Stock Market Update: While the S&P BSE Sensex was up 0.44% at 67,286.16, as of 9.35 am, the NSE Nifty 50 index increased by as much as 0.52% to 20,238.45, a new record high. At 10 in the morning, the Nifty gained 121.70 points to 20,254.90, while the Sensex increased 424.04 points to 67,412.48. India’s GDP grew 7.6% in the September quarter, beyond consensus projections, and it continued to be the fastest-growing major economy in the world thanks to industry and government expenditure.
Flair Writing Industries listed at premium
Flair Writing Industries’ shares enjoyed a robust market debut, consistent with the listings of Tata Tech and Gandhar Oil. At the issue price of Rs. 304, the shares began trading at Rs. 490 on the National shares Exchange and Rs. 505 on the BSE. On the final day of bidding, the Rs. 593-crore public issue was subscribed 46.68 times.
Stock Market Update: UltraTech Cement Ltd acquires cement business of Kesoram Industries
According to a filing with the markets on Thursday, UltraTech Cement Ltd., the parent company of the Aditya Birla group, has purchased Kesoram Industries’ cement division in exchange for shares. A share of UltraTech will be issued for every 52 shares of Kesoram, meaning that the offer price per share would be Rs. 173.15, which is 34% more than the previous close of Kesoram. The whole anticipated worth of the acquisition, including the debt that the company will assume from Kesoram, is Rs. 7,600 crore.
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