IndusInd Bank acquires almost 7.82% stakes in Eveready Industries:
IndusInd Bank: It is an Indian new generation bank headquartered at Pune. The bank provides services in commercial, transactional, and electronic banking products and services. Initially, the bank started its operations with a capital amount of Rs. 1 billion. However, the bank expanding its operations throughout India by reaching the benchmark. The bank is derived from the name ‘Indus Valley Civilisation’.
Meanwhile, on Saturday, August 8th, the private sector bank decided to acquire an almost 7.82% stakes in the battery maker Eveready Industries. The bank will invoke pledged shares of the company for the loan default. The bank invokes a pledge on almost 56,83,320 equity shares with 7.82% of the paid-up equity share capital of Eveready Industries.
“The equity shares of Eveready Industries held by Williamson Magor Limited. The company pledged almost 7.82% stakes with the bank against securing the outstanding dues of Seajuli Developers & Finance Limited. So, the bank decided to invoke the pledged shares for the recovery of its dues from Seajuli,” said the IndusInd Bank in a regulatory filing.
On the other side, the IndusInd bank also acquired 7.50% stakes with almost 78,32,253 equity shares from the tea firm McLeod Russel India Limited by invoking pledged shares for the recovery of dues from the borrower.
However, the shares of IndusInd Bank Limited on Friday reported a bullish trend in the stock market. The bank gained 13.00 points with a 2.63% increase and reached 507.90 INR. While in BSE, the bank gained 14.35 points with a 2.90% increase and reached 509.10 INR.
Stock Market August 7th:
On Friday, both Sensex and Nifty continues its bullish trend in the stock market from the last three sessions. The Sensex is trading above 38,000 levels and Nifty is trading below 11,200 levels in the stock market. The Sensex gained 15.12 points with a 0.040% increase and reached a 38,040.57 level. While Nifty gained 13.90 points with a 0.12% increase and reached 11,214.05 level.
On the other side, the number of coronavirus cases in India reached 21,53,010 as of Sunday, August 9th, and deaths reached 43,379.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It gained 106.46 points with a 0.78% increase and reached a 13,668.69 level. The S&P BSE MidCap gained 202.02 points with a 1.44% increase and reached a 14,218.87 level. While Nifty Bank gained 111.40 points with a 0.51% increase and reached 21,754.00 level.
Top Gainers on August 7th: Asian Paints, Bajaj Finance, UPL, IndusInd Bank, and Bajaj Finserv are the top gainers in today’s stock market.
Top Losers on August 7th: Titan Company, HCL Technologies, Infosys, M&M, and Sun Pharma are the top losers in today’s stock market.