Latest news with #BATPlc
The Hindu
6 days ago
- Business
- The Hindu
ITC shares decline over 3%; market valuation drops by ₹17,269 crore
Shares of ITC dropped over 3% after British multinational BAT Plc trimmed its ownership in the conglomerate by divesting a 2.5% stake for ₹12,927 crore ($1.51 billion) through a block deal. The stock declined 3.18% to settle at ₹420.10 on the BSE. During the day, it lost 4.33% to ₹415.10. At the NSE, it dropped 2.97% to ₹421. The company's market valuation declined by ₹17,269.48 crore to ₹5,25,718.17 crore. The stock emerged as the biggest laggard among the BSE Sensex firms. The BSE barometer declined 239.31 points or 0.29% to settle at 81,312.32. The NSE Nifty dropped 73.75 points or 0.30% to 24,752.45. British American Tobacco (BAT), through its arm Tobacco Manufacturers (India) Ltd, sold the stake in Kolkata-based ITC, according to a revised term sheet accessed by PTI. Before the latest transaction, BAT through its affiliates— Rothmans International Enterprises, Myddleton Investment Company and Tobacco Manufacturers (India) Ltd— owned a combined 25.44% stake in ITC Ltd. Following the completion of the block trade, BAT will remain a significant shareholder of ITC, with less than 23% stake in ITC. As per the latest block deal, up to 31.3 crore equity shares of ITC were sold at a final price of ₹413 per share.
Mint
7 days ago
- Business
- Mint
Sensex today tumbles 240 points, Nifty slips below 24,800 in choppy trade; ITC top loser
Stock market today: Indian frontline indices extended their losing streak for the second straight session on Wednesday, May 28, as heavyweights led by ITC continued to weigh on the market. Despite a strong handover from Wall Street, profit booking in auto, IT, and metal counters also exerted pressure on the benchmark indices. The Nifty 50 finished the session with a drop of 63 points, or 0.3%, to settle at 24,752, while the Sensex declined 240 points, or 0.29%, to end the day at 81,312. The broader markets managed to buck the trend, as the Nifty Smallcap 100 index gained 0.33%, while the Nifty Midcap 100 index closed flat. In terms of the individual stocks, ITC's share price dropped nearly 3% after British multinational BAT Plc trimmed its stake in the firm by 2.3 % through a block deal worth ₹ 11,613 crore. IndusInd Bank stock snaps a 5-day winning run to lose 2% after JP Morgan downgrades the rating to reduce and also trims the stock price to ₹ 660 apiece from 770 earlier. Other heavyweights, including Reliance Industries, M&M, HDFC Bank, UltraTech Cement, and Sun Pharma, also ended the session lower, with losses of up to 2%. Infosys, Eterna1, Tata Motors, Tech Mahindra, Bharti Airtel, and Tata Consultancy Services were among the gainers. Amid a lack of fresh triggers in the Indian stock market, investor attention also shifted to the primary market, as activity in the IPO space heated up with companies queuing up to list their shares on Dalal Street. Looking ahead, experts believe the U.S. Federal Reserve's policy minutes, due later today, will provide cues for the market's direction. On the global front, U.S. markets ended sharply higher on Tuesday after thirty-year Treasury yields posted their biggest one-day slide since late March. This came amid signs that Japan may adjust debt sales following a market rout. The dollar rose against all developed-market currencies, while oil and gold prices fell. The rebound broke a "Sell America" trend in markets that had become evident after President Donald Trump launched his tariff war and pushed for tax cuts, which raised concerns about the U.S. fiscal deficit. Meanwhile, U.S. consumer confidence rebounded sharply in May from a near five-year low, as the outlook for the economy and labor market improved amid a temporary truce on tariffs.
