Cipla Promoters to Sell Stake | Canara Bank to List Mutual Fund | Top Buzzing Stocks Today

Mon, 2 Dec Pre-Open

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Indian benchmark indices remained positive as the session progressed and ended the day on firm footing.

The benchmark equity indices BSE Sensex ended the week's last trading session in positive territory.

At the closing bell on Friday, the BSE Sensex stood higher by 759 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 216 points (up 0.9%).

Cipla, Sun Pharma, M&M were among the top gainers.

Nestle, Apollo Hospital and Shriram Finance on the other hand, were among the top losers.

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The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended 0.8% higher.

Barring realty sector, all other sectoral indices were trading positive with socks in oil & gas sector, telecom sector and energy sector witnessing most buying speer.

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Top buzzing stocks today

HUL share price will be in focus today.

FMCG major HUL has identified six long-term bets and said it sees the potential of 2-4x growth across key categories, sharing the presentation of its Capital Market Day with analysts on 29 November. Shares of HUL are higher by over 1.5% in mid-day trade.

The company aims to achieve double digit EPS growth, driven by topline, with over 80% of the delta coming from 'future core and market maker' products.

Sigachi Industries will also be a top buzzing stock.

Shares of Sigachi Industries surged by 10% on November 29 following the company's announcement regarding its submission of a Certificate of Suitability (CEP) filing for Propafenone Hydrochloride.

Trimax Biosciences Pvt Ltd, a subsidiary of Sigachi, received communication from the European Directorate for the Quality of Medicines & Health Care (EDQM) on this filing.

Zomato Raises Funds

Food and grocery delivery firm Zomato has closed its qualified institutional placement (QIP) to raise Rs 85 bn, the company said in a filing to the stock exchanges on Friday.

The shares were priced at Rs 252.6 which is at a nearly 12% discount to Zomato's Thursday closing price of Rs 286.1 on the BSE.

The issue which opened on November 25 saw participation from a clutch of domestic investors like Motilal Oswal, ICICI Prudential, HDFC Mutual Fund, Kotak among others.

Motilal Oswal emerged as the biggest participant picking up a significant 21% share of the allocation by pumping around Rs 17.5 bn. ICICI Prudential invested Rs 10.7 bn while HDFC MF bought shares worth about Rs 7.3 bn.

On November 22, a media report reported that quick commerce firm Zepto raised an additional US$ 350 million (m) in funding led by Motilal Oswal's private wealth division, while Raamdeo Agrawal of Motilal Oswal Financial Services invested in Bengaluru-based Swiggy.

The fundraise, which is Zomato's first such exercise since its initial public offering (IPO) in July 2021, comes at a time when its rivals have raised significant amounts of capital.

Cipla Promoters to Sell Stake

Cipla promoters are likely to sell up to 1.7% of the company's stock via block deals. The company may set the offer price at Rs 1,442 per share according to a report that estimated the block size to be Rs 20 bn.

Approximately 13.9 m shares could be on the block, according to the media report on 29 November 2024.

At this offer price, the shares will be off-loaded at a 6% discount over Friday's closing price of Rs 1,532. Today, Cipla shares settled higher by Rs 39.3 or 2.6% over Thursday's closing price.

The promoters of Cipla had in May this year sold a 2.5% stake for Rs 2,751 crore in a block deal on the NSE.

The company in a stock exchange release said the stake sale was intended at raising funds for specific needs, including philanthropy.

The Drug had posted 15% growth in its consolidated net profit to Rs 13 bn for the quarter ended September 2024, compared with Rs 11.3 bn in the year- ago period.

Canara Bank to List Mutual Fund

Two Canara Bank subsidiaries are poised to launch initial public offerings in the first half of next financial year, said managing director Satyanarayana Raju.

This follows the state-run lender securing government approval to hold more than 30% each in the subsidiaries after their public listings, marking a shift from a prohibitive clause under the Banking Regulation Act.

With the decks now cleared, Canara Robeco Asset Management Company, India's second oldest asset manager, would launch its IPO in the first quarter of FY26, while insurance subsidiary Canara HSBC Life Insurance is likely to be listed in the second quarter

The Department of Financial Services, on the recommendation of the Reserve Bank of India, declared that the provisions of sub-section (2) of Section 19 of the Banking Regulation Act will not apply to Canara Bank in terms of its shareholding exceeding the 30% threshold in the two firms till 31 October 2029 or its revocation, whichever is earlier.

The state-owned lender currently owns 51% of the AMC with Japan's Orix Corporation holding the remainder. Canara Bank floated the company in 1993, partnering with Robeco, now part of Orix, in 2007.

The bank would offload 13% through the IPO while Orix will sell 12%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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