Dixon Technologies shares surged rose sharply on Wednesday after reports suggested the government may approve its long-pending joint venture with Vivo this month. The proposed JV, in which Dixon will hold a majority stake, is expected to strengthen smartphone manufacturing capabilities in India while reducing Vivos regulatory risk exposure in the market.
Brigade Enterprises shares appeared to plunge 22% on Wednesday after adjusting for its 1:3 bonus issue, but the decline was purely technical and did not erode shareholder value. After opening at the adjusted price of Rs 559.70 against the previous close of Rs 720.25, the stock rallied about 10% to an intraday high of Rs 595.95. The company had announced its first bonus issue in nearly seven years, granting one bonus share for every three shares held as of the June 17 record date.
Abakkus Mutual Fund is strategically allocating 30% to smallcaps within its Flexi Cap Fund, identifying mispriced opportunities despite stretched midcap valuations. This approach aims to capture high-conviction, beaten-down smallcap stocks poised for India's next growth phase, bypassing market fears.
Zydus Lifesciences' shares dipped 2% after completing the $166.4 million acquisition of US-based Assertio Holdings Inc. The deal, finalized through a subsidiary, makes Assertio a wholly-owned entity, bolstering Zydus's specialty and oncology supportive-care therapies pipeline. This strategic move aims to enhance the company's innovative drug offerings.
Prime Focus shares were locked in 5% upper circuit after Sebi closed its investigation. The market regulator found the company used correct accounting for business transfers. Allegations of misleading financial statements and irregularities were unsubstantiated. Proceedings against the company and its directors have been dismissed. This decision impacts the company's financial reporting and market standing.
The IPO comprises a fresh issue of 3.46 crore shares aggregating Rs 79.6 crore and an offer for sale of 38.76 lakh shares worth Rs 8.91 crore. The company has fixed a price band of Rs 21-23 per share.
The dollar weakened ahead of the Federal Reserve's policy decision, with optimism over a U.S.-Iran peace deal boosting risk appetite. The yen also struggled against a softer dollar after a widely anticipated Bank of Japan rate hike offered few surprises. Investors remained cautious before the Fed's announcement, with focus on potential shifts in its monetary policy stance.
