Bajaj Finance Ltd has launched a Rs. 4,500 crore QIP fundraising, at the floor price of Rs.1,777.9 per share to set a new record this year.
Qualified Institutional Placement (QIP) is a fund raising tool by which listed firms can sell equity shares, fully & partly convertible debentures that are convertible into stocks to a qualified institutional buyer. The company has set a floor price of Rs 1,777.9 per share for the share sale and is offering a discount of up to 5 percent on the floor price.
After opening on a passive note, Nifty has again lost ground led by selling pressure in the Pharma stocks and realty stocks, but the Metals index showed positive signals. Buzzing stocks: Stocks of Raymond hits fresh 52-week high with growing volumes.
Shares of Apex Frozen Foods IPO list at Rs 202 on NSE with a price band at Rs 175.
Stocks of NMDC rises over 2 percent after the company increased iron ore prices by Rs 175 per tonne for September.
Stocks of TVS Motors gains 1.5 percent after company’s August sales rose 16 percent. Ajanta Pharma Stock advanced 1 percent after the company obtained USFDA approval for generic of Comtan tablets, while Sun Pharma down marginally seeing single digit decline in revenues for FY18.
The companies such as JBM Auto, Film Industries, Manali Petrochemicals, Salasar Techno are excepted the announce their results today.
Sensex, Nifty is trading with weak sentiments showing a negative undertone dictating the market. Alongside, the rupee opened marginally lower against the USD. The shares of Lupin Ltd, Tata Steel Ltd rose, whereas Sun Pharma, HUL, and NTPC fell in morning hours.
India’s major telecom operator, Airtel has advanced over 2.85 percent on Wednesday morning trade, to the day’s high of Rs 433.7, after the company has added 6.00 lakh new users in July 2017.
Airtel contributed about 14 points to the 150 points upward in the 30-share index today, the stock has zoomed 16.64 percent to Rs 433.7 in the last three months. In a new development, Bharti Airtel to counter Reliance Jio Phone is planning to launch its own 4G mobile, as per the report. According to media reports, Airtel will launch the Android-based 4G phone just ahead of Diwali.