Markets are trading in flat as of 12:45 pm, with the NIFTY50 trading above the 19,600 level. Here are the top stories of the hour. Let us know what you think in the comments below!
Top gainer: Coal India: 271 ▲ 15 (+6.1%)
Top loser: Tata Consumer: 856 ▼ 22 (-2.5%)
Tata Consumer falls as company issues clarification
Shares of Tata Consumer Products declined more than 2% after the company clarified it is not in negotiations with Haldiram’s to acquire a 51% stake. Yesterday, multiple media reports stated that Tata Consumer is in talks to buy a controlling stake in Haldiram’s at a valuation of $10 billion.
Force Motors hits upper circuit
Force Motors shares are locked in the upper circuit of 5%. This comes after the commercial and utility vehicles maker announced production of 3,032 units in August 2023, up 1.5% compared to July 2023. Meanwhile, its domestic sales were at 2,601 units, while export sales stood at 675 units during the same month.
RHI Magnesita gains on CCI nod
Shares of RHI Magnesita India gained over 6% after the Competition Commission of India (CCI) cleared Rhone Capital’s proposed acquisition of a 29.9% stake in RHI Magnesita NV. RHI Magnesita NV operates through its subsidiary RHI Magnesita India Ltd, specialising in refractories and related products.
Varroc Engineering hits 52-week high
Varroc Engineering rose over 5% intraday after the automotive component maker entered into a power purchase agreement with three special purpose vehicles (SPVs). Additionally, Varroc will acquire a 26% stake in these SPVs to establish renewable power plants in Maharashtra, enabling the company to source solar power from the said SPVs for its manufacturing plants.