Good afternoon
Markets are trading in the green, with the NIFTY50 trading above 21,500 as of 1:00 pm. Here are the top stories for the day!
Top gainer: Hindalco : 601 ▲ 21 (+3.7%)
Top loser: Bajaj Finance: 305 ▼ 3.8 (-1.2%)
Maithan Alloys picks stake in NSE
Maithan Alloys, engaged in metal manufacturing, plans to acquire 10 lakh shares of the National Stock Exchange of India (NSE) through secondary market purchase. The total acquisition cost is around ₹324 crore, vaulting each share at ₹3,240. Following the announcement, shares of Maithan Alloys rose over 15% intraday. Meanwhile, the company’s shares are up over 26% on a year-to-date basis.
L&T gains on major order win in Middle East
The construction arm of Larsen & Toubro has bagged new order in the range of ₹5000 to ₹10000 crore. The project involves establishing various systems related to renewable energy generation and utilities for the Amaala project in the Red Sea region. Following the announcement, shares of L&T rose 1.6% intraday. Meanwhile, the company’s shares are up nearly 70% on a year-to-date basis.
Kansai Nerolac gains on land sale deal
Shares of the paint manufacturer trades in the green, up over 7% intraday. This was after the company signed a pact with Aethon Developers, a subsidiary of Runwal Developers to sell its Lower Parel land parcel for ₹726 crore. This land sale is part of the company’s plan to monetize idle land parcels. Meanwhile, the company’s shares are up over 17% on a year-to-date basis.