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The natural resources major, last week, announced that it will demerge its existing business into six listed companies, aiming to build a simplified corporate structure, while boosting the valuations of the diversified businesses.

The Nifty Auto index was trading 1.28 per cent down at 15977.45.

RVNL said in an exchange filing that it emerged as the lowest bidder for the development of distribution infrastructure at the South Zone of Himachal Pradesh under the Revamped Reforms based and Results-linked, Distribution Sector Scheme (loss reduction works). The project worth Rs 1,098 crore will be executed within 24 months.

Shashank Srivastava of Maruti Suzuki India predicts that over one million vehicles will be sold during the festive season, accounting for around 23-26% of the annual sales. While the inventory level is high, Srivastava believes it will decrease after the festive season. He also mentions potential challenges such as inflation and higher interest rates that could affect sales in 2024.

The rupee was at 83.20 against the U.S. dollar as of 11:15 a.m. IST compared with a close of 83.04 in the previous session.

A total of 14,403 shares changed hands on the counter till 11:57AM (IST).

The Nifty auto index was one of the worst performing sectors and fell 0.87% and was trading at 16,042.85. In the 15 stock index only three advanced at 10:15 pm while the remaining declined.

The IPO of Vaibhav Jewellers was fully subscribed on the last day of the bidding process. The overall subscription stood at 2.25 times at close. The issue was priced in the range of Rs 204-215. The IPO comprised a fresh issue of Rs 210 crore and an offer for sale (OFS) segment of up to 28 lakh equity shares. The company has raised about Rs 270 crore through the public offer.

As of 30-Jun-2023, promoters held 59.39 per cent stake in the company, while FIIs held 24.96 per cent and domestic institutional investors had 3.29 per cent.