PEL sells 8.4% of Shriram Fin in a block transaction.
PEL sells 8.4% of Shriram Fin in a block transaction.
Shilpa Medicare declines over 3%, PEL sells 8.4% of Shriram Fin in a block transaction, and GMDC soars over 7%.
In the news today were the following stocks:
On Wednesday, Shriram Finance‘s stock briefly reached the upper circuit. The day’s high for Shriram Finance was 1,793.55, which is the stock’s all-time high. The significant increase followed Piramal Enterprises’ block sale of all of its Shriram Finance stock. It is estimated that this transaction was worth Rs 4,630 crores. The block deal’s floor price was set at Rs 1,483 per share, or 4.9% less than Tuesday’s closing price of Rs 1,559.85. It is interesting that TPG India also sold its whole 2.65% ownership in a block deal two days prior. Following the announcement of the block deal on Wednesday, Piramal Ent’s stock also ended the day higher by approximately 13% and reached an intraday high of 970.70.
Shilpa Medicare sags by more than 3%
The board will discuss the rights issue on June 23.
Shilpa Medicare’s stock experienced a drop of up to 3.5% on Wednesday. During the day, the stock reached a low of Rs 255.95. The board meeting scheduled for June 23 is the cause of Wednesday’s cancellation. The company’s board will discuss a rights issue during this meeting. Significantly, Shilpa Medicare’s stock rose by more than 10% on Tuesday, and then on Wednesday there was a modest profit-booking. In reality, the USFDA had looked into the company’s Hyderabad branch in May. The US drug authority had received some complaints about this inquiry, but no enforcement action was taken against the business.
Since then, attitudes about the organisation have changed for the better. The company has reportedly achieved significant advancements in the development of the life-saving drug Albumin, according to Arihant Capital Markets. The brokerage firm thinks that the company will see growth due to the expansion of its formulations business, new product pipeline, licencing revenue, and stake sales in specific industries.
By 10%, Satin Creditcare reaches a 52-week high.
On Wednesday, Satin Creditcare stock reached a new 52-week high. The stock reached a high during the trading session of Rs 193.50, the highest level since February 2020. In the past six months, the stock has increased by about 25%, and in just one year, it has more than doubled. The non-convertible debentures issue was approved by the company’s board of directors, which is what caused Wednesday’s increase. The Satin Creditcare board has given the go-ahead to raise up to Rs 54 crore through NCDs. This issue’s coupon rate has been set at 10.9%, and its allotment is scheduled on June 29. These NCDs will mature on May 8, 2027.
GMDC soars above 7%
The appointment of Hasmukh Adhia as Director and Chairman
On Wednesday, the Gujarat Mineral Development Corporation stock, also known as GMDC, increased by more than 7%, reaching a daytime high of Rs. 173.50, which is extremely near to its 52-week high of Rs. 186.75. In actuality, Hasmukh Adhia’s appointment to the company’s board of directors is what caused the increase on Wednesday. With immediate effect, Hasmukh Adhia has been named the company’s director and chairman.Hasmukh Adhia, a retired IAS officer from the Gujarat Cadre’s 1981 batch, serves as the Chief Advisor to Gujarat’s Chief Minister. He served as the Revenue Secretary and the Finance Secretary before this.
Aether Industries reaches a record-high.
In the first two hours of Wednesday, the shares of Aether Industries, a manufacturer of speciality chemicals, reached an all-time high of 10%. The stock reached an intraday high of Rs 1,104.50, which is a record high. The board’s acceptance of a QIP issue is what has caused the stock to rise. The company’s board has approved using QIP to raise up to Rs 750 crore. On June 19, the issue went on sale for a floor price of Rs 984.90. It’s estimated that the corporation can reduce the floor price by a maximum of 5%. Working capital and capacity growth will be the principal uses of the funds received from this QIP issue.
