The Competition Commission of India (CCI) has approved the acquisition of shareholding in Mumbai-based non-banking finance company Magma Fincorp Limited by Rising Sun Holdings Private Limited and Sanj
Nifty, Sensex reverses gains as the US premarket futures fall – Weekly closing report
Moneylife Digital Team
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We had mentioned in last week’s closing report that Nifty, Sensex will follow global cues on tech stocks. The major indices rallied this week but faced a correction on Friday ending the week with minor gains over previous Friday’s close.
On Monday, the indices opened higher but lost all gains and ended flat. On the NSE, there were 1,175 advances, 728 declines and 85 unchanged.
Muthoot Group Chairman MG George Muthoot was admitted to a hospital after falling from the fourth floor of his house in Delhi and was later declared dead.
Stocks likely to see action today are: AU Small Finance, Godrej Properties, Max Healthcare, Confidence Petroleum India, JSW Energy, Jubilant Foodworks, Magma Fincorp and PowerGrid Indian stock markets are expected to open with a gap-up opening on Wednesday, thanks to strong global cues. As US Treasury yields softened considerably, the tech-heavy Nasdaq jumped 3.7 per cent overnight. The S&P 500 and the Dow Jones Industrial Average too gained 1.4 per cent and 0.10 per cent.
However, Asian stock markets are up only moderately, signalling the weakness at higher levels.
Following the US market trends, the SGX Nifty is currently hovering at 15,237, which is almost 100 points higher than the Nifty March futures that closed at 15,134 on Tuesday.
Magma Fincorp rises 5% as shareholders approve preferential allotment to Adar Poonawalla-led firm
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Last Updated: Mar 10, 2021, 10:15 AM IST
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Synopsis
Shareholders approved the company s plan to issue preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
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The Magma Fincorp scrip got locked in its 5% upper circuit limit at Rs 136.40 on BSE.
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NEW DELHI: The Magma Fincorp stock climbed 5 per cent on Wednesday after shareholders approved the NBFC s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
Magma Fincorp hit an upper circuit of 5% at Rs 136.40 after the company received shareholders approval for acquisition of controlling stake by Rising Sun Holdings through preferential issue.The company plans to raise up to Rs 3,456 crore by issuing preference equity shares to Rising Sun Holdings, a company controlled by Adar Poonawalla and two members of the promoter group.
Shareholders of Magma Fincorp at an extraordinary general meeting of on Tuesday approved the proposed preferential allotment of 49,37,14,286 equity shares of face value Rs 2 each of the company at an issue price of Rs 70 per equity share aggregating up to Rs 3,456 crore, to Rising Sun Holdings and existing promoters, Sanjay Chamria and Mayank Poddar.