Share Market News: Balu Forge Mulls Fundraising by Issuing Preferential Shares

Balu Forge, a castings and forgings company, has informed its executives that the board will meet soon to discuss fundraising through the issuance of preferential shares. According to an exchange filing, the board meeting is scheduled for July 16, 2024.
“We wish to inform you that the meeting of the Board of Directors of our Company is scheduled to be held on Tuesday, 16″ July 2024, to consider and approve, amongst other business matters, 1] The proposal for fundraising by way of preferential issue / private placement of securities for cash, including determination of Issue Price subject to such regulatory/statutory approvals as may be required, including the approval of shareholders of the Company; and 2] To transact other incidental and ancillary matters as may be decided by the Board with the permission of Chairperson,” the company said.
Meanwhile, equity benchmark indices rallied in early trade on Friday amid buying in IT stocks after TCS announced its June quarter earnings. The 30-share BSE Sensex climbed 226.11 points to 80,123.45 in early trade. The NSE Nifty went up by 82.1 points to 24,398.05.Among the Sensex pack, Tata Consultancy Services climbed over 2 per cent after the country’s largest IT services player reported 8.7 per cent growth in the June quarter net profit at Rs 12,040 crore.
Infosys, Axis Bank, Mahindra & Mahindra, Bajaj Finance, Tech Mahindra and HCL Technologies were the other major gainers. Maruti, Asian Paints, Bharti Airtel and ITC were among the laggards. In Asian markets, Hong Kong quoted higher while Seoul, Tokyo and Shanghai traded lower. US markets ended mostly lower on Thursday.