Market this Week 26-11-2021
- Indian Metals & Ferro Alloys shares hit a new high as the board considers a bonus issuance
- As a result of the GEAE Technology USA deal, Triveni Engineering’s share price rises 4%
- Shares of JBM Auto trade near 52-week high as board considers split
- Share price of Healthcare Global rises by 4% following the acquisition of a majority stake in Suchirayu Healthcare Solutions
- As government sells stake in Hindustan Zinc, share price rises nearly 4%
Indian Metals & Ferro Alloys shares hit a new high as the board considers a bonus issuance
The share price of Indian Metals & Ferro Alloys jumped 5 percent on November 23, after its board of directors announced it would consider a bonus share issue. The company said in an exchange filing to BSE that the Board of Directors will meet on November 26, 2021 to discuss the proposal to issue bonus shares.
For the quarter ended September 2021, Indian Metals & Ferro Alloys’ net profit increased threefold to Rs 143.58 crore from Rs 43.62 crore in the same period last year.In the quarter ended September 20,21, it posted a sales increase of 49 percent to Rs 653.16 crore, as compared with Rs 437.58 crore a year earlier.
As a result of the GEAE Technology USA deal, Triveni Engineering’s share price rises 4%
A 10-year business agreement was signed between Triveni Engineering & Industries and GEAE Technology USA on November 23 to manufacture the LM2500 gas turbine base and enclosure locally. Shares of Triveni Engineering rose 4 percent to Rs 195.75 intraday.
Under the agreement, GEAE Technology USA licensed Triveni to manufacture the LM2500 gas turbine’s base frame, acoustic enclosure, lubricating oil skid, and other accessory items that go into the gas turbine enclosure assembly. In many of its surface combatant vessels, the Indian Navy has chosen the LM2500 gas turbine for propulsion.
Shares of JBM Auto trade near 52-week high as board considers split
A stock split proposal will be discussed by the company’s board at a meeting scheduled for December 8 after the company said it would float its shares. JBM Auto shares advanced over 6 percent intraday on November 22 to Rs 53.80
To discuss and approve the proposal of subdividing the company’s equity shares of face value Rs 5 each, a board meeting was scheduled for December 8, 2021,Regulatory and statutory approvals are required, the company said in a filing with the exchange .From Rs 20.49 crore in the same quarter of the previous year, JBM Auto’s net profit increased by 23 percent to Rs 25.30 crore in the quarter ended September 30, 2021.
Share price of Healthcare Global rises by 4% following the acquisition of a majority stake in Suchirayu Healthcare Solutions
Following the company’s acquisition of a majority stake in Suchirayu Healthcare Solutions, Healthcare Global Enterprises’ share price increased by 4 percent in morning trade to Rs 263.
HealthCare Global Enterprises (HCG) has acquired 60.9 percent of Suchirayu Healthcare Solutions, Hubli, becoming a majority stake owner from its existing 17.7 percent to 78.6 percent, according to a release.
Suchirayu owns a state-of-the-art multi-specialty hospital in Karnataka’s Hubli city with an operational capacity of 110 beds and a potential to scale up to 250 beds. The hospital has been operated and maintained by HCG since August 2017 and the company has the right to increase its stake to 80 percent by July 2022.
As government sells stake in Hindustan Zinc, share price rises nearly 4%
After the Supreme Court allowed the government to sell stake in Hindustan Zinc, its share price rose nearly 4 percent intraday to Rs 344.90 on November 18.
The court ruled that the government is entitled to decide on divestment shareholding as long as the process is transparent and the best prices are realized
The Centre has asked for the preliminary inquiry into Hind Zinc’s 2002 divestment of assets to be closed. Court held, however, that the 2002 government stake sale had violated divestment norms and disallowed its closure. The court now directed the CBI to investigate it.
FIIs are Net Sellers
Last 4 trading sessions FIIs sold 15000 Crore worth of Equity as per PR Sundar market watcher.
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