ITC Hotels in SENSEX
On Tuesday, ITC Hotels was dropped from the benchmark Sensex and other BSE indices. To allow passive funds to rebalance their holdings, the ITC-split business was temporarily added to the Sensex and a few other indices. ITC Hotels started trading separately on January 29.
“As ITC Hotels did not hit the lower circuit by the cut-off time, the company will be removed from all BSE indices before the opening of trade on Wednesday,” the BSE said in a notice. The premium hotel operator’s shares closed 4.2% lower at Rs 165 yesterday as shares worth over Rs 700 crore changed hands. Index trackers were forced to sell shares worth more than Rs 400 crore when the firm was removed from the Sensex. It is expected that ITC Hotels will sell another Rs 700 crore after being taken off the NSE Nifty.
Dr. Agarwal’s first slides
Eye care business Dr. Agarwal’s Health Care had a rather dismal stock market debut with its shares ending just below their initial public offering, or IPO price.
Against the issue price of Rs 402, the shares closed at Rs 401.6 after touching highs of Rs 413 and lows of Rs 370. Thanks to institutional investors’ bids, the company’s Rs 3,027-crore IPO was a success. Nearly 40% of the IPO’s retail and high-net-worth individual (HNI) quotas went unsold. Rs 300 crore more was mobilized in the Rs 3,027-crore Dr. Agarwal’s IPO. At the time of closure, the company stood at Rs 12,684 crore. NSE Q3 profit drops 3.5% sequentially.
As the National Stock Exchange saw a 3.5% sequential decline in consolidated revenue for the December quarter 2024 at Rs 4,349 crore on Tuesday, new restrictions on index futures had an effect on trading activity. Sequentially, transaction fees were down 4%. However, the exchange claimed that its consolidated net profit jumped 94% year over year to Rs 3,834 crore.
Its biggest boost of Rs 1,155 crore from sale of its stake in Protean E-Governance Technologies was the big contributor to this vast jump. Revenues for the company have jumped 23% year over year.