Market Updates: Big Movers and Shakers on Dalal Street Today
Today’s market news brings you the latest updates on some of India’s biggest companies. From Vedanta’s demerger plans to Bharti Airtel’s share offloading, there’s a lot happening in the business world today.
Vedanta’s Demerger Vote and Share Drop
Vedanta Ltd. saw its share price fall by 2.44% today, just before a crucial creditor meeting to vote on a plan to split the company into five different businesses. This demerger plan, approved by the board on Sept. 29, 2023, needs approval from lenders holding three-fourths of the debt. The aim is to streamline operations and boost shareholder value.
Bharti Airtel’s Share Deal and Price Dip
Bharti Airtel Ltd.’s shares also slipped by 1.18% today following a block deal where promoter Indian Continent Investment Ltd. (ICIL), owned by Sunil Mittal, sold 51.1 million shares for Rs 8,485 crore. Another promoter entity, Bharti Telecom Ltd., jointly owned by Mittal and SingTel, acquired 12 million shares. This reshuffle leaves SingTel with a 49.4% stake and Mittal with 50.6% in Bharti Telecom.
Max Healthcare Gets a Boost from UBS Upgrade
Good news for Max Healthcare as its share price jumped by 3.19% after a UBS upgrade. The brokerage changed its rating from ‘neutral’ to ‘buy’ and increased the target price from Rs 610 to Rs 1,200. UBS praised Max Healthcare’s efficient expansion and profitable acquisitions, expecting bed capacity to double in three years.
Zen Technologies’ Earnings Disappoint, Shares Hit Rock Bottom
Zen Technologies Ltd. isn’t having a good week. Its shares hit a lifetime low today, dropping by 10% after disappointing third-quarter earnings, adding to Monday’s 20% fall. This makes a total 30% decline in just two days.
KPI Green Energy Shares Dip Post Dividend Announcement
KPI Green Energy Ltd.’s share price decreased by 5.04% today after the company’s shares turned ex-dividend. The Gujarat-based solar power company had announced an interim dividend of Rs 0.20 per share for the financial year 2025. Shareholders registered on Feb. 18 are eligible for this dividend.
Maruti Suzuki’s Price Fluctuation
Maruti Suzuki’s share price saw a bit of a rollercoaster today. It initially rose by 0.96% but then fell slightly, trading 0.05% lower. Citi increased Maruti Suzuki India’s target price by Rs 800, reflecting positive volume data and better margin assumptions.
Key Market Analysis and Today’s Business Updates
Today’s market analysis highlights the impact of earnings reports, dividend announcements, and share deals on stock prices. Keep up with the latest business updates for informed investment decisions.
