Hexaware shares slump on stake sale reports

Shares of Hexaware Technologies today slumped over 6 per cent after media reports suggested that private equity firm Baring Asia is planning to sell 20 per cent stake in the company.

The company shares ended lower by 6.62 per cent at Rs 253.10 on the BSE.

The stock hit intra-day high of Rs 273 and low of Rs 251.15.

According to reports, Baring Asia is planning to sell 20 per cent stake in the firm through block deals.

Infibeam shares plunge

Shares of Infibeam Incorporation ended the session down by 2.69 per cent at Rs 445.70 on the BSE.

The stock hit intra-day high of Rs 466.90 and low of Rs 439.90.

Infibeam Corporation debuted on the stock exchanges today and got listed at Rs 458 on the BSE, a premium of 6 per cent over its issue price of Rs 432.

The e-commerce firm, which has raised Rs 450 crore through the initial public offering (IPO), is the first e-commerce player in the country to make a stock market debut.

On the NSE, the shares were listed at Rs 453, a premium of 4.86 per cent.

Started in 2007, Infibeam runs several e-commerce services like Infibeam.com, BuildaBazaar, Incept and Picsquare.

The IPO, which opened during March 21-23, was subscribed 1.11 times at a price band of Rs 360-432 per share.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 86 per cent and non-institutional investors received 2.23 times subscription.

Retail investors’ category was subscribed 1.31 times.

Infibeam plans to utilise the IPO proceeds towards setting up of a cloud data centre and shifting and setting up of a registered and corporate office of the company.

In addition, the funds will be used for setting up of 75 logistics centres, purchase of software and for other general corporate purposes.

Geometric shares hit 52-week high

Shares of IT firm Geometric jumped as much as 19 per cent after HCL Technologies announced that it has signed an agreement to acquire the company’s business in an equity swap deal.

In early trade today, shares of the firm hit a 52-week high of Rs 231.80 on the BSE, up 18.26 per cent.

On the NSE, the scrip touched its 52-week high with shares trading at Rs 232, up 18.30 per cent.

The scrip ended up by 19.39 per cent at 234 on the BSE.

Mumbai-based Geometric is a product life cycle management consulting, mechanical engineering and manufacturing engineering services provider.

The business, that HCL is acquiring, is one of the largest acquisitions in the engineering services space, the statement said, adding that Geometric has more than 60 global clients in the US and Europe, majorly in automotive and industrial engineering segments.

As of December 2015, Geometric employed 2,606 people across 13 global delivery locations in the US, France, Germany, Romania, India and China.

As per the deal, HCL will issue 10 equity shares of Rs 2 each to Geometric shareholders for every 43 equity shares of Geometric of Rs 2 each held by them, the company had said in a statement. In total, HCL will issue 15,640,546 equity shares of Rs 2 each.

Geometric was incorporated in 1994 and is listed on the BSE and NSE.

Adani Enterprises’ shares rally

Shares of Adani Enterprises today surged nearly 8 per cent after the company’s $21.7-billion coal mine project in Australia won three mining leases.

In early trade, shares of the company went up by 7.82 per cent to Rs 81.95 on the BSE.

On NSE, the shares were up 7.55 per cent at Rs 81.85.

The company stock ended higher by 5.86 per cent at Rs 80.45 on the BSE.

Adani’s $21.7-billion coal mine project in Australia had yesterday won three mining leases but the Indian mining giant said a final decision on investment will be taken only after the resolution of “politically-motivated” legal challenges against its plans to build one of the world’s largest coal mines.

Queensland minister for Natural Resources and Mines Anthony Lynham has approved the individual lease grant for 70441 Carmichael, 70505 Carmichael East and 70506 Carmichael North, which are estimated to contain 11 billion tonnes of thermal coal.

According to state Premier Annastacia Palaszczuk, the approval has undergone “extensive government and community scrutiny” and is a step towards securing jobs for the region, with more than 5,000 jobs expected to be generated during construction and more than 4,000 during operation.

Welcoming the approval, Adani said: “The granting of a mining lease helps deliver the company certainty with respect to timelines, while moving to the next phase of the project, subject to the resolution of legal challenges by politically-motivated activists.”

Adani Group founder and Chairman Gautam Adani said, “Today is an important milestone in our company’s plan to build a long-term future with Queensland, and Australia.”