The market capitalisation of BSE-listed companies eroded by Rs 2,25,543.41 crore to Rs 4,06,24,224.49 crore (USD 4.89 trillion).
GG Engineering shares have given a return of 9.90 per cent to investors in the last 2 weeks. In the last 6 months, GG Engineering shares have made investors rich by giving multibagger returns of over 86 per cent. The counter had closed at Rs 2.22 in the last trading session.
Meanwhile, GG Engineering Limited has informed the stock market that a meeting of its Board of Directors was held on May 03, in which the board finalises the conversion of 13.5 crore warrants into an equal number of equity shares.
“Board of Directors of the Company in their meeting held today i.e. Friday, May 03, 2024, inter-alia, considered and approved the allotment of equity shares on conversion of 13,50,00,000 warrants into 13,50,00,000 equity shares at an issue price of Rs. 1.32/- each (including a premium of Rs. 0.32/- each), to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 13,36,50,000/- (Rupees Thirteen Crores and Thirty-Six Lakhs Fifty Thousand Only) at the rate of Rs. 0.99 (Ninety Nine Paise only) per warrant,” the company said in an exchange filing.
Meanwhile on Friday, the investors’ wealth eroded by Rs 2.25 lakh crore when the BSE Sensex tanked 733 points, amid profit-taking and worries over premium valuations of local stocks. The 30-share BSE benchmark dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day’s low of 73,467.73.
The market capitalisation of BSE-listed companies eroded by Rs 2,25,543.41 crore to Rs 4,06,24,224.49 crore (USD 4.89 trillion). From the Sensex basket, Larsen & Toubro, Maruti, Bharti Airtel, Nestle, Reliance Industries, JSW Steel, Kotak Mahindra Bank and UltraTech Cement were among the major laggards.
Bajaj Finance climbed nearly 1 per cent higher.
The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory filing on Thursday.Bajaj Finserv, Mahindra & Mahindra, State Bank of India, ICICI Bank and Infosys were among the other gainers.
In the broader market, the BSE smallcap gauge declined 0.55 per cent and the midcap index dipped 0.21 per cent.
Among the indices, telecommunication tanked 1.42 per cent, realty (1.09 per cent), services (1.01 per cent), teck (0.96 per cent), consumer discretionary (0.71 per cent), IT (0.64 per cent) and commodities (0.29 per cent). In contrast, healthcare and metal were the gainers.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,391.98 crore on Friday, according to exchange data.