10:30am Piramal
Enterprises in News
Piramal Enterprises (PEL) gained 2 percent today as the
Piramal Group company has been considering the acquisition of UK-based company.
"Piramal Enterprises is in final stages of discussion
with the University of Kentucky for the potential acquisition of Coldstream
Laboratories for a total consideration of USD 30.65 million," said the
company in its filing to the exchange.
Of the total amount, USD 5.65 million would be towards the
Coldstream facility on the Research Park Campus of the University, while the
rest would be towards purchase of the company’s shares, it added.
This potential transaction is subject to corporate approvals
and is expected to be completed by the end of this week. However, the
transaction is not subject to any regulatory approvals. No related party of PEL
has any interest in Coldstream, said the Piramal Group company.
10:00am Market Check
Equity benchmarks entered into consolidation mode after the
yesterday's rally priced in all events like surprise rate cut by RBI, fall in
trade deficit etc. The frontline indices were marginally in red on profit
booking.
The Sensex fell 42.23 points to 28033.32 and the Nifty declined
12.15 points to 8482. However, the broader markets outperformed benchmarks
marginally with the BSE Midcap and Smallcap indices rising 0.2-0.5 percent.
About 1073 shares have advanced, 786 shares declined, and
276 shares are unchanged on the Bombay Stock Exchange.
“With sharply lower commodity prices, favourable macro
indicators like inflation, CAD & fiscal deficit and now rate cuts, we
believe conditions are ripe for economic recovery to take shape,” says Rakesh
Arora, Macquarie.
According to him, the government sustaining its policy
momentum and delivering on reforms would be key. “Markets will closely watch
the upcoming Budget session in late February.
In our view, any market weakness should be seen as an opportunity to
buy,” says Arora.
TCS fell nearly 2 percent on reporting lackluster results.
Dollar revenue growth was flat and constant currency growth at 2.5 percent was
lower than that of Infosys. CLSA lowered FY16/17 earnings per share by 2/3
percent due to deeper cross-currencies and lower than expected revenue
acceleration and cut target price to Rs 3100/share.
Bharti Airtel dropped nearly 3 percent. Media report
suggested that Bharti Airtel, Idea Cellular, Reliance Communications and
Vodafone may collectively bid Rs 74,000 crore as per HSBC report.
Shares of ICICI Bank, SBI, ITC, Bharti Airtel, Tata Motors,
Tata Steel, Maruti Suzuki, Hero Motocorp and GAIL fell 0.6-1.3 percent while
HDFC Bank, HUL, Cipla, Coal India and Sesa Sterlite bucked the trend, up 1.5-2
percent.
Shares of SpiceJet jumped 10 percent as investors queued up
for buying shares of the low-cost carrier after Ajay Singh decided to take
complete control of the company which has been struggling with financial
problems. Sun TV Network gained 9 percent as brokerages believe the SpiceJet
deal removed a major overhang on the stock. More information please visit this
site www.bigprofitbuzz.com
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