The Sensex is up 140.66 points or 0.5 percent at 28000.26, and the Nifty is up 30.65 points or 0.4 percent at 8622.80.
About 888 shares have advanced, 405 shares declined, and 52 shares are unchanged.
Axis Bank is up 3 percent. BHEL, Tata Motors, L&T and Tata Steel are top gainers in the Sensex.
Stocks plunge: AB Nuvo plunged 22 percent while Garsim is down 7 percent. The boards of AB Nuvo and Grasim have entered into a two-way restructuring process to merge AB Nuvo into Grasim. The shareholders of AB Nuvo, for every 100 shares will get 30 shares of Grasim. The first step involves merging AB Nuvo with Grasim following which the financial services business of AB Nuvo will come into Aditya Birla Financial Services (ABFSL). ABFSL is expected to be listed on stock exchanges post the merger. Shareholders of AB Nuvo will get 210 shares in ABFSL for every 100 shares post the listing while the Grasim shareholders, holding 100 shares, will get 700 shares in the financial business. The deal is expected to be completed by this year-end.
About 888 shares have advanced, 405 shares declined, and 52 shares are unchanged.
Axis Bank is up 3 percent. BHEL, Tata Motors, L&T and Tata Steel are top gainers in the Sensex.
Stocks plunge: AB Nuvo plunged 22 percent while Garsim is down 7 percent. The boards of AB Nuvo and Grasim have entered into a two-way restructuring process to merge AB Nuvo into Grasim. The shareholders of AB Nuvo, for every 100 shares will get 30 shares of Grasim. The first step involves merging AB Nuvo with Grasim following which the financial services business of AB Nuvo will come into Aditya Birla Financial Services (ABFSL). ABFSL is expected to be listed on stock exchanges post the merger. Shareholders of AB Nuvo will get 210 shares in ABFSL for every 100 shares post the listing while the Grasim shareholders, holding 100 shares, will get 700 shares in the financial business. The deal is expected to be completed by this year-end.
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