Markets End in Red, GMM Pfaudler Hits Lower Circuit, Recoveries Higher than New Cases.
-22nd SEPTEMBER 2020-
Sensex 37,734.08 ▼0.79%
Nifty 11,153.65 ▼ 0.86%
The markets continued to fall today also - down by around 0.8%. Global cues are being cited as the main reason behind this. Rising cases in Europe and other parts of the world that are leading to a fresh round of lockdowns are could be the reason driving the markets down.
Top Gainers (Nifty)
TCS (▲ 2.34%)
HCL Tech (▲ 2.29%)
Grasim (▲ 1.71%)
Tech Mahindra (▲ 1.68%)
Cipla (▲ 1.24%)
Top Losers (Nifty)
Zee Entertainment (▼ 6.45%)
GAIL (▼ 4.59%)
Adani Ports (▼ 4.47%)
Bharti Infratel (▼ 4.42%)
Tata Motors (▼ 3.16%)
IPO: CAMS and Chemcon Day 2
Chemcon Specialty Chemicals
Chemcon IPO was subscribed more than 12.5 times at the end of Day 2.
The IPO received bids for 8.28 crore shares against an offer size of 65.59 lakh shares.
The Rs 318-crore IPO closes for subscription tomorrow.
CAMS
CAMS IPO was subscribed 1.93 times.
The IPO received bids for 2.47 crore shares against an offer size of 1.28 crore shares.
The Rs 2,244-crore IPO closes for subscription tomorrow.
Fundraising Hindustan Zinc, State Bank of India
Hindustan Zinc
Hindustan Zinc plans to raise Rs 4,000 crores, it said in a press release today. This includes an option of Rs 1,000 crores for oversubscription.
The company will do this by offering 40,000 unsecured, rated, listed, redeemable, non-convertible debentures.
They will have a face value of Rs 10 lakh each, amounting to Rs 4,000 crores.
Shares of the company ended 1.07% higher at Rs 208.2 per share.
State Bank of India
SBI raised Rs 7,000 crore through the issue of Basel III compliant bonds, the bank said in a press release yesterday.
The bank approved the allotment of 70,000 Basel-III compliant “nonconvertible, taxable, redeemable, subordinated, unsecured, fully paid-up” debt instruments.
These will be mostly in the nature of debentures. They were allotted yesterday.
The debentures have a face value of Rs 10 lakh each with a coupon of 6.24% per annum. The coupon is payable annually for a tenor of 10 years.
Shares of the bank ended 0.22% higher at Rs 186.2 per share.
ALSO READ: How to read the annual report of a company?
Promoters Plan Stake Sale in GMM Pfaudler
GMM Pfaudler's promoters are proposing to sell 40.93 lakh shares of the company, it said in an exchange filing yesterday.
This includes a base offer of 25.7 lakh shares and an over-subscription option of 15.22 lakh shares.
40.93 lakh shares amount to 28% of the total equity capital.
The promoters/sellers include Millars Machinery, Pfaudler Inc, and Urmi Patel.
GMM Pfaudler supplies critical process equipment and systems to global chemical and pharma industries.
The company's shares hit a lower circuit of 10% and ended at Rs 4,682.7 per share.
Recoveries higher than New Cases
According to the available data, new cases have been lower than recoveries in India over the past 4 days.
After touching a new all-time high number of cases this month of around 97,000 cases per day, the number of new cases yesterday was down to around 74,000 per day.
At the same time, recoveries have climbed to between 90,000 and 1,00,000 cases per day.
Of course, this does not necessarily mean that the number of new cases will continue to decline.
The recovery rate in India as of now is around 81%.
Also, news is coming in that phase III trials of the Russian vaccine is about to start in India where around 1,000 to 2,000 volunteers will be recruited to be a part of the trials.
Dr Reddy’s is conducting the trials in India and will also be manufacturing the vaccine.
🥇 Gold: Rs 50,370 ▼ 1.14% at 6 PM 🥈 Silver: Rs 60,476 ▼ 8.46% at 6 PM 🔀 USD-INR Rate: Rs 73.47/USD Dow Jones: 27,147.70 ▼ 1.84% - Sept 21 Nasdaq: 10,778.80 ▼ 0.13% - Sept 21 |
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