Evening Stock Market trading News 07 April
MARKET WRAP
The market was volatile. Key benchmark indices edged higher
in early trade. Key benchmark indices trimmed gains after hitting fresh
intraday high in morning trade. Key benchmark indices slipped into the red in
mid-morning trade. Key benchmark indices extended losses and hit fresh intraday
low in early afternoon trade. The Sensex, and the 50-unit CNX Nifty, both, hit
their lowest level in more than a week. The Sensex languished in the negative
terrain in mid-afternoon trade as European stocks dropped in early trade there.
Volatility ruled the roost as key benchmark indices trimmed losses in late
trade.
The Reserve Bank of India conducted two term repurchase
auctions on Friday, 4 April 2014, to add cash to the banking system.
On the political front, the Bharatiya Janata Party (BJP)
today, 7 April 2014, accused its main political rival, Congress, of driving
away investors during its decade in power and promised more business-friendly
policies if it wins Lok Sabha polls. In its election manifesto, released today,
7 April 2014, in New Delhi, the BJP attacked the incumbent Congress-led
government for using 'tax terrorism' against companies. The BJP said it would
provide a non-adversarial administration and simplify the country's complicated
tax laws. The BJP said that economic revival will be the party's priority if it
comes to power after elections. In its manifesto, the BJP has promised faster
infrastructure development, job creation and measures to control inflation. The
BJP said that it will bring on board all state governments in adopting the GST,
addressing all their concerns. The party also promised a massive low cost
housing program.
European market edged lower on Monday, 7 April 2014, as
technology shares tumbled following a selloff in America. Key benchmark indices
in UK, France and Germany were off 0.46% to 1.07%. A monthly meeting of the
Monetary Policy Committee of the Bank of England's (BoE) for monetary policy
review is scheduled on Thursday, 10 April 2014.
NEWS UPDATES
Cement stocks in demand
Shares of 11 cement makers rose by
0.10% to 3.05% at 14:57 IST on BSE on consolidation hopes after media reports
suggest the world's two largest cement makers, France's Lafarge and Holcim of
Switzerland, agreed the terms of a merger. Prism Cement (up 3.05%), UltraTech
Cement (up 2.97%), Jaiprakash Associates (up 2.65%), Ambuja Cements (up 2.02%),
Switzerland's Holcim unveiled an all-share deal to buy France's Lafarge to
create the world's biggest cement maker with combined sales of 32 billion
euros. Lafarge and Holcim of Switzerland, agreed the terms of a merger that
would reportedly create a company with a market value of around $55 billion.
The new entity, worth just under $60 billion, will see 53% shareholder control for
Holcim and 47% for Lafarge.
Sun Pharma buys Ranbaxy
for $3.2
India’s top drug makers Ranbaxy
Laboratories Ltd and Sun Pharmaceuticals Industries Ltd said on
Monday that the latter would acquire the former in a deal worth $3.2 billion,
creating the world’s fifth largest generic drug maker. Sun Pharma will acquire
100% stake of Ranbaxy in an all-stock deal under which Ranbaxy shareholders
will receive 0.8 share of Sun Pharma for every share they hold in Ranbaxy,
which has come under regulatory fire from the US Food and Drug Administration
(FDA). Ranbaxy is currently owned by Japanese drug maker Daiichi Sankyo Co.
Ltd with around 68% stake. After the merger, Daiichi Sankyo will become the
second largest shareholder in Sun Pharma.
GMR Infra gains as
consortium awarded airport project
GMR Infrastructure rose 5.6% on NSE
after the company said that its consortium with Megawide has been formally
awarded the Mactan-Cebu International Airport rehabilitation, expansion and
operation project. GMR Infrastructure and Megawide Construction will combine
their expertise and track record to transform the Mactan-Cebu International
Airport into a world-class facility. GMR Infrastructure is a global
infrastructure major with interests in airports, energy, highways and urban
infrastructure sectors.
RCom, Reliance Jio sign
intra-city infra sharing pact
Reliance Jio could use RCom's retail
network where it will use consumer touch points to market their products as
well as collect bills, RelianceJio is in discussions with younger
brother's Reliance Communications to more pacts to 'co-operate' more. While announcing their third pact today where RCom will share
its intra-city optic fiber backbone with Jio, they also said that they will
look at more such pacts. These talks which are being held at high levels could
be with regards to sharing RCom's retail network where Jio will use
the consumer touch points to market their products as well as collect bills.
Godrej Properties to
develop township project in Bangalore
Godrej Properties has entered
into a partnership to develop a 100-acre township in Bangalore. Godrej
Properties Ltd, the real estate development arm of the Godrej Group, has
entered into an LLP (limited liability partnership) to develop a
residential township project in North Bengaluru, The 100-acre project
would offer a potential saleable area of about 9.4 million sq ft. Like other
projects, this township would be developed as a profit sharing partnership.
5:45 PM
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