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Sheela Foam Ltd. shares rose on Tuesday after it announced it was acquiring 94.66% stake in Kurlon Enterprise Ltd. and around 35% share in House of Kieraya Pvt. The company is acquiring 94.66% of KEL's share capital at an equity valuation of Rs 2,150 crore, subject to customary adjustments for net working capital, debt, and surplus cash if any, it said in an exchange filing. Sheela Foam will also pick up a 35% stake in the rental furniture service company Furlenco. The deal is valued at Rs 300 crore, subject to customary working capital and other adjustments. Shares of the company jumped as much as 15.41%, the most since June 12, before trading 8.25% higher at 10:22 a.m., compared to a 0.29% advance in the Nifty. The total traded quantity so far in the day stood at 29.7 times the 30-day average volume. The relative strength index stands at 69.51. Of the five analysts tracking the stock, four maintain a 'buy', and one recommends a hold, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 0.1%. All Adani Group company stocks advanced in trade, except ACC Ltd. which fell marginally by 0.10%. Adani Enterprises Ltd. gained over 5% in trade as the company's annual general meeting was underway. Nifty 50 jumped 0.51% to hit record high at 19,811.25 points. Sensex rose 0.59% to scale a new high at 66,985.50 points. Source: Bloomberg Shares of RPP Infra Projects rose most in nearly two weeks after the company, in a joint venture with HS Engineers Associates, won an order worth Rs 138.24 crore. The order includes engineering, procurement, construction, testing, commissioning, trial run and operation, and maintenance of various components of various lift water supply schemes from River Beas in Barsar district of Hamirpur, Himachal Pradesh. The project is set to be executed on a "turn-key job basis", with an execution period of two years, and a defect and liability period, and maintenance of the entire scheme of 5 years. Shares of RPP Infra Projects rose 3.02% to Rs 68.6 apiece, compared to a 0.27% gain in the NSE Nifty 50 as of 10:17 a.m. The stock rose 9.06% intraday, the most in nearly two weeks. The average traded volume so far in the day stood at 5.4 times its monthly average. Shares of Rallis India Ltd. gained the most in over six months after Tata Chemicals bought 9.7 million shares or 4.99% equity at Rs 215.05 per shares through a block deal. Tata Chemicals’ total stake in the company has increased to 55.04% after the large deal, as per the Bloomberg data. The seller was not known immediately. The scrip rose 2.42% to Rs 220.25 apiece as of 10:08 a.m., as compared to a 0.20% advance in the NSE Nifty 50. The scrip jumped as much as 6.98%, highest single fall jump since Jan. 13, 2023. The stock has fallen nearly 9.1% year-to-date. Total traded volume stood at 16.7 times its 30-day average. The relative strength index was at 78, implying that the stock maybe overbought. Out of the 18 analysts tracking the company, three maintain a 'buy' rating, seven recommend a 'hold' and eight suggest to 'sell' the stock, as per the Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential downside of 8.2% Source: Bloomberg, Exchange filing
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