Stock market news that you should not miss today

23 Feb 2022 , 07:49 AM

Here is the important stock market news to watch out for today.

• Markets to open on a positive note; support @17,400, resistance at 16,800.
• FIIs sold shares worth Rs3245.52cr (cash), bought Rs4108.58cr in index futures.
• US markets were closed lower. Asian Markets opened in the green.
• Brent crude was trading 0.17% higher at $97.01 per barrel.
• Crompton Greaves has signed definitive agreements on February 22, 2022 to: (a) acquire upto 55% stake in Butterfly, a company engaged in the manufacturing, marketing and distribution of kitchen and small domestic appliances (“SDA”), at a price of Rs1,403.00 per equity share, and (b) Trademarks for a consideration of Rs30.38 er. Crompton will also launch the mandatory open offer to the public shareholders of Butterfly for the acquisition of up to 26% stake at a price of INR 1,433.90 per equity share.
• Sun Pharma: Galderma and Taro Pharmaceutical Industries Ltd have signed a definitive agreement for Taro to acquire Alchemee, formerly The Proactiv Company (TPC}, from Galderma. The agreement between Galderma and Taro includes Alchemee’s business and assets around the world, including the Proactiv® brand.
• Mahindra CIE Automotive: Profit for the December 2021 quarter fell 28 percent year-on-year to Rs 80 crore, compared to Rs 112 crore profit reported in the corresponding period last fiscal. However, revenue during the same period increased 5.4 percent to Rs 2,064 crore, against Rs 1,958 crore YoY. The firm said the board of directors has approved a dividend of Rs 2.50 per share for the financial year ended December 31, 2021.
• FSN E-Commerce Ventures (Nykaa): The company informed that its litigation with L’Oreal S.A. has been settled. It had disclosed the details of pending litigation with L’Oreal S.A. in its IPO prospectus.
• Dilip Buildcon: The firm has won a road project in Chhattisgarh. It has been declared as L-1 bidder for a new HAM project under Raipur-Visakhapatnam in the state and the order is worth Rs 1,141 crore.
• SIS: The company has bagged a contract worth Rs 225 crore, from Mahanadi Coalfields. With this, it will deliver security solutions to Mahanadi Coalfields at 18 sites across India for the next two years.
• Elantas Beck India: Profit for the December 2021 quarter fell by 26 percent to Rs 16.60 crore, compared to Rs 22.55 crore profit reported in the year-ago period. Revenue, however, jumped 23 per cent to Rs 145 crore against Rs 118 crore in the same period. The firm said its board of directors has recommended payment of a dividend of Rs 5 per equity share for the year 2021.
• Capri Global Capital: Life Insurance Corporation of India has bought 1.5 lakh equity shares in the company via open market transactions on February 21. With this, LIC’s shareholding stands at 5.04 percent now, up from 4.95 percent earlier.
• Carborundum Universal: HDFC Asset Management Company sold 1.1 lakh equity shares in the company via open market transactions on February 18. After stake sale, HDFC AMC holds 5.59 percent shareholding now, down from 5.65 percent earlier.