Mumbai: Indian equity indices opened flat on Friday following mixed cues from global markets, the Sensex Nifty trade flat. Broader market trends remained positive. In the National Stock Exchange (NSE), 1,122 shares were in the green and 1,083 shares in the red.
In the Sensex pack, Tata Motors, Reliance, Sun Pharma, M&M, Bajaj Finserv, ICICI Bank, ICICI Bank, and HUL were top gainers. Titan, Infosys, Wipro, Tata Steel, Ultratech Cement, ITC, Asian paints, NTPC, Bajaj Finance and SBI were top losers.
It is worth mentioning here that, the shares of Ambuja Cements part of the diversified Adani Portfolio, gained in morning trade on Friday after a promoter entity likely divested Rs 4,197.8 crore worth stock at the floor price. Holderind Investments, a company owned by billionaire Gautam Adani and his family, likely divested 2.84 per cent of the equity, valuing the deal at Rs 4,197.8 crore at the floor price.
The transaction is part of a strategic group portfolio management move aimed at diversifying the shareholder base and attracting long-only investors, particularly those interested in infrastructure assets. Holderind sold approximately 6.99 crore shares at a floor price set at Rs 600 per share, reflecting a 5 per cent discount to the last close price on the NSE whereas, the Sensex Nifty trade flat.
The shares will be subject to a 60-day lock-up period, excluding transfers to another promoter or promoter group members, with the lock-up continuing in the hands of the transferee. The cement and building materials major reported sustainable quarterly results for the April-June quarter, with operating EBITDA at Rs 1,280 crore and PAT at Rs 790 crore.
The operating cost was improved by 3 per cent (year-on-year) at Rs 4,437 PMT, said the flagship of the diversified Adani Group. The company recently announced the acquisition of Hyderabad-based Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore. (With Inputs From: IANS)