KFC, Pizza Hut operator Sapphire Foods announced that its board members has approved the split of existing equity shares of the company from 1 equity share to 5 equity shares.

In a regulatory filing, Sapphire Foods said that the meeting of board of directors on Wednesday approved that the shares of the company from 1 equity share having face value of Rs 10 each fully paid up, will be split into 5 equity shares having face value of Rs 2 each fully paid-up.

It also announced the alteration of Capital Clause (Clause V) of the Memorandum of Association of the Company (MoA) on account of sub-division of equity shares.

Interarch Building Products makes stellar debut, lists at Rs 1,299 on NSE Ambuja Cements shares surge 4% after promoter sells 3% stake via block d…

The correction continues for the second consecutive day in the market. The Nifty slipped below 19,450 and the Sensex too declined 286 points. The broader market was down more than 1%. Selling was seen across the sector, except for FMCG & IT. Most market observers believe that the withdrawal of funds as a result of the dollar rally is a primary trigger for this selloff. India’s vulnerability to global concerns is a primary worry.

Shrikant Chouhan, Head of Research (Retail), Kotak Securities, “Despite our strong macroeconomic growth performance, India is not insulated from global problems, and hence any correction in global markets due to worries over further rate hikes would have a rub-off effect here. However, the Nifty has formed a Dragonfly Doji candlestick for…

Shares of Mazagon Dock Shipbuilders rose 6% to an intraday high of Rs 4,560 from its previous close of Rs 4,299.55. The surge in stock price came a day after it fell 9.4%, intraday. Also, the stock was down for the whole week, wiping off investors’ gains in the last five trading days. 

Earlier, the brokerage house ICICI Securities in a research report gave a 77% downside from its current market price, which it took as Rs 4,999 for the shipbuilder stock. The brokerage house maintained its “ Sell” rating on the stock saying that it is overvalued at the current market price. 

“Despite factoring in the potential orders of P75 (three additional submarines), P75I and next-gen destroyers, and margins at an elevated level in the near term, we believe th…

HDFC Bank  announced on Thursday that the Reserve Bank of India (RBI) has granted approval for the Life Insurance Corp. of India (LIC) to acquire an additional 4.8% stake in the country’s largest private sector lender. LIC currently holds a 5.19% stake in HDFC Bank.

According to a stock exchange filing by HDFC Bank, the RBI has advised LIC to complete the acquisition of the additional HDFC Bank shares within a year. However, LIC must ensure that its overall holding in the bank does not exceed 9.99% of the paid-up share capital or voting rights of the bank at any given time.

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