News for McDowell Holdings Limited (MCDHOLDING.BO)

The shareholders of McDowell including Porinju Veliyath's Equity Intelligence and US investment firms Acacia Partners, and the financial creditor are locked in a legal battle over control of the company. The appeal in the Supreme Court was filed by 15.51% of shareholders.

Shareholders of McDowell Holdings have decided to invoke Section 12. A of the Insolvency and Bankruptcy Code, to pay up the ₹16.8 crore dues to Sunstar Hotels & Estates, after the creditor declined to accept the payment as part of the settlement of the insolvency process, said people familiar with the matter.

If foreign portfolio investors (FPI) that have sold shares worth more than ₹9,400 crore so far this month continue their selling spree this week, the biggest casualty would be the stocks that have high overseas ownership, and those recently listed.

In another transaction, Route One Offshore Master Fund bought 168,735 shares of McDowell Holdings at Rs 122.50 per share. Most of these, 167,189 shares to be exact, were sold by Route One Fund I.

Amid the positive market momentum, a total of 80 stocks hit their 52-week high values on NSE while 183 stocks reached their 52-week highs on BSE.

BSE Sensex and Nifty 50 were trading firm on Monday on the back of buying in index heavyweights such as Infosys, HDFC Bank and TCS, among others

BSE Sensex and Nifty 50 were trading over half a per cent down on Wednesday, due to sell-off in index heavyweights such as ICICI Bank, ITC, and HUL.

Indian share market benchmarks were trading volatile, where BSE Sensex and Nifty 50 gyrated in both directions on Friday.

BSE Sensex and Nifty 50 were trading at new lifetime high levels on Tuesday, extending the seven-day rally.

BSE Sensex and Nifty 50 were trading at record high levels on Thursday, extending the previous day's rally.

Rajesh Palviya of Axis Securities, if the Nifty breaks below 17,350 level, it would witness selling which would take the index towards 17,300-17,230.

Cumulatively, DRT offloaded more than 13.38 lakh equity shares in McDowell in three consecutive days.

"Initial upside targets to be watched around 17,500-17,600 levels in the next few sessions. Immediate support is placed at 17,300 levels," said Nagaraj Shetti of HDFC Securities.

Radhika Dubash acquired additional 1.11 lakh equity shares in GSS Infotech at Rs 74.88 per share on the NSE. The stock gained 4 percent.

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Stocks In the News: Check out the companies making the biggest headlines before the opening bell.