Nifty futures traded 77.5 points or 0.47 per cent lower at 16,492.50 on the Singapore Exchange, indicating that Dalal Street was heading towards a negative start on Friday, March 11. The market extended the uptrend for the third consecutive session with the benchmark index reporting. Falling commodity prices, positive global cues and the Bharatiya Janata Party’s victory in elections in four of the five states led to a 1.5 per cent gain on March 10. The BSE Sensex rose 817 points to 55,464, while the Nifty climbed 249 points to 16,595.
The Company has entered into a Share Purchase Agreement and Escrow Agreement for sale of its entire equity stake in Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP). TSLP has been selected as a successful bidder through a two stage auction process conducted under the aegis of DIPAM, Government of India.
futures consumer
Future Consumer said it has agreed to wind up Fonterra Future Dairy – a 50:50 joint venture with Fonterra Co-operative Group. The joint venture was established in 2018.
Supreme Petrochem
The Board has approved the expansion of Phase II of its Expandable Polystyrene (EPS) Plant at Nagothane, Maharashtra to 30,000 MTA. The Board also approved setting up of a second line of Extruded Polystyrene Board (XPS) and augmentation of masterbatch and compound capacity. The capital cost of these capital expenditure plans will be met from internal sources of the company.
Kirloskar Ferrous Industries, and ISMT
The board has allotted 15.4 crore equity shares of ISMT at Rs 30.95 per share to Kirloskar Ferrous Industries for Rs 476.63 crore. With this, Kirloskar Ferrous Industries has acquired a controlling interest and holds 51.25 per cent stake in ISMT. Kirloskar Ferrous Industries is classified as Promoter with sole control of ISMT.
housing financiers
UK development finance institution CDC Group invested Rs 360 crore in a social bond program by the company. Investments will be made in the form of bonds (spice bonds) denominated in rupees and listed as a social bond in alignment with the social bond principles of the International Capital Markets Association. The proceeds of the bond will be used to finance property loan portfolios owned by women, aimed at addressing gender disparity in property ownership in India.
Shipping Corporation of India
Life Insurance Corporation of India sold 2 per cent equity stake in the company through open market transaction. With this, LIC’s stake in the company has gone up to 6.03 per cent, from 8.04 per cent earlier.
Britannia Industries
Life Insurance Corporation acquired 1.2 lakh shares in the company through open market transaction on 9 March. With this, its shareholding rose to 5.02 per cent, from 4.97 per cent earlier.