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SGX Nifty Down 93 Points, Larsen & Toubro Infotech's New Acquisition, Ruchi Soya's FPO, and Buzzing Stocks Today
Thu, 17 Jun Pre-Open

Indian share markets ended on a negative note yesterday.

Unfavourable global market cues, weakness in metal stocks and heavyweight Reliance Industries drove Indian benchmark indices lower.

At the closing bell yesterday, the BSE Sensex stood lower by 271 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 102 points (down 0.6%).

Tata Consumer Products and NTPC were among the top gainers.

Adani Ports and Tata Steel, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.1% and 0.8%, respectively.

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Sectoral indices ended on a negative note with stocks in the metal sector, energy sector and realty sector witnessing most of the selling pressure.

FMCG and IT stocks, on the other hand, witnessed buying interest.

At 8:00 am today, the SGX Nifty was trading down by 93 points, or 0.6% lower at 15,683 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 48,505 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani discusses the world of commodity shadow inventories, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be insurance stocks.

The Department for Promotion of Industry and Internal Trade (DPIIT) has notified the government's decision to increase the foreign direct investment (FDI) limit in the insurance sector under the automatic route to 75% from 49% earlier.

According to a press note issued by the department, the decision will take effect from the date of FEMA (Foreign Exchange Management Act) notification.

FDI in the insurance sector was increased from 26% to 49% in 2015.

The announcement for hiking the FDI limit was made in the Union Budget 2021-22 on 1 February.

The new arrangement is expected to benefit 23 private life insurers, 21 private non-life insurers and seven specialised private health insurance companies.

Ruchi Soya Industries share price will also be in focus today.

The Patanjali Ayurved owned company is coming out with a follow-on public offer (FPO).

Ruchi Soya Industries will use Rs 26.6 bn from its share sale to repay part of its debt and utilise another tranche of Rs 5.9 bn as working capital of the firm.

Just before the FPO, the company has acquired biscuits and noodles units from entities owned by its promoters for around Rs 650 m.

98.87% of the company's pre-issue paid-up capital is held by Patanjali Ayurved, Yogakshem Sansthan, Patanjali Parivahan, and Patanjali Gramudyog Nayas.

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Reports state that the share sale shall help the promoters bring down their stake from 98% to meet market regulator's norms on minimum public shareholding of 25%.

After Patanjali took over the company, its shares were relisted in January last year. Since then, the stock has skyrocketed and the company's market capitalisation has touched Rs 370 bn owing to low liquidity in the stock.

The promoters are likely to dilute their stake by 9% in the company via the FPO.

Ruchi Soya's promoter entities have pledged their shares to a consortium of banks, including to State Bank of India (SBI), Union Bank of India, Canara Bank (erstwhile Syndicate Bank), Indian Bank (erstwhile Allahabad Bank), and Punjab National Bank (PNB).

Motherson Medical and Aster DM Healthcare Partner to Provide New Diagnostic Devices

Motherson Medical, a part of auto component major Motherson Group, said that it has joined hands with the research arm of Aster DM Healthcare to test and validate diagnostic devices and solutions.

The partnership will involve testing and validation of new diagnostic devices designed by Motherson, it added.

Motherson Group Head Health and Medical division Varun Sood said,

  • We are driven to positively impact lives globally by providing easy access to simple-to-use clinically accepted diagnostic tools and solutions to everyone everywhere.

    With this partnership, Motherson Medical and Aster DM Healthcare will work closely together to test and validate our new diagnostic tools and solutions from a clinical perspective.

Meanwhile, Aster DM Healthcare Group's Chief Officer for Innovation and Research Satish Rath said that access to reliable diagnostic tests remains one of the biggest bottlenecks faced by millions of people around the world.

He added -

  • Even where patients have access to testing laboratories, accurate and timely diagnosis at affordable cost is a persistent challenge.

    Aster DM Healthcare, together with Motherson Medical is committed to providing reliable and technologically advanced solutions to the patients in the field of medical diagnostic.

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Larsen & Toubro Infotech to Acquire Cuelogic for US$ 8.4 m

Shares of Larsen & Toubro Infotech (LTI) gained 2.2% on the BSE yesterday after the company announced acquisition of Cuelogic Technologies Private Limited, a Pune based digital engineering company.

According to the terms of the deal, the cost of acquisition for 100% share capital of Cuelogic is US$ 8.4 m on a cash-free, debt-free basis excluding working capital adjustments and will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs.

This acquisition will help in enhancing LTI's digital engineering practice by combining Cuelogic's people, tools, methodologies, training methodologies and onboarding structure along with its strong leadership team to support practice development, sales, and delivery.

Meanwhile, on Tuesday, LTI entered into a strategic collaboration agreement with Amazon Web Services.

It's dedicated cloud unit for AWS will focus on migration and modernization, SAP application workloads, data analytics, and Internet of things (IoT), complemented by LTI's advisory, professional services, and delivery capabilities.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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