Stock Market News - SBI Life Falls 2%, Apollo Hospitals Surges

SBI Life Falls 2% After SBI Plans To Sell Stake In Company Shares of SBI Life Insurance Company fell as much as 1.8 percent to Rs 785.10. SBI’s board has approved an offer-for-sale of at least 3.5 percent stake—or 3.5 crore shares—in SBI Life Insurance Company Ltd., with an option of oversubscription of 1 percent.

The floor price for the sale has been set at Rs 770 per share—a discount of 4 percent to today’s closing price of Rs 799.65—the life insurer said in a separate filing. The sale for institutional investors will take place on Sept. 12 and retail investors on Sept. 13.

Walchandnagar Industries Climbs 12% - Shares of Walchandnagar Industries rallied more than 12 percent intraday after bagging a contract from Indian Space Research Organization. Walchandnagar Industries (WIL) in its BSE filing said it secured an order worth Rs 77.20 crore plus escalation from the Vikram Sarabhai Space Centre of ISRO located at Thiruvananthapuram.

Apollo Hospitals Surges After Large Trade Shares of Apollo Hospitals Enterprise rose as much as 5.9 percent to Rs 1,579.70. About 50 lakh shares or 3.6 percent equity changed hands in a large trade, Bloomberg data showed. While buyers and sellers were not known immediately, Apollo Hospitals’ Founder Sunitha Reddy planned to sell 50 lakh shares up to Rs 725 crore.

Alkem Laboratories Swings After Regulatory Inspection Shares of Alkem Laboratories fluctuated between gains and losses to trade 0.8 percent higher at Rs 1,861.95. The pharmaceutical company received four Form 483 observations from the U.S. Food and Drug Administration for its manufacturing facility in St.Louis, the U.S. The company said that the inspection has been closed by the U.S. FDA now.

Rupee opening - Rupee opens stronger at 71.43/$ vs Wednesday's close of 71.65 against the US dollar

CATCH ALL THE MARKET UPDATES -

Apollo Hospitals gains 3%
ICICI Bank climbs 2%; top gainer in Sensex
Reliance Nippon Life slips over 3% as OFS gets oversubscribed
Gujarat Alkalies rises 3% on reports co's board may soon consider stock split
Titan Company up 1% as ICRA assigns A1+ rating for its Rs 900-cr commercial paper
State Bank of India gains as it looks to offload up to 4.5 percent stake in SBI Life Insurance Co

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