Tata Steel share price rises after news of acquisition

The Markets Today in a nutshell

• Domestic stock market ended a volatile session with decent gains
• Overall market opened lower and hit days low in the morning trade amid negative Asian cues. It bounced back in late trade and settled near the day’s high, mirroring firmness in US Dow Jones index futures. Trading was volatile due to expiry of monthly F&O contracts on the NSE. Oil & gas, metals and private banks advanced. On the other hand, media, consumer durables and FMCG shares declined.

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News you could use

? Kanoria Chemicals & Industries hit an upper circuit of 20 percent.
The company said that the commercial production of the Phenolic Resin Plant at Ankleshwar, Gujarat with 6500 MTPA capacity, will commence from 1 January 2023.

? Dr Reddys Laboratories rose 0.14 percent
Dr Reddy share price rises after a US court dismissed all claims against the pharma major in an anti-trust complaint pertaining to cancer drug Revlimid.

? Tata Steel share price rises after news of acquisition  
Tata Steel rose 1.64%. The steel maker has acquired 1.15 crore equity shares at an issue price of Rs 12.81 per share of Tata Steel Advanced Materials (TSAML), for an amount aggregating to approximately Rs 14.80 crore. On completion of the acquisition, TSAML will continue to be a wholly owned subsidiary of the company.

News from the IPO world?

• Mamaearth IPO files for fresh issue of equity shares aggregating up to ₹400 crore.
• Shares of KFin Technologies ended at Rs 364 on the BSE, representing a discount of 0.55% compared with the issue price of Rs 366.
• SEBI may tighten norms for investments by mutual funds in IPO

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