The News International Team
10:00am Deepak Fertilizers in News
The Competition Commission of India (CCI) has approved Deepak Fertilizers’ proposed additional stake buy in Vijay Mallya group firm Mangalore Chemicals and Fertilizers.
The approval from the fair trade watchdog paves the way for Deepak Fertilizers to make an open offer to acquire further 26 per cent stake in Mangalore Chemicals and Fertilisers Ltd (MCFL).
CCI said the deal “is not likely to have appreciable adverse effect on competition in India”.
Under the deal, Deepak Fertilizers’ subsidiary SCM Soilfert would acquire up to 26 per cent shareholding in MCFL through an open offer in addition to 0.8 per cent stake buy through open market. MCFL is part of Vijay Mallya’s UB Group.
09:45am Eros at 33-month high
Shares of Eros International Media touched 33-month high of Rs 249.80, up as much as 9.6 percent after the company’s on-demand entertainment portal ErosNow has acquired the worldwide rights of popular Zee TV shows.
“Content from Zee will be available to members with no extra subscription costs. This partnership allows ErosNow to showcase Zee’s premier television content ranging from top rated serials and soaps to reality shows,” said the company in its filing.
Titles like Ek Mutti Aasmaan, Pavitra Ristha, Fear Files, Jodha Akbar, Qubool Hai etc will be available to subscribers on this portal.
09:30am FII View
Rakesh Arora, Macquarie feels global newsflow may come back to dominate. “The end of a decent earnings season was followed by a positive tone in the PM’s speech on Independence Day,” he adds.
“However, the market remains tentative on global events and would likely continue to focus on geopolitics. We remain positive on the market and recommend buying large cap quality stocks on any weakness,” says Arora.
09:15am The market opened higher with marginal gains on Wednesday. The Sensex rose 35.81 points to 26456.48 and the Nifty advanced 8 points to 7905.50.
About 618 shares have advanced, 255 shares declined, and 36 shares are unchanged.
HDFC Bank, Bharti Airtel and Hindalco Industries topped the buying list, up 1-1.5 percent whereas ONGC, HDFC, Axis Bank, State Bank of India, ICICI Bank, L&T and ITC declined.
The Indian rupee slipped in early trade on Wednesday. It opened lower by 17 paise at 60.84 per dollar versus previous day’s closing value of 60.67 a dollar.
Dollar hit nine-month highs against the euro and rose against a basket of major currencies after strong US housing data bolstered expectations for an earlier-than-expected rate hike from the Fed.
NS Venkatesh of IDBI Bank says today’s cues will be based on details of the FOMC minutes and the proceedings of the Jackson Hole meeting. He expects continued custodial flows into the market, which will be balanced by demand from oil importers.
According to him, the rupee is expected to trade in a very narrow range of 60.5-60.75/dollar.
Global cues are positive as the US markets extended gains on Tuesday on optimism that the Federal Reserve will keep rates lower for longer. The S&P 500 is less than half a percent from its all-time high.
European shares closed in the green on Tuesday as Ukraine worries eased and companies posted robust earnings. Asian markets, meanwhile, were trading mixed over higher-than-expected Japan trade deficit and despite gains from the US markets.