Business News

Rakesh Gangwal, co-founder of InterGlobe Aviation, is looking to sell up to $804 million in the company through a block deal, ET Now reported. The floor price for the same may be Rs 4,593 per share, which is 5.5% discount to the current market price.Gangwal, the co-founder of India’s largest carrier, had said that he would gradually reduce the holdings in the company after stepping down from the board in February 2022. Shobha Gangwal has completely exited the airline.Rakesh Gangwal, wife Shobha Gangwal, and their family trust, all of who are part of the promoter group, held close to 34% stake in the airline at the end of December last year.Earlier this year, Gangwal had offloaded 5.8% stake in the budget carrier through the open market for Rs 6,786 crore.As of June 2024, Rakesh Gangwal held a 5.89% stake in India’s largest air carrier under IndiGo, and his family trust – The Chinkerpoo Family Trust, holds 13.49% stake.In August 2023, Shobha Gangwal sold 4% stake in the company through the open market for about Rs 2,944 crore.Gangwal is likely cashing in with the stock trading near a record high, as a rapidly growing retail investor base and strong corporate earnings drive demand for Indian equities.It's over five times within two years that the co-founder has tapped investors through a block sale of IndiGo shares. In the last one year, IndiGo shares have rallied about 95%.On Wednesday, the stock closed 2.4% higher at Rs 4,863 on NSE.

Nifty ended 36 points higher to form a Doji-type candle pattern on the daily chart after hitting a fresh record high. It signalled resistance around 25,100 levels.The underlying trend of the index remains positive. Further consolidation or minor dip from here is likely to create space for a decisive upside breakout of the hurdle at 25,100 level. A sustainable upside breakout from here could open the upside target of 25,360 levels in the near term as per Fibonacci extension. Immediate support is placed around 24,800-24,750 levels, said Nagaraj Shetti of HDFC Securities.What should traders do? Here’s what analysts said:Hrishikesh Yedve, Asit C. Mehta Investment InterrmediatesTraders are advised to take some profit out of the table. If the index sustains above the 25,130 levels, then this pattern will be negated and the rally could extend towards the 25,300-25,500 levels. On the downside, the 9-Day Exponential Moving Average (DEMA), positioned near 24,820, will act as immediate support for the Nifty in the short term.Tejas Shah, Technical Research, JM Financial & BlinkXNifty is facing stiff resistance around the crucial area of 25,075-100 levels for the past few days and we believe that Nifty will further outperform only if it is able to decisively close above this resistance zone or else profit-booking is likely from the current levels. The short-term moving averages are just below the price action and should continue to support the indices on every decline. Support for the index is now seen at 25,000-24,950 and 24,850 levels. On the higher side, the immediate resistance for Nifty is at 25,078 level and the next resistance zone is at 25,200-250 levels. Overall, Nifty is likely to remain volatile within 24,750–25,250 range in the near term.Jatin Gedia, Technical Research Analyst at SharekhanThe up move can continue and a dip towards 24.920-24,850, where the key hourly moving averages are placed, is likely to act as a crucial support zone. On the upside, 25,200 – 25,250 is the immediate hurdle zone.Rupak De, LKP SecuritiesA decisive move above 25,100, or a close above this level, could confirm a further rally in the market. Otherwise, Nifty may slip lower, as the absence of sustained buying might trigger selling pressure. The immediate support is placed at 24,800.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)