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CEAT rose 2.81% to Rs 1,583.40 after the company announced its plan to acquire an additional 3.47% stake Tyresnmore.CEAT has entered into a third addendum agreement to the existing share subscription and shareholders agreement with Tyresnmore Online, an associate of the company and other parties, for making a future investment of up to Rs 2.4 crore in Tyresnmore for an additional 3.47% of the post issue total share capital. Upon completion of the investment, the total holding of CEAT in Tyresnmore on a fully diluted basis would be 44.17%. The proposed investment is by way of subscribing to 12,895 Compulsorily Convertible Preference Shares (CCPS) having face value of Re 1 each to acquire additional 3.47% of the post issue total share capital of Tyresnmore on a fully diluted basis, company said in a regulatory filing on Thursday. ....
The benchmark indices were trading near the flat line in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 29.89 points or 0.06% at 49,716.32. The Nifty 50 index slipped 5.30 points or 0.04% at 14,868.50. Reliance Industries (down 0.91%), ICICI Bank (down 1.14%) and Bajaj Finance (down 2.37%) were major drags. In the broader market, the S&P BSE Mid-Cap index rose 0.26%. The S&P BSE Small-Cap index added 0.86%. Buyers overpowered the sellers. On the BSE, 1,704 shares rose and 1,102 shares fell. A total of 155 shares were unchanged. COVID-19 Update: Total COVID-19 confirmed cases worldwide stood at 13,39,71,287 with 29,02,493 deaths. India reported 9,79,608 active cases of COVID-19 infection and 1,67,642 deaths while 1,19,13,292 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. ....