Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the dollar.
Market is expected to open on Negative note and likely to range bound during the day.
Warburg Pincus to invest $350million to acquire 20% stake in Airtel’s DTH arm.
Interglobe Aviation promoters to sell up to 79.52 lakh shares, while IGE (Mauritius) will sell 32.40 lakh shares through an offer for sale. The floor price has been fixed at Rs 1,130 per share.
Punj Lloyd bags order worth Rs 276 crore from GAIL India for construction of pipeline.
Asian Paints acquires Reno chemicals for Rs 159.52 crore.
Grasim Industries to pay Rs 600 crore to Century Textiles for rights to control its filament yarn business.
Amusement park operator Adlabs Entertainment is in talks to raise about Rs 650 crore from financial investors as part of a two-pronged transaction that will comprise a sale of fresh shares by the company and a partial exit by existing investor ICICI Ventures.
NTPC in talks to purchase three power plants in Bihar Ashok Leyland launched a new light commercial vehicle here with "higher" payload and "superior" mileage. The company launched the 'DOST+' range, which follows its entry in the LCV segment with 'DOST'.
VPS Healthcare is the latest to enter the fray to acquire Fortis Healthcare
Kesoram Board to meet on 15th December to consider capital raising proposals
Kalpataru Power Transmission has recd two order totalling Rs. 875 Cr. Till date Kalpataru has received total order worth Rs. 5900 Cr. (Source: BSE announcement)
November CPI Inflation/October IIP- Economy Update- CPI Inflation Rises To 4.88%, IIP At 2.2%; Market Expectations May Be Reset: Consumer Price Index or CPI inflation stood at 4.88% in November 2017, above consensus estimate as well as our estimate of 4.3%. Core inflation at 4.86% was also a tad above our expectation of 4.78%. The upside surprise largely came from 6.95% MoM increase in vegetable prices and 8.75% MoM rise in prices of eggs, which was significantly above our expectation. We expect inflation to hover around 5% for the rest of FY18, above the Reserve Bank of India or RBI’s forecast of 4.3%-4.7%. Our base case assumes the recent cut in Goods and Services Tax or GST rates will pull down inflation by about 25bps with a lag. IIP rose 2.2% YoY in October 2017, below consensus expectation of 2.9% increase and our estimate of 2.8% growth. The downside surprise largely came from mining which grew 0.2% YoY, and slightly lower-than-expected manufacturing growth. We expect IIP to witness a recovery in the next couple of months supported by a favourable base, although it is likely to be uneven. With inflation for November 2017 coming in above expectation, and likely to persist on a rising trajectory, our base case remains for a rate hike in the next six to nine months, probably in 1QFY19. Bond yields are likely to have an upside bias in the short term, but we expect some respite by the New Year as the foreign investment limit is likely to increased, even though the room for additional flows will be limited. With the India-US 10-year yield spread now at around 4.85%, it is higher than the long- period average and also above peers like Indonesia and the Philippines.
The Board of Century Textiles & Industries at its meeting held on 12 December 2017 has with a view to raise funds to deliver and optimise the returns from the company's viscose filament yarn business and without transferring its underlying immovable and movable assets has approved entering into agreement with Grasim Industries, pursuant to which Grasm would be granted the right and responsibility to manage, operate, use and control the Company's Viscose Filament Yarn Business viz., manufacturing and sale of viscose filament yarn, rayon tyre cord and chemicals including caustic soda, etc.for a duration of 15 years and for a commuted royalty of Rs 600 crore to be paid by the Grasim to the Company (Right to Manage and Operate). Grasim shall also provide the Company with Rs 200 crore as interest free, refundable, security deposit and pay to the Company consideration for the transfer of CTIL's working capital to the Company, at actuals.VFY business contributed Rs.972cr of revenue in last 12 months.
Market is expected to open on Negative note and likely to range bound during the day.
Warburg Pincus to invest $350million to acquire 20% stake in Airtel’s DTH arm.
Interglobe Aviation promoters to sell up to 79.52 lakh shares, while IGE (Mauritius) will sell 32.40 lakh shares through an offer for sale. The floor price has been fixed at Rs 1,130 per share.
Punj Lloyd bags order worth Rs 276 crore from GAIL India for construction of pipeline.
Asian Paints acquires Reno chemicals for Rs 159.52 crore.
Grasim Industries to pay Rs 600 crore to Century Textiles for rights to control its filament yarn business.
Amusement park operator Adlabs Entertainment is in talks to raise about Rs 650 crore from financial investors as part of a two-pronged transaction that will comprise a sale of fresh shares by the company and a partial exit by existing investor ICICI Ventures.
NTPC in talks to purchase three power plants in Bihar Ashok Leyland launched a new light commercial vehicle here with "higher" payload and "superior" mileage. The company launched the 'DOST+' range, which follows its entry in the LCV segment with 'DOST'.
VPS Healthcare is the latest to enter the fray to acquire Fortis Healthcare
Kesoram Board to meet on 15th December to consider capital raising proposals
Kalpataru Power Transmission has recd two order totalling Rs. 875 Cr. Till date Kalpataru has received total order worth Rs. 5900 Cr. (Source: BSE announcement)
November CPI Inflation/October IIP- Economy Update- CPI Inflation Rises To 4.88%, IIP At 2.2%; Market Expectations May Be Reset: Consumer Price Index or CPI inflation stood at 4.88% in November 2017, above consensus estimate as well as our estimate of 4.3%. Core inflation at 4.86% was also a tad above our expectation of 4.78%. The upside surprise largely came from 6.95% MoM increase in vegetable prices and 8.75% MoM rise in prices of eggs, which was significantly above our expectation. We expect inflation to hover around 5% for the rest of FY18, above the Reserve Bank of India or RBI’s forecast of 4.3%-4.7%. Our base case assumes the recent cut in Goods and Services Tax or GST rates will pull down inflation by about 25bps with a lag. IIP rose 2.2% YoY in October 2017, below consensus expectation of 2.9% increase and our estimate of 2.8% growth. The downside surprise largely came from mining which grew 0.2% YoY, and slightly lower-than-expected manufacturing growth. We expect IIP to witness a recovery in the next couple of months supported by a favourable base, although it is likely to be uneven. With inflation for November 2017 coming in above expectation, and likely to persist on a rising trajectory, our base case remains for a rate hike in the next six to nine months, probably in 1QFY19. Bond yields are likely to have an upside bias in the short term, but we expect some respite by the New Year as the foreign investment limit is likely to increased, even though the room for additional flows will be limited. With the India-US 10-year yield spread now at around 4.85%, it is higher than the long- period average and also above peers like Indonesia and the Philippines.
The Board of Century Textiles & Industries at its meeting held on 12 December 2017 has with a view to raise funds to deliver and optimise the returns from the company's viscose filament yarn business and without transferring its underlying immovable and movable assets has approved entering into agreement with Grasim Industries, pursuant to which Grasm would be granted the right and responsibility to manage, operate, use and control the Company's Viscose Filament Yarn Business viz., manufacturing and sale of viscose filament yarn, rayon tyre cord and chemicals including caustic soda, etc.for a duration of 15 years and for a commuted royalty of Rs 600 crore to be paid by the Grasim to the Company (Right to Manage and Operate). Grasim shall also provide the Company with Rs 200 crore as interest free, refundable, security deposit and pay to the Company consideration for the transfer of CTIL's working capital to the Company, at actuals.VFY business contributed Rs.972cr of revenue in last 12 months.
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