Adani Group, RITES, Fine Organic, TCS & Reliance Are Top 5 Newsmakers of Stock Market
After two days of trading losses, the BSE Sensex jumped 385.84 points, to close at 35,423.48, on Friday, June 29, 2018. Nifty at the National Stock Exchange surged 125.20 points to 10,714.30. But there were certain stocks that came in news between Friday and Sunday and its reflections will be visible in the market on July 2, 2018. Here are the stocks concerned:
Adani Group: Gautam Adani-led Adani Group plans to raise Rs 5,000 to Rs 6,000 crore through stake sales in some of its subsidiaries. The proceeds from the equity issuances shall be utilised towards strengthening the balance sheet position of group companies including de-leveraging the power business and to part fund the proposed acquisition of the integrated business of generation, transmission and distribution of power for Mumbai City.
Fine Organic Industries: The chemical manufacturer company will also make its stock market debut on July 2, 2018, after successfully completing their initial public offerings (IPO) during 20-22 June. Its IPO was subscribed nearly 9 times. The price band for the offer was fixed at Rs780-783 per share.
RITES: RITES, a Railway consultancy firm, will make its stock market debut on today, July 2, 2018, after successfully completing their initial public offerings during June 20-22, 2018. RITES IPO was opened at a price band of Rs 180-185. RITES garnered strong investor demand, with the issue getting subscribed more than 67 times. RITES is the first state-owned firm to hit the IPO market in the current fiscal.
Tata Consultancy Services (TCS): The IT Major, TCS, on Friday said that its promoter and promoter group are interested in participating in the proposed buyback of the firm’s shares. The company will be involved in the buyback of 7.61 crore shares.
Reliance Industries Limited (RIL): The company is set to acquire Nasdaq-listed telecom solutions provider Radisys Corporation. Reports suggest that RIL has picked up a 100 per cent stake in Radisys for Rs 510 crore. The acquisition will further accelerate the company in the areas of 5G, IOT (Internet of Things) and open source architecture adoption.