The stock market gained more than one percent in one day in the previous session for the first time since June 21, supported by buying across sectors and positive European signals with oil prices falling. The BSE Sensex jumped over 600 points to 53,751 while the Nifty50 climbed nearly 180 points to 15,989. The purchase was also seen more broadly as the Nifty Midcap 100 and Smallcap 100 indices rose 1.9 percent and a half percent, respectively, while the India VIX volatility index cooled to 20.27 levels, down 2.5 percent, which was a relief. for bulls.
The Directorate General of Civil Aviation (DGCA) has sent SpiceJet a statement on the cause of a show in light of the rising number of airborne security incidents witnessed by the low-cost airline. The aviation safety regulator said in its statement that the airline has “failed to establish safe, efficient and reliable air services”. Commenting on the report, SpiceJet CMD Ajay Singh said the airline would be “doubly careful” and strengthen inspection of aircraft before departing for flights.
Shares of Hero MotoCorp (HMCL) rose 4 percent to Rs 2,837, hitting a more than four-month record high on Wednesday’s BSE in trading based on expectations of strong quarterly results in June (Q1FY23). HMCL sold 1.39 million units in Q1FY23 and reported robust double-digit growth of 35.7 percent from Q1FY22, when the company sold 1.03 million units. Consecutively, the company reported a 17 percent growth in total sales, while the company sold 1.19 million units in Q4FY22.
The company has signed a share purchase agreement to acquire 100 percent of its shares in Adan Holdings for £1.4 million. Aban has an interest in hydraulic and engineering companies in the UK. The said acquisition will be completed in August 2022.
Equitas Small Finance Bank
The small financial bank reported 22 percent year-on-year growth in Q1FY23 gross advances of Rs 21,699 crore and sequential increase was 5 percent, while deposit growth was 19 percent year-on-year and 8 percent QoQ against Rs 20,386 crore.
The company has received a Letter of Awards from ONGC for chartering 1000 HP mobile drilling rigs for assets in Ahmedabad for a period of 3 years. The total estimated value of the said prizes is $19.02 million or Rs 150.24 crore.
The company said the board of directors approved the voluntary delisting of the company’s shares from NSE, but the shares would remain on the BSE.
East West Holdings
The company has entered into a share purchase agreement with Unique Airfreight Express and Logistics Private Limited. It will acquire a 37.5 percent interest in Unique Airfreight Express in the first tranche and the remaining 62.5 percent interest will be acquired within a period of 1 year. The purchase cost is Rs 4 crore.
HDFC Asset Management Company sold a 2.15 percent or 25.7 lakh stake in the company on July 4 through open market operations. As a result, HDFC AMC reduced its stake in the company to 7.02 percent, from 9.17 percent earlier.
City Union Bank
The bank said the board of directors has agreed to raise more capital through the QIP route in the amount of Rs 500 crore, subject to shareholder approval.
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