Headlines
-Bharat Forge says it will bid to acquire Amtek Auto run under NCLT. Stock hit upper circuit
-New India Assurance IPO subscribed 1.14 times so far on last day of the issue
-In tech news, WhatsApp outage seen across the globe, services partially restored
Equity benchmarks ended at fresh record closing high on Friday, driven by banks after PNB earnings.
The 30-share BSE Sensex was up 112.34 points at 33,685.56 and the 50-share NSE Nifty rose 28.70 points to 10,452.50.
About 1,429 shares advanced against 1,316 declining shares on the BSE.
New India Assurance’s initial public offering (IPO) has been subscribed 1.14 times so far on the last day of issue on Friday.
The issue received bids for 13.68 crore shares against IPO size of 12 crore shares. The insurer plans to raise Rs 9,600 through the primary market.
Traders as well as investors queued up to buy shares of Amtek Auto in open market after multinational company Bharat Forge is going to join race to acquire the debt-laden company. The stock was locked at 20 percent upper circuit at Rs 29.70 per share.
Amtek Group companies Castex Technologies and Metalyst Forgings were also locked at 10 percent and 20 percent upper circuit, respectively.
In a clarification note Bharat Forge said it has also participated in the process of acquiring Amtek Auto, along with other potential bidders.
As regards Amtek Auto, there is currently a process being run under the National Company Law Tribunal for selling the company due to heavy debt burden. Amtek is among 12 companies identified by the Reserve Bank of India for resolution under the Insolvency Bankruptcy Code in June.
For more, watch the Markets@Moneycontrol show. Moneycontrol editor Santosh Nair talks to Rakshita Madan on what transpired in trade on Friday.
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