News Wrap: Gautam Adani's Grand Deal; LIC To Be Listed Tomorrow; Brand Zenith's Comeback; VI's Share Hikes By 12%
May 16, 2022
Sensex and Nifty 50 are bullish today!
BSE Sensex gained 180.22 points (0.34%), a closing price of 52,973.84
Nifty 50 rose by 60.15 points (0.38%), closing price landed at 15,842.30
Bank Nifty dropped by 476.25 points (1.44%), a closing price of 33,597.60
Few sectoral indices like Nifty Auto, Realty and Metal were bullish whereas other sectoral indices like Nifty IT, Pharma and FMCG were bearish.
BSE midcap and smallcap indices both gained by 1.51% and 1.15% each.
Trending Stocks on Encome.io Dashboard
Gautam Adani’s Grant $10.5 Billion Deal
Gautam Adani's company wants to purchase Holcim AG's cement assets in India for $10.5 billion. This will be the largest acquisition ever made. Holcim will sell its 63 per cent ownership in Ambuja Cements to Adani Group as part of the arrangement. Adani will also take over Ambuja's majority share in ACC, a publicly listed cement company, and will purchase Holcim's direct 4.5 per cent investment in the company.
The Adani Group is proposing 385 rupees a share for Ambuja Cements and 2,300 rupees per share for ACC.
Adani would become India's second-largest cement maker as a result of the deal. Adani Enterprises, the main company of the Adani Group, includes two cement businesses. Adani Cementation plans to construct an integrated factory in Gujarat. and Adani Cement Industries which was founded by the group in June 2021.
LIC To Hit The D-Street Tomorrow!
On Tuesday, the Life Insurance Corporation of India (LIC) will make its Dalal Street debut. In the grey market, LIC shares are presently trading at a little discount, indicating a negative to at par listing. According to the latest information, LIC shares were trading on the unofficial market at a discount of Rs 15-20 per share over the issue price of Rs 949.
According to dealers following the grey market, investors should temper their expectations for a listing from the leading insurance company of the country, since emotions are affected by low subscription levels and a turbulent market.
The offer was oversubscribed 2.95 times due to considerable demand from the insurer's employees and policyholders. On the other hand, Retailers, QIBs, and HNI investors mostly avoided the bidding process.
More To Know:
Brand Zenith, one of India's most renowned brands, is preparing to re-enter the market with complete product development and distribution plan.
Vodafone Idea's stock soared more than 12% on Monday
Capgemini, a technology services company, has acquired the worldwide strategy and management consulting firm Chappuis Halder & Cie (Chappuis Halder) for an undisclosed price.
Adani Group's subsidiary AMG Media Networks will purchase a 49% ownership in Raghav Bahl's digital business news site Quintillion Business Media.
China's semiconductor output fell 12.1% to 25.9 billion units in April, the lowest level since December 2020.