GAGA Share Market News

[hfe_template id='11223'] [ad_1] ITC Hotels was removed from 22 BSE indices before trading began on Wednesday, February 5. The company, which was spun off from ITC, had been temporarily included in the Sensex and other indices to facilitate portfolio rebalancing by passive funds. ITC Hotels began trading separately on 29 January. “As ITC Hotels did not hit the lower circuit till the cut-off time, the company will be dropped from all BSE indices effective prior to the open of trading on Wednesday,” BSE said in a notice. Shares of ITC Hotels last closed at Rs 165, down 4.16%. Index trackers had to sell shares worth over Rs 400 crore due to the stock’s exclusion from the Sensex, with another Rs 700 crore worth of selling expected when it is removed from NSE Nifty. The demerged entity debuted on NSE and BSE at Rs 180 and Rs 188 per share, respectively, commanding a market valuation of Rs 39,126.02 crore at listing, which has since fallen to Rs 34,266.48 crore. Under the deme...

[hfe_template id='11223'] [ad_1] Kolkata-based conglomerate ITC Ltd. has allotted 125.11 crore equity shares of ITC Hotels to its shareholders. The decision was finalized during a Board meeting on January 11, 2025, following a scheme of arrangement between ITC Ltd. and ITC Hotels (ITCHL). In an exchange filing, ITC stated, "The Board of Directors of ITCHL, at the meeting held today, January 11, 2025, has allotted 125,11,71,040 equity shares of Rs 1 each to the shareholders of the company as of the record date, January 6, 2025, pursuant to the Scheme of Arrangement among ITC Limited, ITCHL, and their respective shareholders and creditors." Following this development, ITC Hotels ceased to be a subsidiary of ITC Ltd., effective January 11, 2025. The share allotment is part of the restructuring under Sections 230 to 232 of the Companies Act, 2013, focusing on the demerger and reorganization of the two companies. ITC Hotels plans to apply for listing the newly allot...

[hfe_template id='11223'] [ad_1] Benchmark indices Sensex and Nifty edged lower on Thursday, extending their losing run to the fourth straight day on disappointing earnings and unabated FII outflows Stocks that were in focus include names like ITC, which fell 2%, ACC, which rose 0.2%, and Adani Wilmar, whose shares jumped nearly 6% on Thursday. Here's what Ameya Ranadive CMT CFTe at Sr Technical Analyst, StoxBox, recommends investors should do with these stocks when the market resumes trading today. ITC ITC Ltd fell by approximately 1.5% intraday, trading near Rs 474 ahead of its Q2 FY25 earnings report. The broader Nifty FMCG index is also under pressure, having corrected 11% from its recent highs due to underwhelming sector results. ITC's cigarette, hotels, and agriculture segments are expected to contribute positively in Q2, while its paperboard division remains a point of weakness. From a technical standpoint, the stock has broken a key support level at Rs 48...