These 5 large-cap stocks are in the news on September 19
Let's find out why these 5 large caps are in the news on Monday.
Reliance Industries and Oil and Natural Gas Corporation (ONGC): On Friday, the government cut the windfall tax on profit earned from locally produced crude oil as there has been a fall in the international crude prices since the tax was imposed by the government. Effective from September 17, the government also reduced the levy on diesel and jet fuel (ATF) exports. This news is positive for Reliance Industries and ONGC. At 11:52 am, the shares of Reliance Industries are trading at Rs 2495.85, 0.14% down on the day. While the shares of ONGC are 0.08% up and trading at Rs 131.3.
Ambuja Cements and ACC: Adani will invest Rs 20,000 crore for a 19% stake in Ambuja Cements. After completion of the deal with Holcim, Gautam Adani and his son Karan Adani took over Ambuja Cements and decided to invest Rs 20,001 crore in the company via convertible warrants.
Adani Group paid Holcim, based in Switzerland, Rs 51,200 crore ($6.4 billion) on Friday to acquire a controlling stake in Ambuja Cement and ACC. Adani Group is now the world's second-largest cement producer, trailing only Aditya Birla Group company UltraTech Cement. Adani Group has acquired Holcim Group’s entire 63.11% stake in Ambuja Cements which owns a 50.05% stake in ACC.
Indus Towers: Bimal Dayal has resigned as the company's Managing Director and CEO, as well as a Director on the Board. Until the vacancy is filled, Tejinder Kalra (Chief Operating Officer), and Vikas Poddar (Chief Financial Officer), will be jointly responsible for the company's operations under the supervision of the board and the Chairman. Indus Towers is the world's second-largest telecom tower installer. It generates most of its revenue from tower rental services. At 11:52 am, the shares of Indus Towers are trading at Rs 199.5, 2.3% down on the day.
Mahindra & Mahindra (M&M): Mahindra Holdings, a wholly owned subsidiary of Mahindra & Mahindra has entered into an agreement to sell 30% of its stake in its fully owned subsidiary, Mahindra Susten (MSPL) to Ontario (2OL) and also sell additional 9.99% of the Paid-Up Equity Share Capital to any other investor or 2OL or any of its affiliates by May 31, 2023.
At 11:52 am, the shares of Mahindra & Mahindra are trading at Rs 1285.35, 2.79% up on the day.
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