Hindustan Petroleum Corporation Limited (HPCL) slipped 4.4 per cent to Rs 367 on the Bombay Stock Exchange (BSE) on Thursday, a day after the Union Cabinet approved the sale of its 51 per cent equity in the company to Oil and Natural Gas Corporation (ONGC) post market hours, while ruling out the possibility of an open offer to the minority shareholders of HPCL given no change in effective ownership.
Shriram group and IDFC unveiled their intent, on Saturday, to merge the two entities and have entered into an agreement to evaluate the proposal for 90-days.
ITC gained over 9 percent intraday on Monday post developments around taxation on cigarettes.The Central Board of Excise and Customs (CBEC), over the weekend, removed excise and additional excise duty on cigarettes, while the National Calamity Contingent continued to remain.
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