The News International Team
1:55 pm Big deal: US private equity firm Warburg Pincus has agreed to buy a significant minority stake (around 10 percent) in Kalyan Jewellers for about USD 200 million, five sources with knowledge of the transaction told Reuters on Monday. The Indian jewellery manufacturer and retailer will use the capital for expansion purposes, said the sources, who declined to be named as they were not authorised to speak to the media.
1:35 pm Buzzing: Shares of Hindustan Construction Company (HCC) gained more than 9 percent intraday on bagging a Rs 393.08-crore worth road project from the Ministry of Road Transport & Highway.
The engineering procurement and construction (EPC) contract is for reconstruction of the 65.87 km section of NH-233, on the Indo-Nepal border, said the infrastructure construction and development company, adding the project is part of the National Highway Development Program phase-IV.
The scope of work includes rehabilitation, upgradation and augmentation of the existing carriageway to two-lane, with paved shoulders, construction of pavements, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains.
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The market is still maintaining its uptrend with the Nifty hovering below 7900-level. The 50-share index is up 92.45 points or 1.2 percent at 7872.15. The Sensex is up 306.95 points or 1.2 percent at 26415.48. About 1659 shares have advanced, 883 shares declined, and 120 shares are unchanged.
ONGC, Hindalco, Tata Motors, Axis Bank and L&T were top gainers in the Sensex. Among the losers are Wipro, Infosys, Reliance and TCS. Midcap index is over 1 percent.
The BJP is still undecided over going with the Shiv Sena in Maharashtra despite Uddhav Thackeray’s overtures according to BJP sources. Meanwhile with 47 seats – the BJP is set to form its first ever governmwnt in Haryana but eyes are one who will be Chief Minister. Captain Abhimanyu among those in the race for the top job.
Japan’s Nikkei share average surged 4 percent to post its biggest daily rise since June 2013 as investors took heart from upbeat US data and the weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co.
Also underpinning the market was news that Japan’s USD 1.2 trillion public pension fund will likely raise its allocation to domestic stocks to about 25 percent from 12 percent at present. The Nikkei share average added 578.72 points to end at 15,111.23, recouping most of the losses posted last week.