Market Updates
India Movers: Cyient DLM, Genus Power, PNB Housing Finance, Weizmann
Arun Goswami
21 Aug, 2024
Mumbai
Mumbai stocks were under pressure following weak trading in Asia, and the rupee struggled near record low despite the U.S. dollar dropping to 2024 lows against the euro and the pound.
The Sensex index decreased by 0.3% to 80,762.50, and the Nifty index rose 0.1% to 24,719.50.
On the Mumbai stock exchange, 234 stocks traded at their 52-week highs, and 12 stocks traded at their 52-week lows.
The yield on the 10-year Indian government bonds inched lower to 6.85%, and the Indian rupee weakened to 83.85 against the U.S. dollar.
PNB Housing Finance increased 7.5% to ₹864.80, and a fund controlled by General Atlantic plans to sell 5.1% stake in the company in a block deal with a floor price of ₹775 per share.
Mobile telephone service providers were in focus after subscribers continued to migrate from Vodafone Idea to Reliance Jio and Bharti Airtel.
In June, Vodafone Idea lost 8.60 lakh subscribers, Bharti Airtel gained 12.5 lakh, and Reliance Jio added 19.1 lakh subscribers.
Cyient DLM decreased 1.8% to ₹772.35, and Cyient is planning to lower its stake in the company to 52.16% from 66.66%.
The company is set to sell 1.15 crore shares for ₹860.9 crore block deal, with a floor price of ₹748.65 per share.
Genus Power Infrastructures increased 4.9% to ₹437.75, and the company's subsidiary won an order worth ₹3,602 crore for advanced metering services.
Weizmann Limited declined 2.2% to ₹133.95, and the company's board approved ₹5.84 crore stock buyback plan at a price not to exceed ₹160 per share.
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