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Sensex, Nifty crack 1%; Vedanta, Cipla, LT major laggards


TheNewsInternational Team

12:55 pm Fund raising:

Bharti Airtel said it intends to issue Sterling Bond of up to GBP 500 million (around Rs 5,000 crore), which will be listed on the London Stock Exchange.

Airtel said the amount will be used for refinancing its existing loan portfolio. The country’s top telecom operator said the issue and its timing remains subject to necessary authorisations and approvals, global credit environment and market conditions.

Airtel in a regulatory filing said that it “…intends to issue its maiden Sterling Bond of up to GBP 500 million. This bond, when issued will be listed on London Stock Exchange.”

12:45 pm Indo-US ties: The US-India Business Council (USIBC) said the liberalisation of India’s FDI policy in over a dozen sectors will further improve ease of doing business and boost investments in the country.

Putting more FDI proposals through the automatic route is a clear signal that the government is living up to the mandate of minimum government and maximum governance, USIBC President Mukesh Aghi said in a statement.

Applauding India’s latest reforms, USIBC said the move would “enable the ease of doing business in the country” and “will propel more investment and innovation”.

12:30 pm Interview:
The government relaxed Foreign Direct Investment (FDI) norms in various sectors to boost investments in the country. Romesh Sobti, MD & CEO, IndusInd Bank says that relaxations of norms will help raise market sentiments. Speaking to CNBC-TV18, Sobti says demand in the credit business is picking-up gradually. Retail demand, both in vehicle and non-vehicle segment was good in the July to September quarter, he says adding that demand is visible even in brownfield expansion as well. Sobti says that in the vehicles segment, demand for small and light commercial vehicles (CVs) has lagged in the Q2.

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The market remains weak as bears grip Dalal Street. The Sensex is at 25605.54, down 261.41 or 1 percent. The Nifty is at 7749.85, down 78.60 or 0.9 percent.

Coal India, Tata Steel, Axis Bank and GAIL are top gainers in the Sensex while Vedanta, ONGC, TCS, Cipla and L&T are top gainers.

Oil prices remained under pressure after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year. “Although global oil demand growth has been exceptionally strong year-to-date, the overall pace of supply side adjustment has been too slow to end a sustained increase in global inventories that we expect to persist through most of 2016,” British bank Barclays said.

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