Nifty hovers around short-term average, faces stiff resistance; Bajaj Finserv, ITC, Tata Steel among top stocks to watch
By Ajit Mishra
Markets remained volatile for yet another week but managed to end in the green. The beginning was downbeat, tracking feeble global cues but the situation improved in the following sessions with stability in the world indices. However, pressure in the IT majors combined with the prevailing underperformance of the banking pack continues to weigh on the sentiment. Eventually, both the benchmark indices, Nifty and Sensex, settled with modest gains to close at 19,751.05 and 66,282.74 levels. Meanwhile, buoyancy in select key sectors like auto, FMCG, energy and realty kept the traders occupied. Besides, the positive tone on broader indices further eased the pressure.
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Apart from earnings, global cues would continue to play a critical role in setting the direction of our markets. Among the key indices, the US benchmark,…
Promoters may offload 2.53% Cipla stake worth Rs 2,637 crore
Promoters of Cipla are looking to offload 2.53% stake worth Rs 2,637 crore in the company through a block deal in one or more tranches. The promoters — Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma — would be offloading about 20.45 million shares, according to the term sheet reviewed by FE.
Shares are being offered at a price range of Rs 1,289.50-1,357.35, a discount of 0-5% compared with the closing share price of Rs 1,357.35 on the NSE on Tuesday. Kotak Securities is the sole bookrunner for the deal, which is expected to happen on Wednesday.
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At present, these promoters hold a total of 4.26% in the company with Shirin Hamied holding 0.79%, while that of Samina Hamied is at 2.22%. Rumana Hamied holds 1.23% stake and that by Okasa Pharma, a promoter group company, is 0.02%. The promoter group holds a 33.47% stake i…