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Market Updates

The Markets are expected to open lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed flat at 18,755 on monday.

IIFL Securities:

SEBI barred the company from onboarding any new client for two years in respect of its business as a stockbroker. Funds from its credit balance clients’ were used to not only fund trades of its debit balance clients but also to fund its own trades, it said. However, the company plans to appeal before SAT against the SEBI order.

HDFC AMC:

Abrdn Investment Management will exit the company as its promoter through the sale of its 10.2% stake. It will offer 2.17 crore shares in the price range of Rs 1,800–1,892.45 apiece, representing a discount of up to 4.9% on Monday’s closing price.

ITC:

The company will acquire a further stake in Mother Sparsh through 857 compulsory convertible preference shares of Rs. 10 each. Its stake in the Mother Sparsh will increase from 22% to 26.50% (on a fully diluted basis.

Zydus Lifesciences:

The company has received final approval from the United States Food and Drug Administration for Minocycline Hydrochloride ExtendedRelease Tablets USP, 55 mg, 65 mg, and 115 mg.

Can Fin Homes:

The company’s board approved a fund raise of Rs 5,000 crore. It’ll raise Rs 4,000 crore via the issuance of on-shore and/or off-shore debt instruments and Rs 1,000 crore via QIP, preferential allotment, rights issue, or a combination thereof.

HDFC

The company has sold a 90% stake in HDFC Credila to a consortium of Baring Private Equity Asia and ChrysCapital for Rs 9,060.4 crore. HDFC Credila will receive additional fresh capital of Rs 2003.61 crore as a part of the proposed transaction. The company will hold less than 10% of Credila after the stake sale.

Timken India:

Timken Singapore will offer 6.3 million shares of Timken India at the floor price of Rs 3,000 apiece, representing a discount of up to 14% on Monday’s closing price. The seller has a 90-day lockup

Sun Pharmaceuticals:

The company announced Health Canada's approval of PRWINLEVI (clascoterone cream 1%) for topical treatment of acne in patients 12 years of age and older.

Ex-Date Dividend:

Meghmani Finechem, Newgen Software Technologies, CEAT etc.

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