Coforge has successfully completed its open offer for an additional 4.69% stake in Cigniti Technologies, increasing its total ownership to 32.68%. This acquisition is projected to boost Coforge"s North America revenue by approximately 33%. The open offer saw 12,81,239 equity shares tendered by public shareholders.
Dalal Street faced a bearish trend as benchmark indices Sensex and Nifty fell due to persistent foreign fund outflows and selling pressure in IT stocks. Remarks from US Federal Reserve Chairman Jerome Powell regarding a cautious approach to rate cuts further dampened market sentiment, with the Nifty down 0.69% and over 10% from September's all-time highs. Additionally, Citi's downgrade of Indian equities, driven by concerns over weakening earnings momentum, has negatively impacted investor confidence.
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