Share Market LIVE: SGX Nifty beats 140 pts ahead of the opening bell; SP Group sells Eureka TBEN for Rs 4,400 cr

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Global peer indices were negative as Wall Street stock indices closed in the red in the previous session. (Photo: REUTERS)

Share Market News Today | Sensex, Nifty, LIVE stock price: National benchmarks ended their 3-day streak of gains only to end in losses on Friday. S&P BSE Sensex tallied 722 points from all-time highs while Nifty 50 dropped 208 points to finish at 59,015 and 17,585, respectively. Larger markets also closed with losses as the volatility gauge climbed more than 5%. At the start of the first trading session of the day, SGX Nifty was down 140 points, hinting at a start of a downward spread for the day’s trade. Global peer indices were negative as Wall Street stock indices closed in the red in the previous session. Hang Seng was trading with losses while markets in Japan, South Korea and China remained closed.

Shapoorji Pallonji Group’s durable consumer goods business, managed under the Eureka TBEN label, will be taken over by US private equity fund Advent International in a Rs 4,400 crore deal. Shapoorji Pallonji Group announced on Sunday that Advent International will acquire a controlling 72.56% stake in the company. According to the contours of the agreement, Eureka TBEN will be split into a stand-alone company, then listed on the ESB. Upon listing, Advent will acquire the majority stake in SP Group, following which the private equity firm will make an open offer in accordance with the SEBI Takeover Code. The agreement will help the SP group to reduce some of its debt.

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