Stock Markets Live: Sensex, Nifty Swing; Godrej Agrovet Surges Most In Six Weeks

Godrej Agrovet jumps as much as 8.1%, the most since May 12, after founders raised stake in the Mumbai-based animal feed and agribusiness company via open market deal.

• Godrej Industries, which holds ~60.2% stake in the company, acquired additional 976,047 shares, or 0.5% stake yesterday, according to data on bulk deals released by BSE

• Balram Singh Yadav, an individual investor, holding about 2.2% stake in the company as of March 31, sold 1m shares yesterday, the data showed

• Trading vol. 5.4x 3-month full-day avg; shares are set for 3rd day of gains

Wabco India jumps as much as 7.3%, their biggest single-day gain since June 16, after founder group plans to sell as much as 2.6% stake, a move that will increase the number of free float shares in the closely-held automotive parts maker.

• Founder Group and related entities hold 80.4% in the company, according to BSE’s data

• ZF International UK Ltd., one of the company’s founders, has proposed to sell 500,000 shares through market transactions. The offer starts today for institutional investors while retail investors can place bids tomorrow, according to an exchange filing

• The floor price for the sale is set at Rs 6,550 per share

• ZF International also has an option to sell additional 150,000 shares in the offer

Shares of the Bengaluru-based beer maker swung between gains and losses after 15% equity changed hands in a single large trade.

Heineken acquired an additional 39.6 million shares in United Breweries, taking its shareholding in UBL from 46.5% to 61.5%.

This after SEBI exempted Heineken from making an open offer for UB shares.

While the increase in ownership may not translate into material benefits in medium-term, Emkay said UBBL seems to be in a stronger position and remains an attractive recovery play post Covid.

"Annual report indicates sustained investments in brands, increased footprint for premium brands, impressive savings in fixed costs, and initiatives for water conservation and reducing carbon footprint," the broking firm said.

It maintained 'Buy'rating and raised target price to Rs 1,570 from Rs 1,450.

Venky’s India Ltd., an operator of hatcheries and poultry farms, rose to its highest level in over three years after its general manager told CNBC-TV18 television channel that the company will benefit from bumper crops of soya and maize.

• “Over a period of time, soya and maize production will grow in large quantity and poultry is a prime consumer of both soya and maize in India. So definitely, the benefits will come to poultry when production goes up,” Prasanna Pedgaonkar, said in an interview to the channel

  • Company has recorded good performance despite Covid due to diversification, he said

• Stock climbed 18.5% to its highest level since May 2018, with volumes over 940% of three-month average

Indian equity benchmarks opened higher amid steady Asia trading as after reassuring comments on inflation and monetary policy from Federal Reserve officials bolstered investor sentiment.

The S&P BSE Sensex rose as much as 0.6% to 52,912.35, before paring most of the gains. The NSE Nifty 50 Index too was little changed at 15,779.45 after gaining by a similar magnitude. Maruti Suzuki Ltd. contributed the most to the index gain, increasing 2%.

Out of 30 shares in the Sensex index, 23 rose, while 7 fell. Fifteen of the 19 sector indexes compiled by BSE Ltd. climbed, with a measure of auto companies leading the gains.