02:45pm Reliance Capital in Focus
Looking to cash in on e-commerce
boom, Reliance Capital is all set to sell its 16 percent stake in
leading travel portal Yatra.com for an estimated Rs 500 crore and is in talks
with 2-3 international investors.
The deal would mark an over
12-times appreciation for this investment by Reliance Capital, the financial
services arm of Anil Ambani-led business conglomerate Reliance Group, which
had acquired a 16 percent stake in the online travel company for Rs 40 crore
in 2006.
Sources said that Reliance Cap is
in talks with 2-3 leading international investors to sell this 16 per cent
stake for an estimated USD 80 million (about Rs 500 crore). The identity of
the interested buyers could not be ascertained, reports PTI.
When contacted, a Reliance Capital
spokesperson said: "We continuously evaluate opportunities to unlock the
value of our minority investments to enhance shareholders value."
02:30pm Jewellery stocks in News
Shares in gold companies are
trading higher. India will announce changes as early as this week to a rule
mandating star trading houses export 100 percent of gold imports, sources
told Reuters.
The proposed changes will give
companies more flexibility amid global price fluctuations - traders say.
Titan Company gained 2.5 percent,
Gitanjali Gems surged 7.98 percent and Tribhovandas Bhimji Zaveri is up 4.1
percent.
02:00pm Market Check
The market remained choppy in
afternoon trade today, exhibiting resilience as the Nifty maintained its head
above 8350 despite global volatility while the broader markets outperformed.
The BSE Sensex rose 89.08 points
to 27886.09 and the Nifty climbed 26.40 points to 8367.10 while the BSE
Midcap and Smallcap indices gained 1 percent each. About 1615 shares have
advanced while 1121 shares declined on the Bombay Stock Exchange.
Jim Walker of Asianomics says the
Chinese economy is slowing down rapidly and is growing at 5-6 percent, which
is nowhere close to 7 percent forecasted earlier. He expects the growth to
slowdown to 3-4 percent in 2015.
Talking about China, the Shanghai
closed in the green, bouncing back in late trade after falling initially. The
economic data continued to be weak as China November consumer inflation eased
to 5-year low of 1.4 percent stoking expectations that Beijing will move more
aggressively to head off the risk of deflation in a slowing economy.
Sugar stocks like Bajaj
Hindusthan, Shree Renuka Sugars, Balrampur Chini, Triveni Engineering,
Dhampur Sugar and Sakthi Sugars saw huge buying interest, jumping 4-9
percent.
Tata Power topped the buying list,
up 2.6 percent after the company decided to acquire Ideal Energy Projects in
Maharashtra. Ideal Energy owns 540 MW thermal power project in Nagpur; hence
Tata Power said its generating capacity will increase to 8,885 MW.
The select panel on insurance
recommended a composite cap of 49 percent on all forms of FDI and FPI, saying
term 'control' must be defined in the Insurance Act in the report tabled in
the Rajya Sabha today.
The rupee weakened for the third
straight session today, trading at 62 to the dollar versus a close of 61.88
yesterday tracking weak Aasian and local equities. More information please
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