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By Malvika Gurung
Investing.com — Hindalco Industries (NS:)
Shares of the aluminium and company surged over 8% on Monday, recording a fresh 52-week high at Rs 580.05 and closing the session 7.5% higher.
The share surge was led by the aggravating Russia-Ukraine crisis, giving rise to fears of supply disruptions of metals, which could curtail Russian exports, giving Indian steelmakers the necessary room to capture the export market share.
Eveready Industries (NS:)
The battery maker’s shares ended 10.4% higher on Monday, after its acquirers, the Burmans family, announced to acquire 26% in the cell manufacturer at Rs 320/share.
As the current price of the company’s shares is at Rs 375.9, investors do not view it as a favourable offer.
Shankara Building Products (NS:)
The construction material retailer is apparently in talks with APL Apollo for fundraising and the steel tubes provider could acquire a 10% stake in the company, for a deal worth Rs 160-170 crore, stated an ET report.
As a result, shares of the Shankara Building zoomed to almost 7% and ended 7.9% higher on Monday.
Biocon (NS:)
Shares of the pharmaceutical major tanked 11.6% on Monday, in response to the company’s subsidiary Biocon (NS:) Biologics (BBL) entering into a definitive agreement with Viatris to acquire its biosimilars business for $3.34 billion.
Investors were not confident of BBL adding this magnitude of debt in its books, as an analyst at Nirmal Bang Institutional Equities stated that there was no proof that BBL could execute its target of expanding in the European and US markets.
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