Market News 21 July 2016

L&T Infotech lists 6% below issue price. Should you sell?

L&T Infotech has listed at Rs 667, 6% below its issue price of Rs 710 per share on the

National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The initial public

offering (IPO) was subscribed 11 times,attracting over one million applications, the

highest for any share sale offer in at least five years.

ACC, Ambuja Cements hit 52-week highs

Shares of ACC and Ambuja Cements have touch their respective 52-week highs on the

Bombay Stock Exchange (BSE), in an otherwise subdued market.

ACC has rallied 5% to Rs 1,717 on the BSE after the company announced the

commencement of commercial production from the new 2.79 million tonne per annum

clinker facility at Jamul, located at Chhattisgarh.

VRL Logistics surges as promoters withdraw regional

airline plan

VRL Logistics has surged 20% to Rs 378 on the BSE in early morning trade after the

company announced that the promoters have decided to withdraw their

regionalairline plans.

“We have decided to drop the plans for entry into the civil aviation space as the regional

connectivity related aspects listed in the new aviation do not augur well with our planned

business model envisaged for the proposed activity,” Vijay Sankeshwar said in

regulatory filings.

HPCL hits new high as board approves 2:1 bonus

issue

Hindustan Petroleum Corporation Limited (HPCL) has rallied 10% to Rs 1,233, also its

record high on the BSE in intra-day trade after the company announced that the board

has recommended issue of bonus shares in the ratio of two for every one held.

“The board of directors of the company at its meeting held on July 20, 2016, have

recommended capitalisation of reserves and issue of fully paid bonus shares in the ratio

of 2 (two) bonus equity share of Rs 10 each for every 1 (one) existing equity share of Rs

10 each,”HPCLsaid in a regulatory filing.

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