Stock market update: Shares of IT company Blue Cloud Softech Solutions Ltd. rose 15% today. The stock opened at ₹20.88 on the BSE and has since touched an intraday high of ₹24.20. Last seen, the counter held firmly in green at Rs 23.79 with a gain of 14.21 per cent.
According to BSE Analytics, the company’s stock has gained more than 14 per cent in the past week and has lost more than 25 per cent in the past month.
The reason for the stock’s rise could be the share swap information the company announced on Monday. On December 8th, the company announced that it had received in-principle approval for its application to acquire M/s AIS Anywhere through a preferential allotment via a share swap.
The company stated that a total of 316,800,000 equity shares will be issued under this offer. Of these, 141,075,000 shares will be given to promoter Janaki Yarlagadda and 175,725,000 shares will be given to non-promoter M/s Siraj Holdings LLC.
The exchange has granted this approval, but this approval is not for the listing of the shares. The company must separately comply with all necessary regulations and approvals for listing. The company must also ensure that the entire allotment is in accordance with the Companies Act and all SEBI regulations and guidelines. The exchange has also advised the company to strengthen its internal controls prior to the allotment to prevent any potential mistrading or violation of regulations in the company’s shares by the proposed allottees.
Earlier, equity benchmark indices Sensex and Nifty fell sharply in early trade on Tuesday in line with weak global cues, continuous foreign fund outflows and selling pressure in IT stocks and Reliance Industries.
Investor sentiment also turned cautious ahead of the US Federal Reserve’s policy meeting outcome, which is expected to provide cues on the interest rate trajectory.
The 30-share BSE Sensex plunged by 636.22 points, or 0.75 per cent, to 84,466.47 in early trade. The 50-share NSE Nifty depreciated by 193.25 points, or 0.74 per cent, to 25,767.30.