Indian markets erased early morning gains to trade in the negative territory on Friday, i.e. August 30. At 11 am, the benchmark S&P BSE Sensex was trading lower by 52.37 points, or 0.14%, at 37,016.56, while the Nifty 50 index was down 21.20 points, or 0.19%, to 10,927.10. Hindalco, Gruh Finance, HDFC, Adani Green, ICRA and Yes Bank were among the key stocks in news today. Read on to know more:
Hindalco: Hindalco Industries Ltd shares gained 4% after media reports said that the company-owned Novelis was set to secure European Union (EU) antitrust approval for its $2.6-billion bid for Aleris.
Gruh Finance: Gruh Finance Ltd shares shot up 8% after a media report said that India’s largest mortgage lender Housing Development Finance Corp. Ltd (HDFC) will sell 9.2% stake in the company. The sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 apiece in the open market on Friday. HDFC shares were, meanwhile, trading flat.
Adani Green: Adani Green Energy Ltd shares spiked 10% as the company signed securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy and Essel Infraprojects.
ICRA: ICRA Ltd shares dropped as much as 7.8% after the ratings agency terminated the employment of Naresh Takkar as managing director over allegations of misconduct.
Yes Bank: Yes Bank Ltd shares were down over 3% ahead of the lender’s board meeting later in the day to consider fund raising and other business matters
PNC Infratech: PNC Infratech Ltd shares rose over 4% after the company bagged a national highway EPC project worth Rs 1,062 crore.
HDFC Bank: HDFC Bank Ltd shares rose 1.2% as the lender agrees to sell its entire stake of 10% in the equity share capital of Goods and Services Tax Network (GSTN) for a total consideration of Rs 1 crore to various state governments and union territories.
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