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Indian <keyword id="20020567" type="General" weightage="20" keywordseo="equity-benchmarks" source="keywords">equity benchmarks</keyword> on Thursday closed on a strong note with the <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> around 25,150 after touching a fresh lifetime high. The <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword>, at the close of today's <keyword id="20114014" type="General" weightage="20" keywordseo="trading" source="keywords">trading</keyword>, ended at 82,134.61, up 349.05 points. During the trading hours today, the Nifty touched its record high at 25,174.55 and the Sensex rose to 82,220.68. Both the benchmarks closed near their <keyword id="19919943" type="General" weightage="20" keywordseo="record-highs" source="keywords">record highs</keyword>, with the <keyword id="20641216" type="General" weightage="20" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> advancing for the 12th consecutive session. Key movers on the NSE Nifty 50 included Tata Motors, Bajaj Finserv, Britannia Industries, Bajaj Finance, and BPCL. At the same time, laggards were Grasim, Mahindra &amp; Mahindra, Dr Reddy's Laboratories, JSW Steel, and HDFC Life Insurance. The Nifty Midcap and <keyword id="19908884" type="General" weightage="20" keywordseo="smallcap" source="keywords">Smallcap</keyword> indices fell for the second session, while the Nifty Auto and FMCG indices reversed their two-session losing streaks, driven by gains in Tata Motors, Britannia, and ITC. Conversely, the Nifty Metal sector declined for the third consecutive session, led down by <keyword id="20108985" type="General" weightage="20" keywordseo="hindustan-zinc" source="keywords">Hindustan Zinc</keyword> and JSW Steel. The Nifty Pharma, despite hitting a record high, ended in the red. The <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>' 47th AGM drew significant attention from the market, with Mukesh Ambannouncing Rs 75,000 crore investment in New Energy. The company has also announced that it will consider a 1:1 bonus at the board meeting scheduled on September 5. As a result of the announcements, the company shares upped by 1.55 per cent after the close of the market. "The monthly expiry day was a roller-coaster ride for participants, ultimately ending on a positive note. Nifty started flat but gradually moved higher in the first half. However, sharp swings in the latter half kept traders on their toes. Sector-wise, mixed trends persisted, with auto, FMCG, and energy emerging as the top gainers, while the pharma and metal sectors saw some profit-taking. The disappointment was the underperformance of the broader indices," said Ajit Mishra - SVP, Research, Religare Broking Ltd. observing today's market. "In the past six months, we've seen Nifty consistently breaking all-time highs, and I believe this rally still has room to run. While a short-term pullback is possible, the overall upward momentum is likely to continue, potentially pushing Nifty and Sensex to even higher levels," Vinnaayak Mehta, Founder &amp; Managing Partner The Infinity Group. Later this week, the markets will be reading the first quarter GDP data which is scheduled on Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with growth for Q1 expected at 7.1 per cent. India's GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy.

Sensex, Nifty close near their record highs on Wednesday

<keyword id="28423" type="General" weightage="50" keywordseo="vedanta" source="Orion">Vedanta</keyword> group firm <keyword id="332980" type="General" weightage="50" keywordseo="hindustan-zinc-ltd" source="Orion">Hindustan Zinc Ltd</keyword> on Wednesday said its board has approved a second interim <keyword id="56600" type="General" weightage="20" keywordseo="dividend" source="Orion">dividend</keyword> of Rs 6 per equity share for FY24, amounting to Rs 2,535.19 crore. "The board of directors of the company through resolution passed by circulation on Wednesday, December 6, 2023 have approved 2nd interim dividend of Rs 6 per equity share i.e. 300 per cent on face value of Rs 2 per share for the Financial Year 2023-24 amounting to Rs 2,535.19 crores," the company said in a stock exchange filing. The interim dividend will be paid within stipulated timelines, it said. The company had announced its first interim dividend of Rs 7 per share in July this year. <keyword id="720166" type="General" weightage="50" keywordseo="billionaire-anil-agarwal" source="Orion">Billionaire Anil Agarwal</keyword> is considering a major restructuring of his profitable zinc unit <keyword id="115997" type="General" weightage="100" keywordseo="hindustan-zinc" source="Orion">Hindustan Zinc</keyword> Ltd to help the Vedanta group reduce its debt. Hindustan Zinc Ltd had earlier said that it could create separate legal entities for its zinc and lead, silver, and recycling businesses to help capitalise on "distinct market positions" and attract investors. A committee of directors will evaluate the options and advise the board, along with external advisers. Hindustan Zinc is world's second largest integrated zinc producer and fifth largest silver producer. The company holds about 80 per cent of the growing zinc market in the country, having its headquarters at <keyword id="42774" type="General" weightage="50" keywordseo="udaipur" source="Orion">Udaipur</keyword> and zinc, lead mines and smelting complexes spread across Rajasthan. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank">OnePlus 12 debuts with bigger battery, up to 24GB RAM and more</a><a href="https://www.businessinsider.in/sports/webstories/indias-tour-of-south-africa-squads-schedule-where-to-watch-and-more/slidelist/105755174.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-tour-of-south-africa-squads-schedule-where-to-watch-and-more/slidelist/105755174.cms" target="_blank">India’s tour of South Africa – Squads, schedule, where to watch and more</a> <a href="https://www.businessinsider.in/india/news/noida-woman-scammed-11-lakh-in-digital-arrest-scam-everything-you-need-to-know/articleshow/105727970.cms">Noida woman scammed ₹11 lakh in digital arrest scam – everything you need to know</a>

Hindustan Zinc board approves dividend of Rs 2,535.19 crore

New Delhi, May 15 () The board of Hindustan Zinc (HZL), a subsidiary of Vedanta, has approved an interim dividend of Rs 16.50 per equity share for FY20 amounting to Rs 6,972 crore. Vedanta owns 64.9 per cent stake in the company, while the centre retains a 29.54 per cent stake. HZL has intimated that its board of directors, through resolution passed by circulation on Tuesday, has approved interim dividend of Rs 16.50 per equity share - 825 per cent on face value of Rs 2 per share for the financial year 2019-20 amounting to Rs 6,972 crore, Vedanta informed the BSE on Friday. HZL is one of the largest integrated producers of zinc and lead and a leading producer of silver. It has facilities in Rampura Agucha, Chanderiya, Dariba, Kayad and Zawar in Rajasthan, along with zinc-lead processing and refining facilities and a silver refinery at Pantnagar in Uttarakhand. SID SID ANSANS

Hindustan Zinc board approves interim dividend of Rs 16.50/share for FY20

"Dear Sir, I need a leave” seems to be a matter of the past. As <keyword id="46431" type="CITY" weightage="60" keywordseo="India-Inc">India Inc</keyword> is aggressively trying to replace the Sir with Ma’am, thanks to the initiative to improve gender diversity at the top management level, four headhunting firms are together reporting nearly 100 live search mandates for women CXO-level executives. 
 
While MNCs were among the earliest to employ more women at the senior management levels, Indian companies are no exception now. As per a report by The Economic Times, Indian promoter driven organisations are on an aggressive bid to get high potential women talent at CXO level. "Initially, the whole push came after it became mandatory to have women directors on the board. But this process triggered thinking in this direction,” Anindita Banerjee, executive director at RGF Executive Search has told the financial daily. 
 Now this direction is definitely signalling a change! Companies like Mahindra &amp; Mahindra, Hindustan Zinc Limited, <keyword id="106159" type="CITY" weightage="60" keywordseo="Jindal-Steel">Jindal Steel</keyword> &amp; Power Limited and Schneider Electric have given mandates to search firms to hunt for potential female CXO talent. Jindal Steel is currently scouting for a woman candidate to head its finance department, director group-HR, <keyword id="211707" type="PERSON" weightage="60" keywordseo="Rajeev-Bhadauria">Rajeev Bhadauria</keyword> has informed the ET. 
 
This scenario is the same throughout the industry. "We will prefer more and more women when it comes to filling up positions with no compromise on merit," said Prince Augustin, Executive Vice-President - Group Human Capital &amp; Leadership Development at Mahindra &amp; Mahindra. 
 
Yet the red line seems to persist. Experts informed the ET, while demand goes up by 40%, success rate is only half of it. 
 
Forum for Women in Leadership (WILL) estimates that 8-10% of senior management leadership in India are women, compared to 22-25% in the US. 
 
"There is a lack of understanding on diversity...on why should we have diversity, for innovation, competitiveness, for different ideas and different skills," says Poonam Barua, founder chairman, WILL. 
 
(Image: India Times)

India Inc is ensuring you will mostly be answering to
a ‘woman boss’

New Delhi, Mar 29 () Metals and mining magnate Anil Agarwal has for the first time taken a board position on his flagship Indian firm, Vedanta Ltd, replacing his brother Navin.Agarwal, 66, who turned a tiny scrap metal business into a mining conglomerate, had so far headed the board of London-headquartered Vedanta Resources.The Indian flagship Vedanta Ltd houses its oil and gas, aluminium, power, iron ore, steel and copper business.In a statement, the company said Agarwal has been appointed "as the non-executive chairman of Vedanta Ltd".He replaces his brother Navin, who will now be the Executive Vice Chairman of the Board.The changes followed chief executive officer S Venkatakrishnan resignation. He was replaced by Sunil Duggal, current head of Vedanta unit Hindustan Zinc Ltd."The company will be run by a management committee comprising of CEO, CFO, CHRO and CCO who will take all key decisions collectively under the guidance of Chairman," the statement said.Besides the Agarwal brothers, Vedanta Ltd also has Anil's daughter Priya as a board director. His trusted lieutenant Tarun Jain is also on the board.Former Hindustan Unilever executive Arun Kumar GR is Chief Financial Officer.Anil Agarwal's other listed firm Hindustan Zinc Ltd is headed by his wife Kiran. He is the non-executive chairman of Sterlite Technologies Ltd, the only other Indian listed company in the group.All other group firms, Cairn Oil and Gas, Sterlite Cooper, Balco, Sesa Goa Iron Ore, Vedanta Aluminium and Electrosteel Steels Ltd are headed by chief executive officers.Ethnically a marwari from Patna, Agarwal came down to Mumbai as a scrap dealer in 1976 and went on to build an empire in copper, zinc, aluminum and iron ore. A school dropout, he founded Vedanta Resources and has been its Executive Chairman since March, 2005.In October 2018, Agarwal took Vedanta Resources private after paying more than USD 1 billion for the one third of the metals firm that he didn't already own.In 2017, he bought a 19 per cent stake in London-listed miner Anglo American through his family trust and sold it in 2019.Vedanta has previously stated that it would invest Rs 60,000 crore expansion of its zinc, silver and oil and gas business. ANZ BALBAL

Anil Agarwal for the 1st time takes board position on Vedanta Ltd

<ul><li>The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece and the book value of the was ₹178 as on Sept 30,2019 , according to a note from HDFC Securities.</li><li>Now, the minority shareholders have to approve the delisting at the given price and there should be twice the number of smaller investors in favour of the delisting than those against. </li><li>Voluntarily delisting cannot happen if minority shareholders do not sell their share. </li></ul>The shares of Vedanta Resources fell nearly a percent and a half on Tuesday morning (May 19) after the Board of Directors approved the delisting of the stock at ₹87.5 a piece. The process will cost $2.1 billion to buy out at least 90% of the shareholders at the current price. <div type="image" title="vedanta stock chart" msid="75818634" hostid="261" caption="&amp;lt;p&amp;gt;The value per share of Vedanta&amp;#8217;s stake in Hindustan Zinc Ltd itself is &amp;#8377;137 apiece. The book value of Vedanta as on Sept 30, 2019 was &amp;#8377;178, according to HDFC Securities.&amp;lt;/p&amp;gt;"></div> The promoter group currently owns 50.14% stake in Vedanta while the rest is held by institutional investors and minority shareholders. The promoter group has made an offer to acquire all the balance shareholding, at least 90% of all shares, for the voluntary delisting of the company from stock exchanges. <div type="Article" hostid="261" msid="75818116" title="Billionaires Azim Premji and Kiran Mazumdar Shaw argue against the labour ‘reforms’ in Indian states⁠— and they are not alone" mstype="2" mssubtype="0"></div> Is this a fair price? The value per share of Vedanta’s stake in Hindustan Zinc Ltd itself is ₹137 apiece. The book value of Vedanta as on Sept 30, 2019 was ₹178, according to a note from HDFC Securities to its clients. Therefore, the delisting price has to be a lot higher than the one decided by the Board of Vedanta. "The announcement of delisting comes at cyclical lows and we believe at a significant discount to the fair value, especially when oil, zinc, aluminum, lead all have taken a beating due to the pandemic and greenshoots of recovery have started emerging in China," broking firm Emkay said in a report dated May 13. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Brokerage</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Target price for Vedanta</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Motilal Oswal</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹85</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Emkay</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹112</td> </tr></tbody></table> What are the next steps? Now, the minority shareholders ⁠— there should be twice the number of smaller investors in favour of the delisting at the given price ⁠— have to approve this resolution through postal ballot. Agarwal, whose net worth is about $3.1 billion according to Forbes, will also need clearance from the regulators in India and the US as well as its creditors and stock exchanges. It will then set a final floor price and initiate a reverse book building process. What are the options for Vedanta's shareholders? For those who are not happy with the price offered by the promoters of Vedanta, not participating in the buyback is an option. "In case the delisting happens at a higher price, they still have the chance to offer the shares in six months post the actual delisting at the same price. In case the delisting fails, the shareholder does not lose anything; the shares are in the demat account and he has the chance to sell them in the market when the buyback offer is close to ending at a much higher price that the indicative offer price," HDFC Securities said. Voluntarily delisting cannot happen if minority shareholders do not sell their share. Who has enough muscle to protest? Big investors like mutual funds, foreign institutions, and the state-owned giant Life Insurance Corporation of India have enough stake to force a bargain. <div type="image" title="vedanta shareholding" msid="75809933" hostid="261" caption="&amp;lt;p&amp;gt;Vedanta promoters need to buy back at least 90% of all the shares in the market. &amp;lt;/p&amp;gt;"></div> "These institutions will expectedly play a role in ensuring that the delisting happens at a fair price which is much above the indicative delisting price of ₹87.50," the report added. <table style="width: 343pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:182pt">Mutual Fund</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 161pt;">Stake in Vedanta</td> </tr> <tr> <td class="xl66" style="height: 26.25pt; border-top-width: initial; border-top-style: none; width: 182pt;">ICICI PRUDENTIAL EQUITY ARBITRAGE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">5.03%</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none; width: 182pt;">HDFC INFRASTRUCTURE FUND</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">2.47%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">SBI ARBITRAGE OPPORTUNITIES FUND </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">1.12%</td> </tr></tbody></table>*Source: BSE What makes Vedanta more attractive is the recent reforms announced by the government, though the benefits will flow in over the long term. Some of the major highlights include: <ul><li>A seamless, comprehensive exploration-mining-production policy will be introduced for non-coal minerals like iron ore, bauxite etc. </li><li>The distinction between captive and non-captive mines and that will help transfer mining leases and the sale of unused minerals. Companies will be allowed to transfer the mining lease. </li><li>The Ministry of Mines is in the process of mineral index. Stamp duties will be rationalised at the time of auction. </li></ul> These policy changes may push investors to expect the shares to be more valuable in the long term and seek better price from Anil Agarwal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-fpi-sold-shares-despite-modi-20-lakh-crore-stimulus/articleshow/75807397.cms">Foreign investors sold shares worth over a billion dollars in the last four trading days⁠ while India was unveiling it’s ₹20 lakh crore stimulus</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/indusind-icici-bank-hdfc-bank-and-sbi-among-top-10-losers-in-nifty-bank/articleshow/75805726.cms">From IndusInd to ICICI Bank to SBI ⁠— banks were among the worst-hit despite the government pause on new bad loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/share-price-impact-on-hul-d-mart-maruti-tata-motors-as-per-goldman-sachs-china-data/articleshow/75786721.cms">Goldman Sachs’s China recovery data can spark hope for HUL and D-Mart, and make Maruti, Tata Motors and IndiGo more anxious</a>

Vedanta shareholders aren't thrilled⁠— stock slides after Board approved delisting at ₹87.5 a piece

<keyword id="7353741" type="General" weightage="100" keywordseo="dynamic-cables" source="Orion">Dynamic Cables</keyword> Limited (DCL), a Jaipur-based power cable manufacturer announced its result for Q2FY23. The company reported a sale of Rs 173.4 crs, healthy growth of 30%. In the quarter gone by Company received a major breakthrough in its MVCC product and upgradation in the RDSO vendor category which will play important role in driving the growth of the company. The profits of the company were flat sequentially at Rs.7.2 crs despite a challenging environment due to high volatility in key raw material prices and step-up investment in product development. The management has guided bottoming of operating margins and improvement in profitability going forward. The company also announced the appointment of industry veteran Mr Bharat Moossaddee as an Independent Director. He is <keyword id="12874108" type="General" weightage="50" keywordseo="a-chartered-accountant" source="Orion">a Chartered Accountant</keyword>, MBA from IIM Ahmedabad and has done Leadership Program from Thunderbird University, USA. He has a well-rounded experience of 35+ years in Business Strategy, Consulting, Corporate Law, Finance, General Management, Investment Banking, Legal, Management, Portfolio /Asset Management, Taxation, and Venture Capital. He worked with <keyword id="45224" type="General" weightage="50" keywordseo="mahindra" source="Orion">Mahindra</keyword> group for 9 years till 2021 handling CFO &amp; CIO/Digital role and also running several start-ups of Mahindra group from incubation, fundraising and taking them up to stable state operations. Prior to that, he worked with CK Birla, General Motors, Hindustan Zinc, Shell India and <keyword id="15514410" type="General" weightage="50" keywordseo="sun-gumberg" source="Orion">Sun Gumberg</keyword> in various senior positions during his career. During his illustrious career, he served on the Board of 25+ companies and also held positions in Audit, CSR, and NRC Committees of various companies. Ashish Mangal, Managing Director of Dynamic Cables said, "We welcome Mr Bharat Moossaddee a seasoned professional on our board as an Independent Director and I am confident that his rich experience, knowledge and proficiency will prove to be an invaluable asset to the Company as it embarks upon the next phase of sustainable profitable growth." Dynamic Cables Ltd. is a manufacturer of power infra cables that includes LT, HT, EHVC, Power control &amp; instrumentation cables, flexible &amp; industrial cables, solar cables and railway signalling cables. It supplies cables to Government Discoms, Private Distribution companies, Private EPC contractors, and industrial and Export clients. The company has 3 manufacturing plants are situated at Jaipur and Reengus. Business operations are managed through a corporate office in Jaipur and 5 regional sales offices across India. This story has been provided by PNN. will not be responsible in any way for the content in this article. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indices-open-flat-as-investors-await-october-inflation-data/articleshow/95500085.cms">Indices open flat as investors await October inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rustomjee-group-firm-keystone-realtors-10-key-things-to-know-before-subscribing-to-the-ipo/slidelist/95506995.cms">Rustomjee Group firm Keystone Realtors: 10 key things to know before subscribing to the IPO</a>

Dynamic Cables reports highest ever quarterly revenue

<ul><li>The 30-share BSE index Sensex was up 401 points, and the NSE Nifty was trading 0.92% higher at 9:55 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices opened higher on Tuesday, tracking gains in banking and energy stocks, and amidst positive cues from Asian peers on renewed hopes for a new US stimulus package. The 30-share BSE index Sensex was up 401 points, and the NSE Nifty was trading 0.92% higher at 9:55 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI Life </td></tr></tbody></table>*as of October 21, 09:50 am These are the top stocks in news today. Reliance Industries gains over a percent The shares of Mukesh Ambani-led Reliance Industries gained over a percent during the early trading hours on Wednesday. This after the telecom arm of the company, Reliance Jio, and the US-based Qualcomm joined hands to fast-track the deployment of 5G mobile internet in India. Prabhat Dairy jumps 12% The shares of Prabhat Dairy jumped over 12% on Wednesday. The rally came despite the markets regulator SEBI directing Prabhat Dairy to cooperate with the forensic auditor and deposit over ₹1,292 crore in a nationalised bank within seven days until the conclusion of the audit. Hindustan Zinc trades 4% higher The shares of integrated mining and resources producer of zinc, Hindustan Zinc gained nearly 4% after its board approved the highest interim dividend in 12 years of ₹21.3 per share. Vedanta rallies 4% The shares of Vedanta rallied over 4% after it received ₹5,843 crore as a dividend amount from Hindustan Zinc. Vedanta held 64.92%, stake in the company as of September 30. L&amp;T Construction gains over a percent The shares of construction major L&amp;T were trading 1% higher after it bagged construction projects worth in the range of ₹2,500-5,000 crore from “prestigious clients.” Shriram Transport Finance gains 3% The shares of Shriram Transport Finance gained over 3% after the company said it has raised ₹100 crore by issuing bonds on a private placement basis. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-ioc-ongc-cipla-hindustan-zinc-prabhat-dairy-and-others/articleshow/78780036.cms" data-type="tilCustomLink">Top stocks to watch — RIL, IOC, ONGC, Cipla, Hindustan Zinc, Prabhat Dairy, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-samsung-galaxy-m51-mobile-review/articleshow/78780771.cms" data-type="tilCustomLink">Samsung Galaxy M51 review – insane battery life</a> <a href="https://www.businessinsider.in/defense/news/india-will-be-most-consequential-partner-for-us-in-indo-pacific-this-century/articleshow/78780949.cms" data-type="tilCustomLink">US Defence Secretary believes India will be the most consequential partner for US in Indo-Pacific this century</a>

Top stock movers — Reliance Industries, Vedanta, Britannia, Prabhat Dairy, HUL, TCS, L&T Construction and others

<ul><li>IPOs like Indigo Paints, Mrs Bectors Food, Chemcon Speciality Chemicals which got huge institutional demand during IPOs are down 14%-27% since listing.</li><li>Some of the IPOs where institutional players subscribed for more than 100 times the shares on offer, are in deep red right now.</li><li>Ujjivan Small Finance is one among such stocks, which is down 44% after more than a year of going public.</li></ul>Initial public offerings (IPOs) that get huge demand from institutional players are believed to be more valuable as investors trust their stock picking skills. However, this does not stand true in some cases. The Zomato IPO, for instance, saw institutional investors oversubscribing the issue by over 52 times. The shares of Zomato have gained over 6% since the listing. While one has to wait and watch if the stock lives up to the expectations, there are many other examples that show that the excitement of institutional investors does not assure good returns for retail investors who buy and hold shares. Some of the recent superhit IPOs like Indigo Paints, Mrs Bectors Food, Chemcon Speciality Chemicals, Ujjivan Small Finance Bank received more than 110 times subscription from qualified institutional buyers (QIBs). Commercial banks, public financial institutions, mutual fund houses and foreign portfolio investors registered with India’s market regulator Securities and Exchange Board of India (SEBI) fall under this category. These stocks ⁠— where institutional players subscribed for more than 100 times the shares offered to them during the IPO, are in deep red right now ⁠— did see a bumper listing. However, not all of them have gone on to create wealth over a longer period of time. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Oversubscription by institutional investors </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Change since listing </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">No of months since listing </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tatva Chintan Pharma Chem </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">185.23x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Two days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Clean Science &amp; Technology </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">156.37x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">G R Infraprojects </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">168.58x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-0.6% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11 days </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shyam Metalics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">155.71x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15.23% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1 month </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nazara Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">103.77x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10.85% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organic Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">175.43x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">59% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MTAR Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">164.99x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33.86% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.5 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indigo Paints </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">189.57x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-16.59% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mrs Bectors Food </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">176.85x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-27.89% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Chemcon Speciality Chemicals </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">113.54x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-14.37% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ujjivan Small Finance Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">110.72x </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-44.42% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">19 months </td></tr></tbody><tbody></tbody></table>Note: ‘x’ denotes the number of shares subscribed for, over and above the total offered Among others, Indigo Paints’ IPO also made a strong listing on exchanges as the prospects of the paints industry looked good. And it is good for players like Asian Paints, whose stock has surged 71% in the last one year. <div type="image" title="asian paint and indigo paint chart" height="900" width="1200" msid="84964395" hostid="261"></div> However, for Indigo paints the bummer came from the over $50 billion <a href="https://www.businessinsider.in/business/corporates/news/birla-is-making-asian-paints-and-berger-paints-change-colours-and-its-bad-news-for-those-who-got-shares-in-indigo-ipo-too/articleshow/80451063.cms">Aditya Birla Group</a>, which announced its intent to enter the paint business soon after the IPO. Aditya Birla group’s flagship company Grasim has announced to foray into the paint business with capital infusion of ₹5,000 crore over three years. <div type="image" title="grasim indus chart" height="900" width="1200" msid="84964418" hostid="261"></div> It was the second wave of COVID-19 pandemic that dented the stock of Ujjivan Small Finance Bank, which listed at over 50% premium to the issue price. The shares of the company have slipped 44% since listing as investors feared that many of its borrowers may not be able to repay their loans. A similar pain is visible in the bottomline of <a href="https://www.businessinsider.in/stock-market/news/britannia-tata-motors-maruti-suzuki-and[%E2%80%A6]tocks-to-watch-out-for-on-august-2/slidelist/84962973.cms">Bandhan Bank</a> ⁠— which leads in lending to the microfinance segment ⁠— which shrank nearly a third in the April-June 2021 quarter. The <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-food-ipo-investors-saw-their-money-double-on-listing-day/articleshow/79934860.cms">$73 million IPO</a> of the biscuit and bakery products maker Mrs Bectors Food was a hit⁠ — subscribed over <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">198 times</a>. It was the top IPO by subscription in 2020. After its listing on December 24, the stock had started declining. <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Analysts </a>had said the stock was overpriced and even expected correction. <div type="image" title="bector foods" height="900" width="1200" msid="84964433" hostid="261"></div> According to an Axis Securities’ IPO note released in December, the company holds mere 1% of the market share in the branded biscuit segment, whereas its other listed peer Britannia has about 28% share of the pie. And as feared, the April-June quarter was bad even for Britannia, which saw its profit shrink by nearly 29% despite measures to curb costs. Meanwhile, Laxmi Organics has gained 59% since its listing on March 25, 2021. The company is the largest manufacturer of ethyl acetate ⁠— used as a solvent in paints and perfumes, for instance ⁠— with over 30% market share in product category. <div type="image" title="Laxmi organic" height="900" width="1200" msid="84964453" hostid="261"></div> In July, Tatva Chintan Pharma Chem, G R Infraprojects and Clean Science and Technology made a strong listing with over 100% premium. Let us see how these stocks turn out to be in the coming months. SEE ALSO: <a href="https://www.businessinsider.in/business/news/oyo-founder-ritesh-agarwal-and-zomato-founder-deepinder-goyal-invest-in-unacademy-valuation-crosses-3-billion/articleshow/84963709.cms">The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months </a> <a href="https://www.businessinsider.in/business/news/exclusive-indias-largest-zinc-miner-is-eyeing-a-share-of-the-bangladesh-economic-boom/articleshow/84963388.cms">EXCLUSIVE: India's largest zinc miner Hindustan Zinc is eyeing a share of the Bangladesh economic boom </a>

Don’t subscribe to an IPO just because it saw great interest from institutional investors ⁠— Indigo Paints, Mrs Bectors Food, and Ujjivan are examples to look at

New Delhi, Mar 27 () Vedanta Ltd on Friday said its Chief Executive Officer Srinivasan Venkatakrishnan has resigned citing personal reasons. The resignation will be effective April 5, Vedanta Ltd said in a BSE filing. "The board of directors of the company in their meeting held on March 27, 2020, have...taken note of resignation of S Venkatakrishnan from the position of the whole-time director and CEO of the company w.e.f. close of business hours on April 5, 2020, on account of personal reasons," Vedanta Ltd said. The company said Sunil Duggal, whole-time director and CEO of Hindustan Zinc Ltd, a subsidiary of Vedanta, will take additional charge as an interim CEO of Vedanta Ltd from April 6. The company further announced appointment of Anil Agarwal as additional non-executive director designated as chairman of the company's board with effect from Saturday. The board has also re-designated Navin Agarwal as executive vice-chairman of the company's board with effect from the close of business hours on Friday. In a separate statement, Vedanta Ltd said Srinivasan Venkatakrishnan will step down as CEO and the company's director with effect from April 5, 2020, for personal reasons and will rejoin his family in South Africa. It said the company has appointed Sunil Duggal as interim chief executive officer of the company. He will report to chairman, the statement said. On his appointment, Duggal in the statement said, "I am indebted to the company for this appointment. I am confident that at Vedanta, with its strong moorings, I will be able to steer the company through its trajectory of growth and contribute to the economic progress of our country." ABI HRS

Vedanta CEO resigns citing personal reasons; Sunil Duggal appointed interim chief exec

The week gone by saw markets on a roll and score handsome gains on every day of the week. BSESENSEX gained 1,812.44 points or 4.68% to close at 40,509.49 points. NIFTY gained 497.25 points or 4.36% to close at 11,914.20 points. The broader indices saw BSE100, BSE200 and BSE500 gain 3.73%, 3.35% and 3.06% respectively. BSEMIDCAP lost 0.32% while BSESMALLCAP lost 0.03%. While the benchmark indices have recovered and are now trading at 7-month high, they are yet to cross the highest levels recorded during the year. The Indian Rupee was flat and gained one paisa or 0.01% to close at Rs 73.13 to the US Dollar. Dow Jones had a stellar week and gained 904.09 points or 3.27% to close at 28,586.90 points. With these gains Dow is in positive territory for the year 2020 and is higher than the year end level of 28,538.44 points. The week was eventful with TCS announcing its results and a buyback of Rs 16,000 crs at a premium to the market price. The stock which was at Rs 2,737.40 rallied to close at Rs 2,814.95 for the week. It had opened the week with strong gains and clocked weekly gains of Rs 292.20 or 11.58%. Wipro has also announced a buyback and the board would be meeting on 12/13 October. The share rallied strongly to close at Rs 374.10, a gain of Rs 61.10 or 19.52%. Incidentally the two-buyback announcements and decent results from TCS, saw the sector register strong gains with BSEIT up 9.17% and BSETECK up 7.67%. They were ably supported by BSEBANKEX which gained 6.73%. The primary offering of 51 lac fresh shares from Likhitha Infrastructure Limited which was extended due to poor response from QIB's was subscribed. The issue was extended to close on Wednesday the 7th of October instead of the original 1st of October. The QIB portion of 50% was reduced to 1% and the QIB portion difference was added to HNI portion. The issue was subscribed 9.51 times with QIB portion subscribed 21.99 times, HNI portion subscribed 1.54 times and Retail portion subscribed 23.71 times. This change in allocation from 50% to 1% during the issue was unprecedented and throws up a window of opportunities going ahead. The mega reverse book building issue from Vedanta Limited met its expected end with the exercise failing at the very first hurdle. The company failed in garnering support of enough number of shares to take it to the threshold level of 90%. Against thelevel required of 134.10 cr shares, the company could garner support of just 125.47 cr shares. Though there were bids for over 11 cr shares which were pending to be confirmed over the last 24 hours or more, they failed to get confirmed clearly indicating that the idea was to get the issue past the first hurdle. The case needs to be investigated by the exchange as to who were the persons who had bid for over 11 cr shares and did not get them confirmed even after such a long time. The strictest action should be taken against them as the promoters and merchant bankers of Vedanta wanted the issue to be extended by at least one day. The failure to get the required number of shares required, saved Anil Agarwal the embarrassment of having to acknowledge the fact that against his delisting offer of Rs 87.25, the book was built at Rs 320, which is approximately 3.66 times higher. Readers would recall that the promoter Anil Agarwal had made a delisting proposal at Rs 87.25 which was below the book value of the share way back in May 2020. This is when Covid-19 had broken out and crude prices fell sharply, but had then recovered. The promoter Anil Agarwal who has a track record of being unfair to minority shareholders, reduced the book value of his company by taking a notional impairment loss in the books which brought his book value to a similar oneto the delisting price. Further it is alleged that at his behest a report was published by an institutional broker and one of the top four online retail brokers which stated that the reduced book value was certified by SEBI. Of course, the broker concerned had to issue a rejoinder and withdraw the same. Kudos to Life Insurance Corporation of India which made a public statement about their bid for 23.66 cr shares or 6.37% of the companies holding at Rs 320 which they felt was fair value. This emboldened the minority shareholders and also ensured that even if Anil Agarwal went past the first hurdle of getting bids for 134.1 cr shares, the book building price would be Rs 320. Of course, there would be an opportunity for giving a counter offer by Anil Agarwal. This price was beyond the capacity of Anil Agarwal to pay and hence failed. What next? Expect the company to distribute the dividend received from Hindustan Zinc and not distributed so far amounting to Rs 12 per share approximately for Vedanta shareholders. This is a big setback for Anil Agarwal as he has always 'managed' to get what he wants and make minority shareholders be at the receiving end. The primary issue from Angel Broking Limited listed on the bourses and had a poor showing losing Rs 30.15 or 9.85% on debut day. During the course of the week, after losing further ground, the share recovered some of the additional losses and closed at Rs 274.70, down Rs 31.30 or 10.23%. The week ahead sees shares of Mazagon Dock and UTI AMC list on Monday. While the former is expected to post gains on day one, the latter would be under pressure. On the covid-19 front, the world saw 3,74,75,839 patients of whom 10,77,594 died and 2,81,17,060 people recovered. In India we saw 70,53,806 patients, 1,08,371 deaths and 60,77,976 people recovering. Compared to the previous week the world saw 23,36,140 new patients, 39,567 deaths and 19,88,650 people recovering. In India the number of new patients was 5,04,433 people with 6,559 deaths and 5,68,010 people recovering. For the third week in a row, the number of people recovering is higher than new patients. Coming to the week ahead, the markets have turned super buoyant and there is always anxiety and nervousness at such heights. The same would continue and be the state of the market in the coming week. The present October series has seen gains of over1,100 points or 10.26%. This is a stupendous gain and we still have almost three weeks before expiry happens on Thursday the 29th of October. There is no doubt that these gains already registered are unsustainable and would be partly pared before expiry. The moot point is when, and whether we would gain further before the correction? I believe there is still some more to come before the correction but there would be wild swings. Even at the point of repeating an often quoted saying about the markets in Hindi would be apt at this time. "SAU SONAR KI, EK LOHAR KI", which means 100 strokes by the goldsmith are equal to one by the blacksmith. Trade cautiously and enjoy the market moves but become cautious and exit at the first signs of danger. (Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal) --IANS kejriwal/in

Time to take profit off the table or keep trailing stop loss

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> got off to a strong start on Thursday as traders bought into beaten down stocks after four days of sustained selling across the board. Infosys was the top traded stock on the Index, which showed signs of a relief rally. 
 
The Nifty gained 71 points to 8,420 in early deals. The Advance-Decline Ratio was at a strong 44/6 with Bharti Airtel, Punjab National Bank, Bank of Baroda, Idea and SBI occupying the top 5 slots on the Index. NMDC, to be excluded from the Nifty, TCS, Wipro, Tech Mahindra and BPCL were on the loser's side of the table on the Nifty. 
 
Major indices showed upticks in early morning trades. The CNX 100, CNX 200 and CNX 500, CNX Nifty Junior, the mid cap and small cap indices were in minor uptrends at the start of trade on Thursday. The Bank Nifty surged 263 points, or 1.5 percent, to 18,329 as major banks posted strong gains at the start of play. All major sectoral indices were moving higher. CNX Realty, CNX PSU Bank Indexes lead others such as CNX Auto and CNX Pharma and CNX Finance Indexes higher. 
 And on the Bombay Stock Exchange, the <keyword id="6484188" type="CITY" weightage="80" keywordseo="Sensex">Sensex</keyword> rose 238 points to 27,750 in initial trades. As a consequence, the Advance-Decline Ratio stood at 27/3. Cipla, ICICI bank, Lupin, Axis Bank and ONGC were the top gainers on the Index whereas TCS, Coal India and GAIL lost ground on the Sensex where SBI was the top traded counter. 
 
The Futures and Options market got off to a flier. Adani Ports, Aurobindo Pharma, Amara Raja Batteries and Bharti were top futures gainers while, NMDC, SAIL, Hindustan Zinc and Jindal Steel lost ground. The Advance-Decline Ratio, meanwhile, stood at 139/21, giving bulls the driving seat. 
 
The broader market, too, was dominated by completely by the bulls in the first half hour of trade with 1,387 shares rising compared with 357 that fell. 
 
Syngene, Torrent Pharma, Divi's Labs and Rajesh Exports struck fresh highs on the National Stock Exchange and CRISIL, Kirloskar Industries and Bharat Gears made it to the top volume buzzers list on the NSE. 
 
Image credit: Indiatimes

Here's how the Markets opened today

In traditional Indian method, sons and daughters of a company’s owner take up top posts and the succession goes on. However, <keyword id="894518" type="UNKNOWN" weightage="100" keywordseo="Vendanta-Group">Vendanta Group</keyword>’s owner Anil Agarwal wants to do away with the system and has planned something else. 
 
The founder of the $12.9 billion Vedanta group wants to appoint professional managers rather than kin to top posts. 
 
"As far as succession goes, I am still in command and I am getting all professional chief executives as I do not want a family member to be chief executive of the company," Agarwal, 61, said in an exclusive interview to Economic Times. 
 
"I believe this company should be run by the people. At the same time, family members also bring in some value,” he said. 
 
The financial daily reported that Agarwal, who rose from being a metal scrap dealer to build India's largest natural resources company in the past five decades, has two children-Agnivesh and Priya. His brothers Navin and Pravin, closely associated with Vedanta, also have two children each. 
 
Agnivesh is chairman of Hindustan Zinc, while Priya has been on the Cairn India board as non-executive director since 2012. 
 
Based in Dubai, Agnivesh runs his own business recovering metal from scrap and also manages group unit Fujairah Gold. The United Arab Emirates is also home to the group's precious metals refinery that can process 50 million tonne of gold and 110 million tonne of silver annually. 
 
Agnivesh also acquired a 60% stake in Chennai-based medical diagnostic chain Primex Healthcare in 2012 in his personal capacity. 
 
Priya has been a public relations professional with Ogilvy &amp; Mather and spearheaded the media campaign that sought to give a more friendly aspect to the controversial resources and mining major. 
 Navin is non-executive director of Vedanta Ltd, a subsidiary of the London-listed <keyword id="99389" type="CITY" weightage="80" keywordseo="Vedanta-Resources">Vedanta Resources</keyword>, of which Anil Agarwal is chairman emeritus. Navin has two sons--Naivedya and Ananya. Pravin Agarwal is a whole-time director of Sterlite Technologies, one of India's largest optic fibre cable makers and based in Pune. His sons Ankit and Pratik run the group's ports and power transmission businesses. 
 
"I don't see world over natural resources companies run by families. Our oil and gas business can be run by shareholders as it has become so big that it need not be run by family members,” said Agarwal. 
 
His mandate is to run the company as chief executive and hire the best managers besides formalising and executing a growth strategy. Such professionals know technology and can look at the bigger picture from the perspective of having run large projects for global natural resources companies. 
 
"They are focused on sustainability, an environment policy and our team learns to run companies professionally," he told ET. "I would like to see Vedanta as a transparent and professionally run company... by the people and for the people." 
 
Agarwal sees this as a natural progression. "I think I am going to work for another five years to make sure it is run professionally. I have lots of other opportunities. A Vedanta veteran said the brothers have worked in harmony to build the business,” he added. 
"Once companies reach a large size, it needs professional leaders. Children are not always competent or interested in taking forward the father's business," Mita Dixit, co-founder and head, family business advisory, Equations Management Consulting told ET. "Shareholders are active and want the company to be run in a transparent manner to deliver results... It is prudent to have someone with relevant experience and expertise to run the show." 
 
(Image: Indiatimes)

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