Companies and Markets

Companies & Markets

Sensex falls 73 pts on weak data, global cues

The benchmark BSE Sensex fell over 73 points and the NSE Nifty dipped below the 9,200-mark in early trade today as investors indulged in cutting down their bets on disappointing macroeconomic data and weak trend in Asian markets.

Moreover, lower-than-expected January-March earnings posted by the country's second-largest software services company Infosys also dampened trading sentiment.

Shares of Infosys plunged 2.20 per cent to Rs 947.50 in opening trade despite its January-March FY17 consolidated net profit rose marginally year-on-year to Rs 3,603 crore.

Reliance to start coal-bed gas sales in May as prices freed

Mukesh Ambani-owned Reliance Industries will start selling coal-bed methane from its central India block next month after the government allowed producers freedom to set prices, people with knowledge of the matter said.
The company will begin with daily sales volumes of 4,00,000 cubic metres of gas from coal seams in Sohagpur block in Madhya Pradesh state and gradually increase the volumes, said the people, who asked not to be identified citing company rules.
Reliance has sought bids from potential buyers to be submitted by April 24, they said.

Sensex slides 145 pts as geo-political worries build

A build-up in tension linked to geo-political developments gave markets the blues today as the Sensex lost 145 points at 29,643 while domestic investors sat tight ahead of the corporate earnings season.

Industrial output data for February and retail inflation for March, slated for release after the market hours, heightened the sense of uncertainty.

After starting higher, the 30-share Sensex slipped into negative territory before settling down 144.87 points, or 0.49 per cent at 29,643.48.

Sensex opens with marginal gains, all eyes on macro data

It was a cautious mood at the start for markets today, with the Sensex inching up 50 points, as the countdown begins for release of key IIP and inflation data later in the day.

Shares overseas cut a sorry figure as geo-political tug-of-war over the Middle-East and the Korean Peninsula weighed.

The 30-share index went up 50.47 points, or 0.16 per cent, at 29,838.82. Sectoral indices led by metal, oil and gas, realty, banking and auto goods hit a sweet spot.

Aditya Birla Nuvo shareholders approve Grasim merger plan

Shareholders of Adi­tya Birla Nuvo, controlled by billionaire Kumar Mangalam Birla, approved plans for a merger with Grasim Industries that would create a firm with $9 billion in combined revenue.
About 83 per cent of ABNL minority shareholder votes cast were in favour of a proposal to merge with affiliate Grasim, according to a statement from ABNL Monday. Grasim’s minority shareholders already voted their consent to the merger plan, according to an April 6 statement. The transaction still needs approvals from the company law tribunal, markets regulator and exchanges.

Vedanta-Cairn India merger takes effect

The merger of cash-rich oil producer Cairn India into its debt-ridden parent Vedanta is now complete, the two firms announced on Tuesday.
“This merger consolidates Vedanta's position as one of the world's largest diversified natural resources companies, with world-class, low-cost assets in metals and mining and oil and gas," a statement by the two firms said.

SC rejects power tariff relief to Tata, Adani

In a big setback, the Supreme Court on Tuesday quashed central electricity tribunal’s order allowing compensatory tariff for Tata Power’s and Adani Power’s Mundra power plants, sending companies’ shares crashing down at exchanges. The appeal was filed in the apex court by power distribution companies (discoms) buying electricity from the two generating plants.

Markets make a slow start, macros take focus

Stocks held out hope today as the flagship Sensex made a tepid recovery ahead of release of key macroeconomic data and start of March quarter earnings season due later this week amid a weak trend in Asia.

The 30-share index, which had lost 398.50 points in the previous three sessions, recovered 55.50 points, or 0.18 per cent, at 29,631.24.

Sectoral indices such as IT, oil and gas, capital goods and technology were in the lead, giving the sentiment a lift.

The NSE index Nifty was also trading higher by 7.95 points, or 0.09 per cent, at 9,189.40.

Flipkart raises $1.4b in fresh funding

Escalating the e-commerce war, Flipkart has raised $1.4 billion in a multifaceted deal through which it will also acquire eBay’s India operations. This is Flipkart’s biggest fund-raising so far.
Flipkart enjoys the numero uno position in India’s burgeoning e-retail space. It is being constantly challenged by deep-pocketed Amazon. The Jeff Bezos-founded company had already committed $5 billion on its India business.

D-Mart’s m-cap surges past Rs 50,000 cr mark

Shares of Avenue Supermarts, the operator of retail chain D-Mart, rose by 7.5 per cent in intra-day trade on Monday, helping its market valuation surge past Rs 50,000 crore mark.
The scrip of the newly listed firm gained 3.33 per cent to end at Rs 775.50 on BSE. During the day, it soared 7.5 per cent to Rs 806.80. At intra-day high level, the company’s market valuation rose to Rs 50,351 crore but later pared some of the gains and its m-cap stood at Rs 48,397.75 crore at close.

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