Good afternoon
Markets are trading flat. NIFTY 50 made a new all time high at 22249 but is currently hovering near the 22,200 mark.
Top gainer: TATA Steel: 145 ▲ 4 (+3.2%)
Top loser: Powergrid: 283 ▼ 4 (-1.6%)
Whirlpool Corporation sells 24% stake in India unit
Whirlpool Corporation, a leading manufacturer of home appliances, has sold a 24% stake in its India unit worth ₹3,880 crore ($468 million). The company’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed this sales transaction of 30.4 million equity shares through market trade.
Hindalco gains as its subsidiary files IPO papers
Hindalco shares rose as much as 5.1% intraday after the company’s US-based subsidiary Novelis filed for an initial public offering (IPO) with the Securities and Exchange Commission. As per experts, Hindalco may use stake sale proceeds to reduce its consolidated debt on the balance sheet.
Raymond soars on launch of its first real estate project in Mumbai
This comes a day after the company launched its first project outside Thane ‘The Address by GS, Bandra’. The Bandra residential project in Mumbai is estimated to have a development value of over ₹2,000 crore.