Market gains 2% in a week on continuous FII support, progress on COVID vaccine
In the month of December 2020, FIIs bought equities worth Rs 48,223.94 crore and DIIs sold equities worth of Rs 37,293.53 crore. January 02, 2021 / 11:24 AM IST Benchmark indices ended the last week of the year 2020 with a gain of 2 percent on the back of positive cues including sustained FII inflows, progress on Covid vaccine, better GST collection, December auto sales numbers and a consistent declining Covid cases. Last week, BSE Sensex jumped 895.44 points or 1.90 percent to end at 47,868.98 and while the Nifty50 was up 269.25 points or 1.95 percent to finish at 14,018.50 levels. IN the year 2020, the Sensex rose 15.7 percent, while Nifty added 14.9 percent.
Financials stocks were trading in the negative zone, with the S&P BSE Finance index falling 30.48 points or 0.46% at 6642.41 at 13:48 IST. Among the components of the S&P BSE Finance index, IDBI Bank Ltd (down 11.81%), Satin Creditcare Network Ltd (down 4.99%),Reliance Capital Ltd (down 4.95%),Indostar Capital Finance Ltd (down 4.88%),Dewan Housing Finance Corporation Ltd (down 4.87%), were the top losers. Among the other losers were IIFL Wealth Management Ltd (down 3.55%), Indian Overseas Bank (down 3.27%), Punjab National Bank (down 3.08%), JSW Holdings Ltd (down 3.07%), and Pilani Investment & Industries Corporation Ltd (down 3.05%). On the other hand, Spandana Sphoorty Financial Ltd (up 7.41%), Canara Bank (up 6.45%), and Bandhan Bank Ltd (up 3.45%) moved up.
Pilani Investment likely to issue bonus shares shortly
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Pilani Investment & Industries Corporation Ltd., a non-banking financial company (NBFC) and parent of the Birla Group, is likely to announce the results of the e-voting by shareholders for increasing the authorised share capital of the company and issuance of bonus shares, on December 21, as per a regulatory filing.
The company’s board had on November 10, 2020 announced bonus shares for shareholders at the ratio of 2:5. (two new shares for every 5 shares held).
The e-voting, which started on November 21, will end on December 20 and on Monday, the results may be announced.
KR Choksey expects huge upside in Pilani Investment and Industries Corporation Ltd. ANI | Updated: Dec 15, 2020 16:13 IST
Mumbai (Maharashtra) [India], December 15 (ANI/PRNewswire): Brokerage firm KR Choksey Shares and Securities believes that the present scenario offers the perfect opportunity for investors who are looking to diversify their wealth into mid and smallcap stocks.
KR Choksey expects a huge upside in Pilani Investment and Industries Corporation Ltd. The group has consistently rewarded its shareholders with a strong dividend track record for the last ten years.
Pilani Investment is the holding company for Birla Group. Birla promoters (BK Birla and KM Birla) are backed by a strong legacy and adherence to high standards of corporate governance. The current market value of Pilani s investments in listed companies alone is worth approximately Rs 7900 crores, excluding real estate holdings.
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