Among the Sensex firms, HDFC Bank, NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle and Maruti were the major laggards.
Stock Market News: Vikas Lifecare Ltd (VLL) on Thursday said that the company will acquire a 50 per cent stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore. The acquisition of this homegrown company will make way for the company to explore new opportunities in the entertainment and event organising industry, according to a regulatory filing.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.
“VLL will buyout the 50 per cent equity of PME Entertainment from its existing shareholders through a share swap deal, negotiated at the enterprise value of Rs 2,010 million,” the company said.
“VLL will be investing in excess of Rs 1 billion for acquisition,” it added.
Meanwhile, benchmark indices Sensex and Nifty fell for the third day running on Thursday, dragged by continuous selling in HDFC Bank and profit-taking in consumer durables and utility shares.
The 30-share BSE Sensex fell by 313.90 points or 0.44 per cent to settle at 71,186.86. During the day, it tanked 835.26 points or 1.16 per cent to 70,665.50.
The Nifty declined 109.70 points or 0.51 per cent to 21,462.25. During the day, it plunged 286.4 points or 1.32 per cent to 21,285.55.
The heavy fall in the markets comes on the back of a recent record-breaking rally. The BSE benchmark hit an all-time high of 73,427.59 on Tuesday, and the Nifty also reached its lifetime peak of 22,124.15 the same day.
Among the Sensex firms, HDFC Bank, NTPC, Asian Paints, Power Grid, Titan, IndusInd Bank, Nestle and Maruti were the major laggards.
HDFC Bank fell over 3 per cent, extending its previous days’ huge fall, after the company’s December quarter earnings failed to impress investors. The private lender alone contributed 305 points to the fall.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,578.13 crore on Wednesday, according to exchange data.
On Wednesday, the BSE benchmark plunged 1,628.01 points, or 2.23 per cent, to settle at 71,500.76. The Nifty tanked 460.35 points or 2.09 per cent to settle at 21,571.95.