Indian equity markets higher as the surprise merger announcement of HDFC and HDFC Bank catapulted the benchmark indices over 2 per cent on Monday. The S&P BSE Sensex and the NSE Nifty 50 surged over 2.5 per cent intra-day and hit highs of 60,845 and 18,114, respectively before settling at 60,612 and 18,053, respectively. Meanwhile, Nifty Bank index zoomed 4 per cent. Markets witnessed the continuation of the positive momentum as Nifty attempted to hold
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Domestic benchmark indices BSE Sensex and NSE Nifty 50 have recovered strongly in the last few trading sessions. Nifty 50 bounced back from the key support of 16800 and now could be heading towards 18100, said technical analysts at ICICI Direct. “Benchmarks reclaimed half the ground lost over the past six months as the cluster of support in the vicinity of 52 week’s EMA generated buying demand after markets moved to an oversold trajectory,” analysts
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Shares of Tata Coffee rallied nearly 13 per cent on Wednesday after Tata Consumer Products announced the merger of all businesses of the company with itself as part of a reorganisation plan. Tata Coffee shares jumped 12.91 per cent to Rs 221.60 on the BSE. The stock of Tata Consumer Products also rallied 5.28 per cent to Rs 782.50. Tata Consumer Products Ltd (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee
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Shares of PVR and INOX Leisure opened at a record 52-week high on Monday, after the two cinema operators announced their merger. The combined entity is expected to become the largest film exhibition company in India, with over 1500 screens. Shares of PVR jumped 10% at Rs 2010.35 per share on the Bombay Stock Exchange, while shares of INOX Leisure soared nearly 20% to Rs 563.60 per share on the benchmark stock index. Brokerage firm
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Anupam Rasayan shares are expected to surge as the company is seen as an attractive China+1 play by global brokerage and research firm Jefferies. “Anupam Rasayan is well-positioned to benefit from ‘China + 1’ with its diversified chemistry expertise, wide customer base and presence across multiple verticals,” said Jefferies as it initiated the coverage of the chemical manufacturer. Analysts added that the 16% year-to-date correction in Anupam Rasayan share price makes the stock’s valuations favourable
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