ICICI Securities spikes 15% on delisting plan

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ICICI Securities, a subsidiary of ICICI Bank’s broking business, saw a jump of up to 15 per cent on Monday, June 26. The stock touched an intraday high of Rs 647 in the trading session, which is its 52-week high. The reason behind this explosive rise in the stock is the board meeting of the company to be held on 29th. The meeting will consider consider delisting the shares. This stock has been in action for the last 1 month and during this period it has delivered a return of about 25%. However, there are reports of delisting through share swap instead of cash payout. Perhaps this is the reason why the stock closed almost a percent lower than the day’s high.

 Kotak funds invest Rs 732 cr in RattanIndia Power Shares of RattanIndia Power, a company engaged in power generation business, saw a jump of up to 19 per cent on Monday, 26 June. Although it is a penny stock i.e. the share price is less than Rs.10 but in intraday the share touched a high of Rs.5.60 which is very close to the 52 week high of Rs 5.65. The reason behind this boom is the total investment of Rs 1,114 crore in the company by the consortium of banks. Out of this investment, two funds run by Kotak Investment Advisors Limited, a subsidiary of Kotak Mahindra Bank, have invested a total of Rs 732 crore in RattanIndia Power. This investment has been done through non-convertible debentures ie NCDs. Out of this, Kotak Strategic Situations India Fund II has invested Rs 582 crore and Kotak Private Credit Fund has invested Rs 150 crore. This amount will be used by RattanIndia Power for refinancing the loan. RattanIndia Power runs a 1,350MW thermal power plant in Amravati district of Maharashtra.

Cambridge Tech soars 12% after board approves Appshark acquisition Shares of Cambridge Technology Enterprises, a small company involved in software development business, have seen a jump of up to 12 per cent on Monday. The stock touched a high of Rs 77 during the trading session. The reason behind this boom is the acquisition by the company abroad. Cambridge Technology has bought US IT company Appshark Software for Rs 41 crore, for which approval has been received from the board. The acquired company Appshark is in business of Salesforce Consulting and custom software development. This acquisition is expected to be completed by March 2026. Apart from this, the company has also acquired a company named RP Web Apps for Rs 3 crores and this acquisition process is expected to be completed by July 30, 2023.