Companies and Markets

Companies & Markets

Market responds positively

The government’s proposal to merge public sector oil companies has triggered buying interest in these stocks.
On budget day, cheering on the announcement made by the finance minister, the BSE Oil & Gas index surged by as much as 1.79 per cent with HPCL, IOC, GAIL, BPCL gaining 2-3 per cent. Upstream oil players such as Oil India and ONGC were also trading higher.
The BSE Oil & Gas index has gained over 4.6 per cent since the budget presentation and most of the oil PSUs have seen strong buying interest over the past few weeks.

The great oil consolidation

The prospect of merger of public sector oil companies that could give shape to an energy behemoth that would rival some of the energy giants worldwide – an on-off suggestion that has been doing the rounds for over 12 years – got a hefty push when finance minister Arun Jaitley indicated, in his budget speech that the government is considering bundling of all oil public sector enterprises (PSEs) into one giant unit.

Music Broadcast’s Rs 488-crore IPO to open next week

FM station Radio City operator Music Broadcast, promoted by Jagran Prakashan, will launch its initial public offering (IPO) next week to raise around Rs 488 crore.
The IPO that opens on March 6 and closes on March 8 will have a price band of Rs 324 to Rs 333 per share of Rs 10 face value, the company announced here on Monday.
The Music Broadcast public issue comprises fresh issue of equity shares worth up to Rs 400 crore and an offer for sale of up to 26,58,518 equity shares, worth Rs 88.52 crore at the upper end of the price band.

Sensex slides 80 pts as March series turns shaky

The Sensex slumped over 80 points to 28,813 today as the March derivatives series began on a subdued note, mirroring a weak trend in the Asian market.

Profit-booking at prevailing levels weighed. The 30-share Sensex fell 80.09 points, or 0.27 per cent, to 28,812.88. The gauge had gained 737.41 points in the previous six sessions.

FMCG, auto, bank, power and metal stocks were trading in the negative zone, down by up to 0.67 per cent.

The NSE Nifty offered a similar picture, which was down 10.25 points, or 0.11 per cent, at 8,929.25.

Market heading towards poll results rally

The market continued its upward move and registered a new 52-week high on the benchmark indices. They are within striking distance of the all-time highs and could do so post the election results on March 11.
There is also a possibility that they do so in expectation of results. The market gained on all four trading days last week. The Sensex gained 424.22 points, or 1.49 per cent to end at 28,892.97 points, while the Nifty gained 117.80 points, or 1.34 per cent to end at 8,939.50 points.

Deal Street Buzzing Again

The deal street is buzzing again in India. Deal-making has hit a five-year high this financial year, with several multi-billion dollar transactions getting closed.
So far in this financial year, deals worth $47.5 billion have been closed, making it the second highest in the past 10 years, after the 2011 peak of $58.5 billion.
Deal-making has got a boost from companies trying to scale down their debt and consolidate in the competitive market.
Most big deals had taken place in sectors like energy, financial services, telecom and cement.

Henkel-Jyothy Labs in remarriage talks

Five years after Henkel sold off its consumer business to Jyothy Laboratories, the German company wants to re-enter the market by buying stake in Jyothy. Both companies are in talks in this regard and are likely to close the deal before the deadline, as per an earlier agreement, ends by March 2017.
“As of now, there is no further development in this regard and both parties are under deliberation,” Jyothy Laboratories told stock markets while withholding further details as it has entered into a confidentiality agreement with Henkel AG in this regard.

Sensex surges 106 pts in early trade on F&O expiry

The benchmark BSE Sensex climbed about 106 points in early trade today on widespread gains as retail investors and domestic institutional investors indulged in buying.

Short-covering of outstanding positions -- today being the last session of February series expiry in the derivatives segment -- kept the ongoing rising trend strong.

The 30-share index, which had gained 709.15 points in the previous five sessions, rallied by 105.54 points, or 0.37 per cent, at 28,970.25.

Good reponse to BEL stake sale on Day 1

The government on Wednesday reached closer to its revised disinvestment target of Rs 45,500 crore for the current fiscal, with the opening of the proposed 11 per cent stake sale in defence PSU Bharat Electronics Ltd (BEL), which is expected to add Rs 3,100 crore to the sell-off kitty.
This is the second round of disinvestment in BEL this fiscal. In October, the government raised Rs 2,171 crore by selling 1.66 crore to the company under a buyback route.

Sensex rises 103 pts; RIL leads rally

Markets ended higher for the fifth straight day, with the Sensex rising over 103 points to end at an over five-month high of 28,864.71.

RIL soared to about eight-year highs following its telecom unit Reliance Jio announcing data tariff plans.

The Sensex opened higher at 28,822.40 and stayed in the positive terrain throughout the session to hit a high of 28,963.52. It finally ended 103.12 points, or 0.36 per cent higher at 28,864.71.

This is its highest closing since September 8 last year when it ended at 29,045.28.

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