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For the offer, the firm has fixed price at Rs 25, including a premium of Rs 15 per share. The rights issue price is at a considerable discount from the stock’s closing price of Rs 43.05 per share on Wednesday.

Earlier, rival Shree Cement reported a 68% decline in net profit while ACC reported a loss for the fiscal second quarter due to high energy costs. Energy and logistics are traditionally largest cost heads for cement makers, and both have been on the rise due to inflation induced by post-Covid economic resurgence and Russia’s invasion of Ukraine.

In October 2021, the board of directors of PEL approved the demerger of the pharmaceuticals business and simplification of the corporate structure to transform PEL from being a multi-sector conglomerate to two separate sector-focused listed entities in financial services and pharmaceuticals.

Shares of Tracxn Technologies were available at a discount of Rs 3 apiece, compared to issue price of Rs 80 per share

On October 19, 2021, the Nifty50 and Sensex hit lifetime highs of 18604.45 points and 62245.43 points, respectively. Since then, equities have been on a rollercoaster ride and the indices even tested 52-week lows earlier this year.

The Dow Jones Industrial Average fell 84.8 points, or 0.28%, at the open to 30439.04.

The company has declared 10 dividends since January 18, Trendlyne data showed. In FY2022, it announced a total dividend of 110%, equating to Rs 11 per share.This at the current share price of Rs 265.2 results in a dividend yield of over 4%. The company had last declared a final dividend of Rs 7.5 per share.

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The Nifty ended above the previous consolidation high for the second consecutive session. The trend is expected to remain positive as long as the index sustains above the crucial support of 17,400. On the higher end, resistance is visible at 17,700; above 17,700, the index may move towards 17,900. On the lower end, below 17,400, the index may drift down towards 17,250.

The Nifty Pharma index was trading 0.11 per cent down at 12994.45.