Jindal Photo: Market Movers: Market has seen more delistings than listing in 5 years. Jindal Photo set to join the list

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NEW DELHI: In the last couple of years, the IPO market has gained a lot of momentum with several high profile listings. The frenzy refuses to die down, with Life Insurance Corporation getting Sebi approval for listing now.

But do you know that 47 companies have been delisted from BSE in the ongoing financial year.

In the last five fiscals, there have been 1,059 listings against 868 listings on BSE.

The list may add another name soon: Jindal Photo, which according to its website, is “predominantly engaged in the business of holding a strategic investment in the shares of companies,” said it would delist its equity shares.

The company said its promoter will buy all public-held shares at a floor price of Rs 268 and indicative price at Rs 269, an 18 per cent discount to the prevailing prices. It will start the process on March 17, the company said in a regulatory filing.

Understandably, the stock plunged 5 per cent to Rs 310 on Wednesday.

Rewarding shareholders

Joining the list of companies rewarding their shareholders, Pennar Industries said it will buy back shares worth Rs 40 crore at Rs 50 per share, which is at a 35 per cent premium to the prevailing prices.

The stock rose nearly 4 per cent following the announcement. Buyback is one of the tax-efficient ways to distribute cash to investors. IT behemoth TCS started its buyback process today.

The Board of the company also approved to make a further investment of $2.3 million in Pennar Global Inc, a wholly-owned subsidiary of the company in the US.

PSP Projects gets order

Orders continue to flow in for infrastructure companies as the government’s infra push is showing results. And, it is also pushing stocks of infra firms higher. On Wednesday, PSP Projects received a Rs 563 crore order.

“We are pleased to inform you that our company has emerged as the lowest bidder for the project “Construction of Sports Complex” at Ahmedabad, Gujarat with a bid value of Rs 563.99 crore,” said the company.

The stock rose 3 per cent following the announcement.

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