Share Market News: Servotech’s Board Approves ESOPs, Shares in Focus

Shares of Servotech Power Systems are in focus as the company has informed exchanges that the board of director of the company has approved ESOP to elible employees on Wednesday. “We hereby inform you that Nomination and Remuneration Committee of Board of Directors in its meeting held on today i.e. Wednesday, 3+ July, 2024 had inter-alia approved the grant of 20,094 (Twenty Thousand Ninety Four) options to the eligible employees of the Company as per ESOP Scheme 2022, which will be converted to equivalent no. of equity shares of the Company,” the company said in an exchange filing.
The counter on Thursday opened in green at Rs 90 but later fell down to touch the low of Rs 88. Last seen, the counter was trading at Rs 88.28. Meanwhile, the equity benchmark indices Sensex and Nifty hit their lifetime peaks in early trade on Thursday, amid firm global market trends, buying in blue-chip stocks and robust FIIs inflows.
The 30-share BSE Sensex jumped 388.84 points to hit a record peak of 80,375.64 in early trade. Also, the Nifty climbed 114.45 points to hit a lifetime high of 24,400.95. Among the Sensex pack, Tata Motors, ICICI Bank, Mahindra & Mahindra, Infosys, HCL Technologies and Tata Consultancy Services were the biggest gainers.
HDFC Bank, IndusInd Bank, Adani Ports and Special Economic Zone, and Bharti Airtel were among the laggards. Foreign Institutional Investors (FIIs) bought equities worth Rs 5,483.63 crore on Wednesday, according to exchange data.
“The big FII buying of Rs 5,484 crore on Wednesday is largely due to the massive delivery-based buying in banking stocks led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market.