A flurry of significant events unfolded today, June 26th, across the business and political landscape.
LTIMindtree Chairman Steps Down
A M Naik, the chairman of LTIMindtree, has announced his decision to step down following the company’s 28th Annual General Meeting. The Board of Directors has appointed S. N. Subrahmanyan, currently serving as the Vice-Chairman, as the new Chairman, effective June 27th, 2024.
Reliance Industries Stock Soars
Shares of Reliance Industries, India’s leading company by market capitalization, surged back to the ₹ 3,000 mark after a 15-session gap, setting a new all-time high of ₹ 3,037.95 per share. The stock experienced a 4.50% gain.
Om Birla Elected Lok Sabha Speaker
In a significant political development, Om Birla, the nominee of the National Democratic Alliance (NDA), has been elected as the Lok Sabha Speaker for a second consecutive term. The motion for his election was moved by Prime Minister Narendra Modi and adopted through a voice vote.
Allied Blenders and Distillers IPO Fully Subscribed
The Initial Public Offering (IPO) for Allied Blenders and Distillers has witnessed strong investor interest. The non-institutional investor portion of the IPO was fully subscribed on the second day of bidding, followed by retail investors. According to data from the Bombay Stock Exchange (BSE), the overall subscription level for the IPO currently stands at 1.52 times.
Quant Mutual Fund Faces Outflow
In a separate development, Quant mutual fund reported a net equity outflow of ₹ 1,398 crore following the Securities and Exchange Board of India’s (SEBI) probe into allegations of front-running.
