Large Trade Buzz: Markets Close Deals Worth Over Rs 20,000 Crore In Big Companies
The Indian benchmark indices touched fresh lifetime highs at open for the second session in a row.
The equity markets were lit up with large trades of big companies in early trade on Wednesday. From Indus Tower Ltd. to Piramal Enterprises Ltd., the session recorded deals worth over Rs 20,800 crore, among other small trades.
A major portion of the total deals was the scrip of Indus Tower Ltd. which the Vodafone Group proposed to offload as part of their fundraising plans.
About 51.6 crore shares or a 19.15% stake of Indus Towers changed hands in 17 transactions worth over Rs 16,615 crore, according to Bloomberg data. Bharti Airtel Ltd. acquired 2.69 crore shares worth 1% equity via on-market transaction and increased its stake to 48.95%, according to an exchange filing.
Gland Pharma Ltd.'s deal worth Rs 1,549 crore had about 87.5 lakh shares change hands at Rs 1,771.05 per share. Fosun Pharma Industrial Pte. is said to cut its stake in India’s Gland Pharma after being unable to offload it in one go, Bloomberg reported, quoting the term sheet.
Fosun Pharma, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., holds about 58% of Gland Pharma, which has a market value of Rs 303 billion ($3.6 billion).
Apart from Gland Pharma and Vodafone group's bid to offload shares of Indus Towers, which was partly acquired by Bharti Airtel, the buyers' and sellers' details of other deals were not known immediately.
The Indian benchmark indices touched fresh lifetime highs at open for the second session in a row on Wednesday. Shortly after opening, the NSE Nifty 50 rose 0.31% to a fresh high of 23,630.85, and the S&P BSE Sensex rose 0.36% to 77,581.46.
As of 11:12 a.m., the Nifty was trading 56.35 points or 0.24% lower at 23,501.5, and the Sensex was trading 50 points or 0.06% lower at 77,251.87.
