ant group affiliate Antfin Singapore Holding Pte Ltd sold 17,63,95,675 equity shares in Zomato, which is equal to 2.02 percent of paid-up equity and costing Rs 2,827.08 crore.
Adani Enterprises: Adani Enterprises’ step-down subsidiary Ospree International FZCO, Dubai, paid 5,000 euros to purchase a 100% share in Le Marché Duty Free SAS (LMDF). LMDF was established with the intention of conducting duty-free commerce in France. Atul Ahuja, a Flemingo Group promoter, is the sole shareholder of LMDF.
Life Insurance Corporation of India: Through a private placement, LIC has raised its ownership stake in LIC Mutual Fund Asset Management. Following the aforementioned private placement, the corporation’s stake in LIC MF rose from 40.93 percent to 44.61 percent of the paid-up capital.
The ATP Tour and Infosys, a digital services and consulting firm, have extended their collaboration in digital innovation until 2026. The relationship will continue to benefit from Infosys’ in-depth knowledge of digital technologies like cloud computing, data analytics, and artificial intelligence for a further three years. This will improve both the spectator experience and player performance in professional tennis.
Vedanta: The iron ore mining corporation is considering its legal options, which may include petitioning the Supreme Court for a review of the shutdown of the Thoothukudi copper smelting plant. This is in accordance with the legal experts’ advice. On April 10, 2023, Vedanta filed a special leave plea in the Supreme Court, challenging the Madras High Court’s ruling that had maintained the closure of the copper smelting plant at Thoothukudi. The Supreme Court denied the company’s request for exceptional leave on February 29.
Hindustan Aeronautics: An adjustment to the LCA (Light Combat Aircraft) IOC (Initial Operational Clearance) contract has been inked by the state-run military industry. The contract’s revised value is Rs 5,077.95 crore instead of Rs 2,700.87 crore.
Samvardhana Motherson International: Through open market sales, foreign promoter Sumitomo Wiring Systems sold 30 crore equity shares—or 4.42 percent of the company’s total paid-up equity—for Rs 3,633.2 crore.