Snapping their three-day losing streak, the benchmark indices settled around 1 per cent higher on Friday ahead of the outcome of state exit polls due later in the day.
That apart, market will also closely watch the outcome of OPEC-Russia meet, which is expected to come later in the day.
The S&P BSE Sensex climbed 361 points or 1.02 per cent to settle at 35,673 while NSE's Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
Among sectoral indices, the Nifty Bank index rose 1.5 per cent led by a rise in ICICI Bank and HDFC Bank. The Nifty Auto index, too, rose 0.9 per cent led by Bajaj Auto and Maruti Suzuki.
In the broader markets, the S&P BSE MidCap index rose 0.2 per cent to end at 14,717, while the S&P BSE SmallCap index slipped 0.3 per cent to 14,105.
On the political front, market participants are awaiting exit poll results of five state elections due after market hours today. The result of the assembly elections will likely set the tone for the general elections next year.
The rupee traded on a firm note during the day rising to 70.45 against the US dollar amid fall in oil prices ahead of the crucial OPEC meet outcome. The domestic unit on Thursday closed at 70.90.
Stocks that made news
Among key stocks, the shares of HCL Technologies fell 5 per cent to Rs 962 on BSE after the company said it will acquire select IBM software products for $1.8 billion (approximately Rs 127 billion) in an all-cash deal.
Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent on the BSE in intra-day session after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in REC to PFC, along with transfer of management control. However, the stock pared losses later in the day to end flat at Rs 89.80, down just 0.5 per cent.
Oil Prices
Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.
International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel, down 53 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent.
Global Markets
Asian shares fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be "one-and-done" with US rate hikes, while oil fell anew as producers bickered over the details of an output cut.
MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.4 per cent, though that followed a 1.8 per cent drubbing on Thursday. Japan's Nikkei added 0.8 per cent. Chinese shares, which were up earlier in the day, slipped into negative territory with the blue chips off 0.1 per cent.
(with wire inputs)
CATCH ALL THE LIVE UPDATES
03:37 PM
Top sectoral gainers and losers on NSE
03:37 PM
S&P BSE Sensex: Top gainers and losers
03:34 PM
Market at close
The S&P BSE Sensex climbed 361 points or 1 per cent to settle at 35,673 while NSE's Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
03:17 PM
NEWS ALERT Government appoints Krishnamurthy Subramanian as Chief Economic Advisor for 3 years
03:15 PM
Gold futures up Rs 15 on firm global leads
Gold prices rose by Rs 15 to Rs 31,104 per 10 gram in futures trade Friday as speculators raised their bets, taking positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 15, or 0.05 per cent, to Rs 31,104 per 10 gram in a business turnover of 13,435 lots. READ MORE
02:59 PM
Lyft IPO to define the fate of internet taxi companies, investors' money
Lyft, Uber’s fiercest rival on home turf, has filed for an initial public offering of shares with the US Securities and Exchange Commission, becoming the first app-based taxi, and beating Uber, to do so.
The said IPO, which may open the first quarter of 2019, has far reaching consequences for the entire sector. No one is sure of the future of Internet-based taxi services which have guzzled billions and billions of dollars but haven’t delivered profits. READ MORE
02:42 PM
NEWS ALERT ICRA revises Jet Airways' long-term loans & NCD rating to 'C' from 'B' with negative outlook
02:30 PM
No agreement on Opec oil output deal yet over exemptions for Iran: Report
Iran appears to be the main obstacle for an Opec oil output deal on Friday as the group's leader Saudi Arabia has yet to agree to exemptions for sanctions-hit Tehran, two Opec sources said. The Organization of the Petroleum Exporting Countries resumes discussions on Friday in Vienna before heading into a meeting with non-Opec oil producers led by Russia. Read more
02:13 PM
Around 127 scrips hit 52-week lows on NSE
02:02 PM
NEWS ALERT Iran, Venezuela, Libya likely to get exemptions from OPEC output cut, reports Reuters
02:00 PM
Navkar Corporation hits record low; stock tanks 26% in two days
Shares of Navkar Corporation have hit an all-time low of Rs 41.35 per share, dropping 17% on Friday, and falling 26% in past two trading sessions on BSE on concerns of a weak outlook. The stock of logistics firm was quoting at its lowest level since listing on April 6, 2010. Since November 2018, Navkar Corporation slipped 40% after 87% year-on-year (YoY) declined in its standalone net profit at Rs 33 million in September quarter, due to higher operational expenses. The company had a profit of Rs 258 million in the year-ago quarter. It posted a profit of Rs 301 million in the previous quarter. Read more
01:46 PM
US becomes net oil exporter for 1st time in 75 yrs; Opec's power diminishes
America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what US President Donald Trump has branded as "energy independence".
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania. READ MORE
01:44 PM
NEWS ALERT AMFI says November equity inflows (including ELSS) at Rs 8,414 cr Vs Rs 12,622 cr
01:33 PM
Bond yields soften, volumes jump after RBI signals more debt purchases
Bond yields fell to an 8-month low and volumes surged to the highest in more than a year, reflecting a revival of bullish spirits in a market emerging from a year-long sell-off, after the central bank signaled it may keep buying debt for four more months. Turnover surged to Rs 883 billion ($12.4 billion) on Wednesday, the highest since June 2017, as the Reserve Bank of India added to the cheer by cutting its inflation projection at its policy review. Read more
01:24 PM
NEWS ALERT Bank of Maharashtra increases lending rate by 5-20bps
01:12 PM
NEWS ALERT Dilip Buildcon bags EPC order worth Rs 1,000.4 cr from Mahanadi Coalfield Limited (MCL)
01:11 PM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 35,448.63 +136.50 +0.39
S&P BSE SENSEX 50 11,113.81 +26.90 +0.24
S&P BSE SENSEX Next 50 31,249.14 +61.44 +0.20
S&P BSE 100 10,860.20 +25.55 +0.24
S&P BSE Bharat 22 Index 3,316.44 -3.12 -0.09
12:54 PM
Gold loan stocks in focus; Muthoot Fin, Manappuram Fin gain up to 15%
Shares of gold loan companies like Muthoot Finance and Manappuram Finance rallied up to 15% on BSE on back of heavy volumes after Muthoot Finance reported 21% year-on-year (YoY) growth in assets under management (AUM) to Rs 359.56 billion as of September 2018 (Q2FY19). Muthoot Finance has surged 15% to Rs 478 on Friday, erasing its previous day’s 7% fall, as the company reported highest ever quarterly accretion in gold loans, resulting in all-time high loan book as well as gold stock under possession. Read more
12:44 PM
LIC Housing Finance remains the top pick despite persisting issues
LIC Housing Finance, the country’s second largest housing finance company, had a muted September quarter (Q2). The financials reveal some areas of concern, such as increasing developer loan exposure and profitability pressures. Notwithstanding these, LIC Housing remains one of the top picks for brokerages, among housing finance companies (HFCs). Despite the not-so-great Q2 show, the stock has been in the green since its results a month ago. Read more
12:29 PM
Devangshu Datta Elections, global events to decide market direction
The Monetary Policy Review delivered no surprises, and that disappointed the stock market a little as optimists were looking for a rate cut. The central bank continued to speak of "calibrated tightening" but it will continue to inject liquidity through open market operations, by conducting bond buybacks. The SLR is also due for a cut in January.
One negative for banks is the proposal that they must link floating rates to external benchmarks. Banks will, therefore, lose the leeway to fatten spreads on new mortgages. READ MORE
12:10 PM
SEBI in talks with industry on mutual funds norms
India's market regulator is in talks with industry to deal with fears of contagion effect on mutual funds due to a liquidity crisis faced by the country's non-banking finance companies (NBFC), its chief said on Friday.
The crunch hit India's shadow banks in September and October after Infrastructure Leasing and Financial Services (IL&FS) defaulted on a series of debt obligations spreading panic among other NBFCs. READ MORE
11:54 AM
S&P BSE Sensex top gainers and losers
11:35 AM
Maruti Suzuki's Q3 margins to be hit by sluggish demand, higher costs
The stock of India’s largest car maker Maruti Suzuki slipped 4 per cent on worries that sluggish demand, higher costs will impact revenue and margin performance in the December quarter. The stock has shed 26 per cent since the start of the year, as brokerages have cut their earnings estimates on multiple headwinds for the company. An analyst at a domestic brokerage indicated there could be further pressure on the stock, given sharp slowdown in volumes and heavy discounts on models. Read more
11:19 AM
Coal India, SAIL, Oil India, BHEL, Reliance Capital hit 52-week lows
Shares of Coal India, Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Oil India, Tata Motors and Reliance Capital were among 20 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE in intra-day trade on Friday. Balkrishna Industries, Deepak Fertilisers & Chemicals, Asahi India Glass, HSIL, Jindal Stainless, Orient Cement, Navkar Corporation, Quess Corp, Sun Pharma Advanced Research (SPARC) and Sundaram Clayton too touched their respective 52-week lows today. Read more
11:07 AM
Top losers in BSE500
COMPANY PRICE() CHG() CHG(%) VOLUME
NAVKAR CORPORAT. 45.90 -4.05 -8.11 58564
HCL TECHNOLOGIES 946.00 -65.95 -6.52 277671
8K MILES 171.85 -9.00 -4.98 12697
MAGMA FINCORP 109.85 -5.40 -4.69 10532
IL&FS TRANSPORT 12.25 -0.60 -4.67 2886
» More on Top Losers
10:53 AM
Interview of the day A pick-up in earnings could lead to moderate returns in 2019: Shilpa Kumar
A pick-up in corporate earnings could lead to moderate returns in 2019, says Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities. In an interview to Sundar Sethuraman, she says equity issuances are showing signs of a revival. Edited excerpts: What’s the one-year outlook for the market? The dollar beat most asset classes this year. The Nifty, gold and bonds provided similar returns. Risk assets (mid-caps and small-caps) underperformed significantly. Read full interview here
Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities
10:40 AM
Jet Airways climbs 3% on reports Etihad will guarantee loans worth $150 mn
Shares of Jet Airways rose as much as 3.59 per cent in the early trade on BSE, after news reports suggested Etihad Airways of Abu Dhabi has offered to guarantee loans worth $150 million that Jet Airways needs to keep the airline operational. Read more
10:27 AM
PFC slips 5% following Cabinet nod on merger with REC
Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent to Rs 85.95 per share on the BSE in morning trade on Friday after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in Rural Electrification (REC) to PFC, along with transfer of management control.The government has a total 58.3 per cent stake in REC, the remainder of which is part of Bharat 22 ETF and CPSE ETF. Read more
10:18 AM
HCL Tech to acquire select IBM software products for $1.8 bn; stock down 7%
Shares of HCL Technologies dipped 6.7% to Rs 943 on BSE in early morning trade on Friday after the company said it will acquire select IBM software products for USD 1.8 billion (approx. Rs 127 billion) in an all-cash deal. The company said total investments will be of $1,775 million including earn-out. Approximately, 48% will be paid at close and most of the balance will be paid after the first year. Read more
10:08 AM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 35,497.77 +185.64 +0.53
S&P BSE SENSEX 50 11,130.93 +44.02 +0.40
S&P BSE SENSEX Next 50 31,246.76 +59.06 +0.19
S&P BSE 100 10,874.36 +39.71 +0.37
S&P BSE Bharat 22 Index 3,315.49 -4.07 -0.12
That apart, market will also closely watch the outcome of OPEC-Russia meet, which is expected to come later in the day.
The S&P BSE Sensex climbed 361 points or 1.02 per cent to settle at 35,673 while NSE's Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
Among sectoral indices, the Nifty Bank index rose 1.5 per cent led by a rise in ICICI Bank and HDFC Bank. The Nifty Auto index, too, rose 0.9 per cent led by Bajaj Auto and Maruti Suzuki.
In the broader markets, the S&P BSE MidCap index rose 0.2 per cent to end at 14,717, while the S&P BSE SmallCap index slipped 0.3 per cent to 14,105.
On the political front, market participants are awaiting exit poll results of five state elections due after market hours today. The result of the assembly elections will likely set the tone for the general elections next year.
The rupee traded on a firm note during the day rising to 70.45 against the US dollar amid fall in oil prices ahead of the crucial OPEC meet outcome. The domestic unit on Thursday closed at 70.90.
Stocks that made news
Among key stocks, the shares of HCL Technologies fell 5 per cent to Rs 962 on BSE after the company said it will acquire select IBM software products for $1.8 billion (approximately Rs 127 billion) in an all-cash deal.
Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent on the BSE in intra-day session after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in REC to PFC, along with transfer of management control. However, the stock pared losses later in the day to end flat at Rs 89.80, down just 0.5 per cent.
Oil Prices
Oil prices fell on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board.
International Brent crude oil futures fell below $60 per barrel, trading at $59.53 per barrel, down 53 cents, or 0.9 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $51.05 per barrel, down 44 cents, or 0.9 per cent.
Global Markets
Asian shares fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be "one-and-done" with US rate hikes, while oil fell anew as producers bickered over the details of an output cut.
MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.4 per cent, though that followed a 1.8 per cent drubbing on Thursday. Japan's Nikkei added 0.8 per cent. Chinese shares, which were up earlier in the day, slipped into negative territory with the blue chips off 0.1 per cent.
(with wire inputs)
CATCH ALL THE LIVE UPDATES
03:37 PM
Top sectoral gainers and losers on NSE
03:37 PM
S&P BSE Sensex: Top gainers and losers
03:34 PM
Market at close
The S&P BSE Sensex climbed 361 points or 1 per cent to settle at 35,673 while NSE's Nifty50 index added 93 points or 0.87 per cent to end at 10,694.
03:17 PM
NEWS ALERT Government appoints Krishnamurthy Subramanian as Chief Economic Advisor for 3 years
03:15 PM
Gold futures up Rs 15 on firm global leads
Gold prices rose by Rs 15 to Rs 31,104 per 10 gram in futures trade Friday as speculators raised their bets, taking positive cues from the global markets. At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 15, or 0.05 per cent, to Rs 31,104 per 10 gram in a business turnover of 13,435 lots. READ MORE
02:59 PM
Lyft IPO to define the fate of internet taxi companies, investors' money
Lyft, Uber’s fiercest rival on home turf, has filed for an initial public offering of shares with the US Securities and Exchange Commission, becoming the first app-based taxi, and beating Uber, to do so.
The said IPO, which may open the first quarter of 2019, has far reaching consequences for the entire sector. No one is sure of the future of Internet-based taxi services which have guzzled billions and billions of dollars but haven’t delivered profits. READ MORE
02:42 PM
NEWS ALERT ICRA revises Jet Airways' long-term loans & NCD rating to 'C' from 'B' with negative outlook
02:30 PM
No agreement on Opec oil output deal yet over exemptions for Iran: Report
Iran appears to be the main obstacle for an Opec oil output deal on Friday as the group's leader Saudi Arabia has yet to agree to exemptions for sanctions-hit Tehran, two Opec sources said. The Organization of the Petroleum Exporting Countries resumes discussions on Friday in Vienna before heading into a meeting with non-Opec oil producers led by Russia. Read more
02:13 PM
Around 127 scrips hit 52-week lows on NSE
02:02 PM
NEWS ALERT Iran, Venezuela, Libya likely to get exemptions from OPEC output cut, reports Reuters
02:00 PM
Navkar Corporation hits record low; stock tanks 26% in two days
Shares of Navkar Corporation have hit an all-time low of Rs 41.35 per share, dropping 17% on Friday, and falling 26% in past two trading sessions on BSE on concerns of a weak outlook. The stock of logistics firm was quoting at its lowest level since listing on April 6, 2010. Since November 2018, Navkar Corporation slipped 40% after 87% year-on-year (YoY) declined in its standalone net profit at Rs 33 million in September quarter, due to higher operational expenses. The company had a profit of Rs 258 million in the year-ago quarter. It posted a profit of Rs 301 million in the previous quarter. Read more
01:46 PM
US becomes net oil exporter for 1st time in 75 yrs; Opec's power diminishes
America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what US President Donald Trump has branded as "energy independence".
The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania. READ MORE
01:44 PM
NEWS ALERT AMFI says November equity inflows (including ELSS) at Rs 8,414 cr Vs Rs 12,622 cr
01:33 PM
Bond yields soften, volumes jump after RBI signals more debt purchases
Bond yields fell to an 8-month low and volumes surged to the highest in more than a year, reflecting a revival of bullish spirits in a market emerging from a year-long sell-off, after the central bank signaled it may keep buying debt for four more months. Turnover surged to Rs 883 billion ($12.4 billion) on Wednesday, the highest since June 2017, as the Reserve Bank of India added to the cheer by cutting its inflation projection at its policy review. Read more
01:24 PM
NEWS ALERT Bank of Maharashtra increases lending rate by 5-20bps
01:12 PM
NEWS ALERT Dilip Buildcon bags EPC order worth Rs 1,000.4 cr from Mahanadi Coalfield Limited (MCL)
01:11 PM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 35,448.63 +136.50 +0.39
S&P BSE SENSEX 50 11,113.81 +26.90 +0.24
S&P BSE SENSEX Next 50 31,249.14 +61.44 +0.20
S&P BSE 100 10,860.20 +25.55 +0.24
S&P BSE Bharat 22 Index 3,316.44 -3.12 -0.09
12:54 PM
Gold loan stocks in focus; Muthoot Fin, Manappuram Fin gain up to 15%
Shares of gold loan companies like Muthoot Finance and Manappuram Finance rallied up to 15% on BSE on back of heavy volumes after Muthoot Finance reported 21% year-on-year (YoY) growth in assets under management (AUM) to Rs 359.56 billion as of September 2018 (Q2FY19). Muthoot Finance has surged 15% to Rs 478 on Friday, erasing its previous day’s 7% fall, as the company reported highest ever quarterly accretion in gold loans, resulting in all-time high loan book as well as gold stock under possession. Read more
12:44 PM
LIC Housing Finance remains the top pick despite persisting issues
LIC Housing Finance, the country’s second largest housing finance company, had a muted September quarter (Q2). The financials reveal some areas of concern, such as increasing developer loan exposure and profitability pressures. Notwithstanding these, LIC Housing remains one of the top picks for brokerages, among housing finance companies (HFCs). Despite the not-so-great Q2 show, the stock has been in the green since its results a month ago. Read more
12:29 PM
Devangshu Datta Elections, global events to decide market direction
The Monetary Policy Review delivered no surprises, and that disappointed the stock market a little as optimists were looking for a rate cut. The central bank continued to speak of "calibrated tightening" but it will continue to inject liquidity through open market operations, by conducting bond buybacks. The SLR is also due for a cut in January.
One negative for banks is the proposal that they must link floating rates to external benchmarks. Banks will, therefore, lose the leeway to fatten spreads on new mortgages. READ MORE
12:10 PM
SEBI in talks with industry on mutual funds norms
India's market regulator is in talks with industry to deal with fears of contagion effect on mutual funds due to a liquidity crisis faced by the country's non-banking finance companies (NBFC), its chief said on Friday.
The crunch hit India's shadow banks in September and October after Infrastructure Leasing and Financial Services (IL&FS) defaulted on a series of debt obligations spreading panic among other NBFCs. READ MORE
11:54 AM
S&P BSE Sensex top gainers and losers
11:35 AM
Maruti Suzuki's Q3 margins to be hit by sluggish demand, higher costs
The stock of India’s largest car maker Maruti Suzuki slipped 4 per cent on worries that sluggish demand, higher costs will impact revenue and margin performance in the December quarter. The stock has shed 26 per cent since the start of the year, as brokerages have cut their earnings estimates on multiple headwinds for the company. An analyst at a domestic brokerage indicated there could be further pressure on the stock, given sharp slowdown in volumes and heavy discounts on models. Read more
11:19 AM
Coal India, SAIL, Oil India, BHEL, Reliance Capital hit 52-week lows
Shares of Coal India, Steel Authority of India (SAIL), Bharat Heavy Electricals (BHEL), Oil India, Tata Motors and Reliance Capital were among 20 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE in intra-day trade on Friday. Balkrishna Industries, Deepak Fertilisers & Chemicals, Asahi India Glass, HSIL, Jindal Stainless, Orient Cement, Navkar Corporation, Quess Corp, Sun Pharma Advanced Research (SPARC) and Sundaram Clayton too touched their respective 52-week lows today. Read more
11:07 AM
Top losers in BSE500
COMPANY PRICE() CHG() CHG(%) VOLUME
NAVKAR CORPORAT. 45.90 -4.05 -8.11 58564
HCL TECHNOLOGIES 946.00 -65.95 -6.52 277671
8K MILES 171.85 -9.00 -4.98 12697
MAGMA FINCORP 109.85 -5.40 -4.69 10532
IL&FS TRANSPORT 12.25 -0.60 -4.67 2886
» More on Top Losers
10:53 AM
Interview of the day A pick-up in earnings could lead to moderate returns in 2019: Shilpa Kumar
A pick-up in corporate earnings could lead to moderate returns in 2019, says Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities. In an interview to Sundar Sethuraman, she says equity issuances are showing signs of a revival. Edited excerpts: What’s the one-year outlook for the market? The dollar beat most asset classes this year. The Nifty, gold and bonds provided similar returns. Risk assets (mid-caps and small-caps) underperformed significantly. Read full interview here
Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities Shilpa Kumar, Managing Director and Chief Executive Officer of ICICI Securities
10:40 AM
Jet Airways climbs 3% on reports Etihad will guarantee loans worth $150 mn
Shares of Jet Airways rose as much as 3.59 per cent in the early trade on BSE, after news reports suggested Etihad Airways of Abu Dhabi has offered to guarantee loans worth $150 million that Jet Airways needs to keep the airline operational. Read more
10:27 AM
PFC slips 5% following Cabinet nod on merger with REC
Shares of Power Finance Corporation (PFC) fell as much as 4.76 per cent to Rs 85.95 per share on the BSE in morning trade on Friday after the Cabinet Committee on Economic Affairs (CCEA) Thursday gave an in-principle approval to the strategic sale of the Centre’s 52.63 per cent holding in Rural Electrification (REC) to PFC, along with transfer of management control.The government has a total 58.3 per cent stake in REC, the remainder of which is part of Bharat 22 ETF and CPSE ETF. Read more
10:18 AM
HCL Tech to acquire select IBM software products for $1.8 bn; stock down 7%
Shares of HCL Technologies dipped 6.7% to Rs 943 on BSE in early morning trade on Friday after the company said it will acquire select IBM software products for USD 1.8 billion (approx. Rs 127 billion) in an all-cash deal. The company said total investments will be of $1,775 million including earn-out. Approximately, 48% will be paid at close and most of the balance will be paid after the first year. Read more
10:08 AM
Market check
Index Current Pt. Change % Change
S&P BSE SENSEX 35,497.77 +185.64 +0.53
S&P BSE SENSEX 50 11,130.93 +44.02 +0.40
S&P BSE SENSEX Next 50 31,246.76 +59.06 +0.19
S&P BSE 100 10,874.36 +39.71 +0.37
S&P BSE Bharat 22 Index 3,315.49 -4.07 -0.12
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