Stock market news that you should not miss today

11 Mar 2022 , 07:53 AM

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

• Markets to open on a muted note; support @16,300, resistance at 16,800.
• FIIs sold shares worth Rs1981.15cr (cash), bought Rs945.71cr in index futures.
• US markets closed lower. Asian Markets trade muted.
• Brent crude was trading 1.50% lower at $107.69 per barrel.
• MMTC: The company has executed the Share Purchase Agreement and Escrow Agreement for the sale of its entire equity holding in Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP). TSLP has been selected as a successful bidder through the two-stage auction procedure, run under the aegis of DIPAM, GOI.
• Futures Consumer: Future Consumer said it has agreed with Fonterra Co-operative Group to wind down 50:50 joint venture - Fonterra Future Dairy. The joint venture was established in 2018.
• Supreme Petrochem: The board has approved Phase II expansion of its expandable polystyrene (EPS) plant at Nagothane, Maharashtra by 30,000 MTA. Board also approved setting of the second line of extruded polystyrene board (XPS), and increasing the Masterbatch and Compounds capacity. The capital cost for these capital expenditure schemes will be met from the company's internal accruals.
• Britannia Industries: Life Insurance Corporation acquired a 1.2 lakh share in the company via open market transactions on March 9. With this, its shareholding stands at 5.02%, up from 4.97% earlier.
• Shipping Corporation of India: Life Insurance Corporation of India sold a 2 percent equity stake in the company via open market transactions. With this, LIC's shareholding in the company stands at 6.03%, down from 8.04% earlier.
• Kirloskar Ferrous Industries, and ISMT: The board has allotted 15.4 crore equity shares of ISMT at a price of Rs30.95 per share, to Kirloskar Ferrous Industries for Rs476.63 crore. With this, Kirloskar Ferrous Industries has acquired a controlling interest and holds a 51.25% stake in ISMT. Kirloskar Ferrous Industries has been classified as the promoter with sole control of ISMT.
• Aavas Financiers: UK's development finance institution CDC Group invested Rs360 crore in a Social Bond program by the company. The investment will be made in the form of rupee-denominated bonds (Masala Bonds) and will be listed as a social bond, in alignment with the International Capital Market Association’s Social Bond Principles. The proceeds of the bonds will be used to finance the women-owned property loan portfolio, with an aim to address gender inequity in asset ownership, in India.