Stocks in Focus on September 16: Sansera Engineering IPO, Hindustan Copper, SpiceJet, Lupin to Poonawalla Fincorp; here are the 5 Newsmakers of the Day
At the stock markets, the S&P BSE Sensex advanced 476.11 points, or 0.82 per cent, to end at a record high of 58,723.20 on Wednesday, September 15, 2021.
At the stock markets, the S&P BSE Sensex advanced 476.11 points, or 0.82 per cent, to end at a record high of 58,723.20 on Wednesday, September 15, 2021. The Nifty 50 added 139.45 points, or 0.80 per cent, to an all-time high of 17,519.45. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Thursday, September 16, 2021. List of such five stocks:
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Sansera Engineering IPO: The Rs 1,283 crore initial public offering (IPO) of the auto component manufacturer Sansera Engineering was subscribed 1.02 times on the second day of the bidding, i.e., Wednesday, September 15, 2021. The QIB portion was subscribed to 38% while the NII and Retail portions were subscribed to 22% and 1.72 times, respectively. Today is the last day for bidding for the IPO. The public issue is a 100 per cent Offer for Sale (OFS) of 17,244,328 equity shares by its existing shareholders and promoters. The price band for the IPO has been fixed at Rs 734-744 per share. Retail investors interested to subscribe to Sansera Engineering’s IPO can place a bid in the lot of 20 equity shares and multiples thereafter.
Hindustan Copper: The government will sell up to a 10 per cent stake in Hindustan Copper through an offer for sale (OFS) in a move that would help the exchequer garner about Rs 1,120 crore in divestment receipts. The government will sell 5 per cent or 4.83 crore shares in the copper miner at Rs 116 apiece on Thursday and Friday. The floor price has been set at a 6.8% discount to the closing price of the stock of Rs 124.40 per share on Wednesday at the NSE. The OFS also includes a greenshoe option to sell an additional 5 per cent shareholding of the public sector undertaking (PSU). The offer would open for non-retail investors today and will open for the retail investors on Friday. The government currently holds 72.5% stakes in the copper miner.
SpiceJet + Tata Group: SpiceJet’s promoter Ajay Singh has placed a bid for Air India sales, sources aware of the development informed Zee Business. Tata Group has also officially submitted the bids for Air India. SBIcap Trustee company acquires 2.74% stake in airline via Share Pledge.
Lupin: Lupin settles the patent dispute for diabetes drug Glumetza. There were multiple antitrust class actions filed in the Northern District of California, the U.S. against several stakeholders, including Lupin Ltd. and its subsidiary Lupin Pharmaceuticals, Inc., U.S., in connection with Glumetza, a drug for the treatment of diabetes. The settlement route was adopted before the trial for this case would have started in the US court. The trial for this case is scheduled to begin on October 4, 2021, in the U.S. courts. The case was settled with two of the plaintiffs separately for USD 248 million (around Rs 1,822 crore). The rest of the defendants have settled the case recently.
Poonawalla Fincorp/Magma Fincorp: The Securities and Exchange Board of India has passed an interim order banning Poonawalla Fincorp’s Managing Director Abhay Bhutada and seven others from the securities market after they were found guilty in an insider trading case in Magma Fincorp leading to its acquisition. SEBI in its investigation found that Bhutada had shared information about Adar Poonawalla’s Rising Sun Holdings proposed takeover of Magma Fincorp in his capacity as MD & CEO of Poonawalla Finance. Further, SEBI has directed the involved entities’ bank accounts to be impounded to the extent of their liability in the insider trading case of Rs 13.58 crore. The involved individuals have been ordered to submit the impounded money into an escrow account within the next 15 days.
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