Share Market News: Cipla, AU Small Finance Bank, telecom, other stocks to track on Wednesday

PE firm offloads 1.5% stake in AU Small Finance Bank

Private equity firm WestBridge Capital has divested a 1.5 per cent stake in AU Small Finance Bank for Rs 736 crore via open market transactions. According to the bulk deal data available on the BSE, WestBridge Capital through its affiliate WestBridge AIF I sold 1,08,95,517 shares amounting to a 1.5 per cent stake in AU Small Finance Bank.

The shares were offloaded at an average price of Rs 676.06 apiece, taking the deal value to Rs 736.60 crore. Read more

AU Small Finance Bank has submitted an application to the RBI seeking approval for a universal bank license.

Indian Energy Exchange trading volume grows 36%

Indian Energy Exchange (IEX) has registered a 35.8 per cent jump in its total trade volume to 12,040 million units (MU) in August.

Government to sell up to 6.78% stake in GIC Re

The government plans to dilute up to 6.78 per cent in General Insurance Corporation (GIC Re) at a floor price of Rs 395 per share. An offer for sale (OFS) in this regard is set to open for institutional investors on Wednesday and for retail investors the next day.

Defence stocks remain in focus

The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, has cleared 10 capital acquisition proposals amounting to Rs 1,44,716 crore. 

Sugar stocks

The government has notified exports of 8,606 tonnes of raw cane sugar under the tariff-rate quota (TRQ) scheme to the US for the October 2024-September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports.

Dividend Stocks

As many as nine stocks are set to trade ex-dividend on Wednesday. These stocks are GeeCee Ventures, Hikal, MAS Financial, Parag Milk Foods, Prince Pipes, RACL Geartech, Reliance Chemotex Industries, SP Capital Financing, and UNI Abex Alloy Products.

Mahindra launches new Jawa 42 FJ motorcycle

Mahindra Group-owned premium motorcycle firm Classic Legends, which has three premium motorcycle brands under it, is running a marathon and will navigate any challenge in rebuilding the resurrected brands like Jawa, according to Group Chairman Anand Mahindra.

Deccan Gold Mines in the spotlight

Deccan Gold Mines Ltd (DGML) is working hard to achieve full-scale production of its Jonnagiri Gold Project in Andhra Pradesh by the end of the current financial year, according to the company's annual report.

Infrastructure & construction stocks

Road Transport and Highways Minister Nitin Gadkari has favoured giving a majority 51 per cent stake to foreign partners in joint ventures for building tunnels and detailed project reports to improve work quality.

Telecom regulator's crackdown on pesky calls

As many as 2.75 lakh telephone numbers have been disconnected and services to 50 entities blocked as part of a significant crackdown exercise undertaken by regulator TRAI against pesky calls and unregistered telemarketers.

Sun Pharma gets tax notice

Sun Pharma subsidiary Sun Pharma Distributors has received an order from the Patna tax authorities imposing an interest and a penalty amounting to Rs 9.1 lakh.

The parent has said that there is no material impact on its financial, operation, or other activities from the order.

Cipla's MK Hamied steps down

Mumbai-headquartered pharmaceuticals major Cipla's Vice Chairman, MK Hamied, has stepped down due to age- and health-related reasons.

Hamied is part of the second generation of the drug maker's founding family.

His resignation will take effect from the close of business hours on October 29.

 

Maruti Suzuki contributes Rs 3 cr to PM CARES fund for flood relief

Maruti Suzuki India has donated Rs 3 crore to the PM CARES fund for flood relief across various states, in a bid to support the government's relief and rebuilding efforts across the country.