Adani Enterprises, Bharat Electronics among 80 stocks to hit 52-week high on BSE, 18 scrips at fresh lows
时间:2024-06-29 03:29:22 阅读(143)
Domestic stock markets were trading with strong gains on Monday tracking strength in Asian and US equities. The BSE Sensex rose over 500 points to 54,295, and the NSE Nifty 50 advanced 162 points to 16,212. The broader markets also opened in green with the BSE MidCap and SmallCap indices inching up 0.8%. All sectors opened in green with Nifty IT and metals leading gains, rising up to 1.7 per cent. PSBs, realty and pharma indices were the next top winners. Among stocks, BEL soared over 4% after the company posted a net profit of Rs.431.49 crores in Q1 FY23 as against a profit of Rs.11.15 crores last year, while HDFC Bank share price slipped despite the private lender reporting strong first quarter earnings.Stocks that hit 52-week high, low on BSE
Adani Enterprises, Aether Industries, Apar Industries, Bharat Electronics, Blue Dart Express, Eicher Motors, Gensol Engineering, GRP Ltd, Insecticides (India), Lumax Auto Technologies, Vedant Fashions, Orient Bell, Rajratan Global Wire, Safari Industries, Schaeffler India, Shanti Educational Initiatives, Vadilal Industries were among the stocks that hit 52-week high on BSE. Meanwhile, Indostar Capital Finance, PB Fintech, A & M Febcon, Aryavan Enterprise, Bombay Rayon Fashions, Citiport Financial Services, Essar Shipping, Meyer Apparel, Suumaya Corporation, Vikas Proppant & Granite were among the stocks that fresh lows.
Tech Mahindra, Infosys, L&T, IndusInd Bank, TCS, HCL Tech, Ultratech Cement, Titan, Wipro, Kotak Mahindra Bank, Tata Steel, Bajaj Finserv, ICICI Bank were the top Sensex gainers, while HDFC Bank, HDFC, Mahindra & Mahindra, Dr Reddy’s, HUL, Reliance were the sole losers. In the Nifty pack, Tech Mahindra, Infosys, Hindalco, ONGC and IndusInd Bank were the top gainers, while Britannia, HDFC, HDFC Bank, M&M and Dr Reddy’s were the laggards.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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