Nifty futures on the Singapore Exchange-traded 77.5 points, or 0.47 per cent, lower at 16,492.50, signaling that Dalal Street was headed for a negative start on Friday, March 11. The market extended uptrend for a third consecutive session with the benchmark indices reporting 1.5 per cent gains on March 10, driven by a decline in commodity prices, positive global cues, and the victory of the Bharatiya Janata Party in four out of five state elections. The BSE Sensex jumped 817 points to 55,464, while the Nifty climbed 249 points to 16,595.
The company has executed the Share Purchase Agreement and Escrow Agreement for the sale of its entire equity holding in Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP). TSLP has been selected as a successful bidder through the two-stage auction procedure, run under the aegis of DIPAM, GOI.
Future Consumer said it has agreed with Fonterra Co-operative Group to wind down 50:50 joint venture – Fonterra Future Dairy. The joint venture was established in 2018.
The board has approved Phase II expansion of its expandable polystyrene (EPS) plant at Nagothane, Maharashtra by 30,000 MTA. Board also approved setting of the second line of extruded polystyrene board (XPS), and increasing the Masterbatch and Compounds capacity. The capital cost for these capital expenditure schemes will be met from the company’s internal accruals.
Kirloskar Ferrous Industries, and ISMT
The board has allotted 15.4 crore equity shares of ISMT at a price of Rs 30.95 per share, to Kirloskar Ferrous Industries for Rs 476.63 crore. With this, Kirloskar Ferrous Industries has acquired a controlling interest and holds a 51.25 percent stake in ISMT. Kirloskar Ferrous Industries has been classified as the promoter with sole control of ISMT.
UK’s development finance institution CDC Group invested Rs 360 crore in a Social Bond program by the company. The investment will be made in the form of rupee-denominated bonds (Masala Bonds) and will be listed as a social bond, in alignment with the International Capital Market Association’s Social Bond Principles. The proceeds of the bonds will be used to finance the women-owned property loan portfolio, with an aim to address gender inequity in asset ownership, in India.
Shipping Corporation of India
Life Insurance Corporation of India sold a 2 per cent equity stake in the company via open market transactions. With this, LIC’s shareholding in the company stands at 6.03 per cent, down from 8.04 per cent earlier.
Life Insurance Corporation acquired a 1.2 lakh share in the company via open market transactions on March 9. With this, its shareholding stands at 5.02 per cent, up from 4.97 per cent earlier.