Stock Market News - Vodafone Idea falls, Lupin Gains, Power Grid Gains

Vodafone Idea falls 8% Shares of Vodafone Idea fell as much as 7.5 percent to Rs 3.70. Vodafone Group Plc’s Indian venture may be headed for liquidation unless the government eases off on demands for mobile spectrum fees, Bloomberg reported quoting the company’s Chief Executive Officer Nick Read.

Lupin Gains After Offloading Japanese Business Shares of Lupin rose as much as 3.1 percent to Rs 758.80. India’s fourth-largest drugmaker by market value informed the exchanges it has entered into a definitive agreement to sell 99.82 percent of its stake in Kyowa Pharmaceutical Industry Co. to Plutus Ltd., a subsidiary of the private equity firm Unison Capital Partners, at an enterprise value of 57,361 million Japanese yen—nearly Rs 3,702.4 crore. 

That, Lupin said, would generate a post-tax net cash inflow of Rs 2,103.9 crore.

Power Grid Gains After large Trade Shares of Power Grid rose as much as 1.4 percent to Rs 194.35. About 16.6 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately. 

The stock declined 1.7 percent in the past five days and fell 4.5 percent in the past 30 days.

Avanti Feeds Extends Decline After-Tax Authorities Conduct Search Shares of Avanti Feeds extended declines for the second consecutive trading session, The stock fell as much as 6.6 percent to Rs 475. The scrip had ended 8.2 percent lower on Monday. 

The shrimp feed manufacturer and distributor said that the company and its arm Avanti Frozen Foods’ premises were searched by the Income Tax authorities from Noc, 7-11.

TOP GAINERS & LOSERS - 

Britannia Industries, Yes Bank, Coal India, TCS, Wipro, Tech Mahindra, Power Grid are among major gainers on the Indices, while losers are Infosys, Zee Entertainment, Hindalco and Gail. All the sectoral indices are trading with marginal gains.

Rupee Opens: The Indian rupee slipped in the early trade on Wednesday. It opened lower by 29 paise at 71.75 per dollar versus Monday's 71.46.

Oil Check - At 8:18 AM, Brent Crude Futures were at $61.86 per barrel-mark.

NEWS ALERT | Promoters of Avenue Supermarts looking to sell stake: Report

-- Initiated preliminary discussions with merchant bankers for a stake sale by the promoters in Feb 2020

-- This will be a big share sale (for around 5.21%) in excess of Rs 6000 crores as per the current m-cap, the report quoted unnamed sources.

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