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Following the clarification, the stock, which had run up significantly on the rumour, plunged over 4 percent to Rs 16.24 on BSE on January 2. In the last six months, the stock is still up 118 percent.

Reliance Industries subscribed to non-convertible redeemable preferential shares of Alok Industries worth Rs 3,300 crore.

A few months ago, when oil prices firmed, the stock was seen as a proxy to higher oil prices, said Kotak.

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The sector is grappling with a cash crunch due to a lack of private capital funding and a high rate of spending, Tata Capital said in a recent report.

The board of directors of the company, at its meeting held on Tuesday, has given in-principle approval for the fundraising proposal, Easy Trip Planners, which operates under the brand EaseMyTrip, the company said in a regulatory filing.

Enam AMC sold 7,21,714 shares of Bajel Projects at a price of Rs 126.32 per share.

Enam AMC sold 7,21,714 shares of Bajel Projects at a price of Rs 126.32 per share.

Its light commercial vehicle segment also witnessed a drop, falling 6 percent during the month

Five ships all carrying Sokol oil from Russia’s Far East — the NS Commander, Sakhalin Island, Krymsk, Nellis, and Liteyny Prospect — are moving toward the Malacca Strait at 7 to 10 knots, according to vessel-tracking data. A sixth also holding Sokol — the NS Century — is still close to Sri Lanka.