Today share bazar news

Top Gainers (Nifty)

ITC - Rs 172.20 ▲ 2.59% 
Infosys - Rs 1132.10 ▲ 2.29%
UPL - Rs 507.10 ▲ 1.97%
Cipla - Rs 814.70 ▲ 1.42%
Asian Paints - Rs 2077.85 ▲ 1.33%

Top Losers (Nifty)

Bharti Airtel - Rs 415.05 ▼ 2.39%
JSW Steel - Rs 285.15 ▼ 2.35%
GAIL India - Rs 83.85 ▼ 2.16%
Tata Motors - Rs 135.85 ▼ 1.88%
HDFC Life Insurance - Rs 563.40 ▼ 1.81%

🥇 Gold: Rs 51,109 ▲ 0.76% at 6 PM
🥈 Silver: Rs 63,474 ▲ 2.71% at 6 PM

Vedanta Delisting Failure, Stock Dips 20%

Vedanta informed the exchanges this morning that its delisting process had failed.

Because of the failure, the shares, according to SEBI’s regulations, will need to be returned to shareholders within a certain time period.

What is meant by delisting and what went wrong?

Delisting is the process by which a listed company stops the buying/selling of its shares on the exchanges. 

It can voluntarily do so or can be made to do it in case of violations. In the case of Vedanta, it was voluntary.

According to delisting regulations, the promoter shareholding must cross 90%.

In case of Vedanta, to reach 90% shareholding, Vedanta’s promoters needed 134 crore shares tendered by the public.

However, only around 125 crore shares tendered by the public shareholders were valid.

While there isn't much clarity on what went wrong with the validity, some reports say that investors tendered their shares at a heavily discounted price.

The company will have to announce the next course of action in the coming few working days.

Stocks of the company fell 20.43% to Rs 96.95 per share.

Sovereign Gold Bonds (SGB) Opens for Tranche VII Today

This is the seventh tranche of gold bonds. It opened for subscription on October 12 and closes on October 16.

The issue price of the bond has been fixed at Rs 5,051 per gram. The issue price for the previous tranche which was open between August 31 and September 4 was Rs 5,117 per gram.

As usual, there will be a discount of Rs 50 per gram for those who invest online.

Mazagon Dock Shipbuilders

The company’s IPO had a price band of Rs 135-145 per share. It was oversubscribed by more than 157 times.

The stock listed on the markets today. It ended the day at Rs 173 - up by around 19%.

UTI AMC

The company’s IPO had a price band of Rs 552-544 per share. It was oversubscribed by more than 2.2 times.

The stock listed on the markets today ending the day at Rs 476 - down by around 14%.

Finance Ministry Announces Measures To Boost Consumer Spending

The Finance Minister announced measures worth Rs 73,000 crore to stimulate consumer spending:

LTC Cash Voucher scheme: Central government employees can opt to receive cash amount to leave encashment plus three times the ticket fare, to buy items which attract a GST of 12% or more.

Special Festival Advance Scheme:Apart from this, central government employees can now get an interest-free advance of Rs. 10,000, to be spent by 31st March 2021 on the choice of their festival.

Assistance to States: The government is issuing a special interest-free 50-year loan to states of Rs. 12,000 crore capital expenditure.

Enhanced Budget Provisions: An additional budget of Rs. 25,000 crore, over and above the Rs. 4.13 lakh crore announced in Union Budget 2020, will be provided for capex on defence, roads, urban development, water supply and domestically produced capital equipment.

Retail Inflation Reaches 8-month High

The consumer price index-based inflation for September is at 7.34%. It was 6.69% in the previous month.

This is the highest inflation mark touched in 8 months and is above RBI’s target of 2-6%.

Food inflation in September was at 10.68% compared to the previous month’s 9.05%.