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- Nestle India gains most in 6 weeks
- Dabur India falls most since July 31
- Britannia gains most in 12 weeks, at highest level since October 19
UPL: Slumps most since March intraday, breaking below 50-,100-,200-DMAs. The Economic Times reported that a whistle-blower at UPL alleged that the promoters have siphoned off money. The report also said that the whistle-blower alleged that the company entered rent deals with a shell firm owned by its staff and paid crores of rupees in rent for properties. UPL’s Global CEO Jai Shroff clarified on ET NOW that whistleblower complaint was put to rest already and audit committee had reviewed the complaint.
IRCTC: Slips over 8%, most in about 9 months. The government has proposed to sell up to 20% stake in IRCTC via an offer for sale today & tomorrow to raise Rs 4,374 crore. The floor price for the offer for sale set at Rs 1,367/share. The stock is down for 3rd straight session, however, the stock is up 72% in the last 52 weeks.
The government owns 87.4% stake in IRCTC.
CEMENT STOCKS DECLINE: Reports suggest that Competition Commission Of India initiated a probe against cement cos in the country including ACC, Ambuja Cements & UltraTech Cement regarding alleged anti-competitive behaviour. ACC, Ambuja Cements, Shree Cement confirmed the investigation & said that they are fully cooperating with authorities
– UltraTech Cement: Falls Most In Over 14 weeks, down for 2nd session
– ACC: Down over 2% in trade, down for 2nd day
– Ambuja Cements: Down over 2.5%, down for 2nd straight session
– Shree Cement: Down over 2.5%, down for 3rd session
– Star Cement: Down most in over 14 weeks
– JK Cement: Down Most in over 5 months, down for 4th day
– Ramco Cements: Down Most In Almost 7 months
SHIPPING CORPORATION OF INDIA: Stock surges over 14%, most in 6 years. Cabinet Secretary-led Core panel on divestment to meet on December 14 for the final nod on SCI EoI. The stock has gained 38% in the last 5 sessions and is up over 60% in the last 30 days
KALPATARU POWER: Stock falls for 2nd session in excess of 5%. Edelweiss has downgraded the stock to Hold from Buy and cut target to Rs 315/share from Rs 350/share. Edelweiss says company’s board has approved Rs 377 cr capital expenditure to be spread over the next three years for a corporate office in Mumbai and the announcement’s timing is surprising as it comes at a juncture when most corporates are avoiding discretionary capex.
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