News Wrap: BSE Sensex Closes 1400 Point Down; Hexagon Nutrition IPO Approval; JK Cement To Enter Paint Business; TCS Share Buyback Programme & More...
Indian benchmark indices Sensex and Nifty50 ended in the red.
The 30-Scrip BSE Sensex ended 1,491.06 points or 2.74% lower at 52,842.75.
The NSE Nifty plunged 382.20 points or 2.35% to close at 15,863.15.
The Nifty Metal index gained 2.10 percent, while auto, bank, capital goods, FMCG, PSU Bank and realty plunged 2 to 5%.
BSE midcap and smallcap indices shed 2.25% and 2.30% each.
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SEBI Okays Rs 600 Crore Hexagon Nutrition IPO
Securities market regulator SEBI approved Hexagon Nutrition's application to raise Rs 600 crore via an initial public offering (IPO).
The issue consists of a fresh issue of equity shares worth Rs 100 crore and an offer for sale (OFS) aggregating up to 30,113,918 equity shares, as per the draft red herring prospectus (DRHP).
The promoters will offload the shares in the following way:
Arun Purushottam Kelkar will sell 77 lakh shares
Subhash Purushottam Kelkar will offer up to 61.36 lakh shares
Anuradha Arun Kelkar will sell up to 15 lakh shares
Nutan Subhash Kelkar will offload up to 25 lakh shares
Somerset Indus Healthcare Fund I Ltd will offer up to 1.22 crore shares
Mayur Sirdesai will offload up to 73,668 shares.
According to reports, the issuance would be worth around Rs 500-600 crore.
Proceeds from the issue will be used in:
Funding additional working capital requirements
Aiding capital expenditure for expanding an existing facility
Investment in subsidiary and financing capital expenditure at the already established facility
General corporate purposes.
JK Cement To Enter Into Paint Business
JK Cement Ltd, India's leading manufacturer of grey cement, announced entering into the paint business.
The board has approved the proposal of foraying into the paint business via a wholly-owned subsidiary.
The board also approved the investment worth Rs 600 crore to be spent over a five-year period, which will help establish the painting venture.
“The subsidiary would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services,” the company said in a stock exchange filing.
India's CARE Ratings Puts Nayara Energy Under Credit Watch
India's CARE Ratings has placed the long-term ratings of Indian refiner Nayara Energy, which is partly controlled by Russia's Rosneft, on 'credit watch with negative implications' as sanctions against Moscow intensify over the invasion of Ukraine.
In a statement, CARE said it placed Nayara's long-term bank loan of 171.5 billion rupees ($2.23 billion) and non-convertible debentures of 25.42 billion rupees on credit watch with negative implications.
Russia’s Rosneft has a 49.13 percent stake in Nayara, while global commodities trading house-- Trafigura and Moscow headquartered United Capital Partners have a comparable interest.
The rating agency, however, said Nayara will be less likely to be impacted by the western sanctions put against Russia as it imports oil from the Middle East, Egypt and Latin America.
Notably, it exports most of its refined fuels to the Netherlands and the Far East.
"Nonetheless, given the severity of the war situation and the resultant global backlash by way of sanctions on Russia and certain Russian entities, there is a lot of uncertainty over the exact ramifications of the situation on Nayara's shareholders".
More To Know :
Bharti Airtel and Axis Bank join hands to offer Co-branded credit cards, instant loans & BNPL products.
On March 10, Jindal Steel & Power will assess the Interim Dividend for FY22.
CAMS buys a majority stake in Fintuple to improve value offering for AIF and PMS.
Nazara Technologies' board okayed issuance of Rs 25 Cr worth equity shares to existing shareholders of Datawrkz Business Solutions.
Oil and Natural Gas Corporation (ONGC ) shares shot up nearly 10% on Monday’s intraday on NSE as the Crude Oil prices reached their highest since 2008.
Microsoft announces establishing its latest data centre in Hyderabad, Telangana.
TCS has announced that its Rs 18,000 crore share buyback programme would begin on March 9 and run through March 23.
The parent company of Japanese casualwear giant Uniqlo announced that it would keep its stores open in Russia. Its rivals Zara and H&M have suspended operations in the country following its invasion of Ukraine.
Sachin Bansal-led Navi Technologies will soon be filing a draft prospectus with Sebi to raise around Rs 4,000 crore via IPO.