Five Midcap stocks in news

Among the Midcap companies , Ruchi Soya, Bank of Maharashtra, JK Cement, Exide Industries and Jindal Stainless are among the stocks that are in the news on Monday. Let us see why!

Ruchi Soya : The stock of the Pantanjali owned company surged ~ 7% in the morning trades after the company announced that it has rescheduled its board meeting proposed to be held on March 29, 2022 has been rescheduled and now it will be held on March 31, 2022 to fix issue price of its Rs4,300 crore FPO (follow-on public offer) in view of Sebi's direction to allow withdrawal of investors' bids till Wednesday. The follow-on offer had managed to garner3.6 times subscription. While it saw strong demand in most other categories , it was undersubscribed in the retail category at 90 per cent. The move by SEBI was triggered by the instances of unsolicited messages being sent to Patanjali ‘s users to invest in the said offer luring the users to grab “good investment opportunity”. The opportunity to withdraw from the FPO bid for retail investors under the diktat from SEBI closes today In yesterday’s session the stock rallied 15.8% closing at Rs 943.05.  At 10.05am on Wednesday , Ruchi Soya   was trading at Rs 972, up 3.06% or 28.95 per share.

Bank of Maharashtra: The news of acquisition of its entire stake in SBI Global Factors Limited (SBIGFL) by State Bank of India has led to rally in the share price of the Public sector bank by ~2.7 per cent in the morning trades. Among the other two stakeholders, Union Bank of India also witnessed a strong rally of 2.94 per cent in the morning trades.  Together, SIDBI, Bank of Maharashtra and Union Bank held 13.82% stake in SBIGFL while SBI held the majority stake of 86.18 per cent. At the time of writing, shares of Bank of Maharashtra were trading Rs 16.90, up by 2.11% or 0.35.

JK Cement Jaykaycem (Central), wholly owned subsidiary of J. K. Cement has entered into a MoU with Rail Vikas Nigam Ltd (RNVL) for development of approx. 50 km. new Railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. At 10.10 am on Monday, JK Cement was trading at Rs 2425.75, up 2.19%  or 52.10 per share

Exide Industries : The Company announced in its exchange filing on Tuesday that its board has approved the merger of its wholly owned subsidiary, Chloride Power Systems & Solutions Ltd( an unlisted entity) with itself. Chloride Power System is engaged in the business of lead acid storage and home UPS having 10 factories in strategic locations. The motive behind the amalgamation is to create unified interface with the customers, on time supplies , efficiencies of management and maximizing value for shareholders. On Monday at 10.05 am, Exide industries was trading at Rs 152.45, up 0.69% or 1.05 per share.

Jindal Stainless : The board of the company has reappointed Ratan Jindal as the Chairman and Managing Director of the company for a period of five years commencing from April1,2022 to March 31,2027. At 10.10 am on Monday, Jindal Stainless  was trading at Rs 196.50, up 1.03% or 2 per share.

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