Stocks to watch on Monday: nifty Futures on the Singapore Exchange were trading 318.5 points or 1.97 per cent lower at 15,866.50, indicating that Dalal Street was headed for a negative start on Monday. Bears were back in control of Dalal Street after a day’s break and benchmark indices fell nearly 2 per cent in the previous session on inflation concerns and growth concerns. The Sensex ended 1,017 points or 1.8 per cent lower at 54,303, while the Nifty ended 276 points or 1.7 per cent lower at 16,202.
Vedanta
Vedanta’s iron and steel segment, owned by billionaire Anil Agarwal, entered iron ore mining operations in Liberia, West Africa through its subsidiary Western Cluster (WCL) with a ground-breaking ceremony held at Bomi iron ore mine on 8 June Is. WCL is a wholly owned subsidiary of Bloom Fountains (BFL) which in turn is a wholly owned subsidiary of Vedanta. WCL signed a mineral development agreement with the Liberian government in 2011 for three iron ore mining concessions at Bomi, Ba and Mano. However, operations could not be resumed due to the outbreak of the Ebola epidemic.
IIFL Finance
British International Investment plc (formerly known as CDC Group plc) sold 16 million equity shares in the company through an open market transaction on 10 June. With this, its stake in the company came down from 7.772 per cent to 3.557 per cent. However, Max Life Insurance Company acquired 24.6 lakh equity shares in the company and Nomura India Investment fund Mother Fund bought 44,74,548 shares at an average price of Rs 325.1 per share.
Krishna Institute of Medical Sciences
Mirae Asset Mutual Fund had acquired 1,08,472 equity shares in the company through an open market transaction on June 9. With this, its stake in the company has increased from 8.1 per cent to 8.236 per cent.
Lemon Tree Hotel
The company has signed a license agreement under its brand “Key Light by Lemon Tree Hotels” for a 44-room hotel at Gajuwaka, Visakhapatnam, Andhra Pradesh. The hotel is expected to be operational by March 2023. Carnation Hotels Private Limited, a subsidiary and the hotel management arm of the company, will operate the property.
Ind Infravit Trust
The company proposes to acquire the entire equity share capital in five special purpose vehicles – three toll-road infrastructure assets (Singhpuri Expressway, Rayalaseema Expressway, Mumbai Nashik Expressway) and two annuity infrastructure assets (Kosi Bridge Infrastructure Company, and Gorakhpur Infrastructure). Company) – from BIF India Holdings Pte Ltd and Kinetic Holdings I Pte Ltd. Both entities (BIF and Kinetic) are owned by funds managed by Brookfield Asset Management Inc. and its affiliates. The payout for the proposed transaction is based on a cumulative gross enterprise value of Rs 8,940.9 crore.
Jammu and Kashmir Bank
The bank said that its board has approved the appointment of Prateek D Punjabi as Chief Financial Officer.
Astron Paper And Board Mill
The company reported a sharp decline in consolidated profit of Rs 0.32 crore for the quarter ended March 2022, on account of lower revenue and lower other income, as against profit of Rs 6.8 crore in the same period last year. Revenue fell from Rs 143.8 crore to Rs 143.2 crore during the same period.
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