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The following shares were in news today:

Shares of Shriram Finance touched the upper circuit at one stage on Wednesday. Shriram Finance hit a high of 1,793.55 during the day, which is the all-time high of the stock. The big jump is after Piramal Enterprises sold its entire stake in Shriram Finance through a block deal.. It is believed that the value of this deal was Rs 4,630 crores. The floor price of the block deal was fixed at Rs 1,483 per share, which is a discount of 4.9% from Tuesday’s closing of Rs 1,559.85. It is noteworthy that 2 days ago TPG India had also sold its entire 2.65% stake through a block deal. After the news of the block deal on Wednesday, the stock of Piramal Ent also closed with a gain of about 13 per cent and during the day the stock touched an intraday high of 970.70.

Shilpa Medicare slips over 3%
Board to consider rights issue on June 23
Shares of pharma company Shilpa Medicare saw a decline of up to 3.5% on Wednesday. The stock touched a low of Rs 255.95 during the day. The reason behind Wednesday’s fall is the board meeting to be held on June 23. In this meeting, the company’s board will consider a rights issue. Significantly, Shilpa Medicare’s stock registered a gain of more than 10% on Tuesday, after which slight profit-booking was seen on Wednesday. In fact, in May, the USFDA had investigated the Hyderabad unit of the company. In this investigation, the US drug regulator had received some objections but no action was taken against the company. Since then the sentiment regarding the company is improving. According to Arihant Capital Markets, the company has made considerable progress in the development of a life-saving product Albumin. The broking house believes that expansion of formulations business, new product pipeline, licensing income and stake sale in certain businesses will act as growth triggers for the company.

Satin Creditcare jumps 10% to 52-wk high
Shares of Satin Creditcare have touched a new 52-week high on Wednesday. The stock made a high of Rs 193.50 during the day, which is the highest level since February 2020. The stock has gained almost 25 per cent in the last 6 months and has more than doubled in one year. The reason behind Wednesday’s rise is the approval given by the company’s board to the non-convertible debentures issue. The board of Satin Creditcare has approved raising up to Rs 54 crore through NCDs. The coupon rate of this issue has been fixed at 10.9%, the allotment of which will take place on June 29. The maturity date of these NCDs is May 8, 2027.

GMDC zooms over 7%
Hasmukh Adhia appointed as Director & Chairman
The stock of Gujarat Mineral Development Corporation ie GMDC saw a jump of more than 7% on Wednesday, touching a high of Rs 173.50 during the day, that is, very close to its 52-week high of Rs 186.75. In fact, the reason behind the jump on Wednesday is Hasmukh Adhia’s entry on the board of the company. Hasmukh Adhia has been appointed as the director and chairman of the company with immediate effect.Hasmukh Adhia is the Chief Advisor to the Chief Minister of Gujarat and is a retired IAS officer of 1981 batch of Gujarat Cadre. Prior to this, he has been the Finance Secretary and Revenue Secretary.

Aether Industries hits all-time high
The stock of Aether Industries, a company that manufactures specialty chemicals, hit an upper circuit of 10 per cent in the first two hours on Wednesday. The intraday high level of the stock was Rs 1,104.50, which is the highest level ever. The reason behind this rally in the stock is the board approval for a QIP issue. The company’s board has approved raising up to Rs 750 crore through QIP. The issue was launched on June 19 at a floor price of Rs 984.90. It is believed that the company can offer a maximum discount of 5 percent on the floor price. The amount raised from this QIP issue will be mainly used for capacity expansion and working capital.