Tag: Stocks

Stock in focus: Fortis Board recommends Munjal-Burman’s consortium offer; stock likely to rise

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Fortis board of directors decided to recommend the binding offer of the Burman-Munjal consortium late on Thursday, which is likely to keep the stock positive throughout the market session on Friday.

The stock price is likely to rise as the consortium kept sweetening their offer since they showed their interest in the healthcare firm in April. On April 12, the firm gave an unsolicited binding offer to invest Rs 1,250 crore via preferential allotment route.

UPDATE: Fortis stock fell about 2% in morning trade on the BSE

After seeing its competitors, the consortium revised their offer on April 19 to infuse Rs 1,500 crore and an upfront investment of Rs 750 crore with Rs 5 crore via preferential issue of shares and Rs  10 crore via preferential issue of warrants on the condition of seeking two board seats.

The offer has now finally settled for a total of Rs 1,800 crore with infusing Rs 1,050 crore upfront.

The deal will infuse Rs 800 crore through a preferential allotment of equity shares at Rs 167 per share and a preferential issue of warrants of Rs 1,000 crore at Rs 176 per share or as per SEBI ICDR guidelines whichever is higher.

The consortium-led by Sunil Kant Munjal of Hero Enterprise and the Burman family of Dabur submitted a binding bid to invest Rs 1,800 crore in Fortis with Rs 1,050 crore upfront. It also offered to divest diagnostic unit, SRL, through an independent valuation. They are planning to buy out RHT Holding using funds from SRL.

The consortium faced tough competition with Manipal, which kept revising their offer in order to win the race for the hospital chain.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

May 11: Here’s what you should know before the opening bell

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian stock market erased opening gains on Thursday to close in the red with the Sensex closing with a fall of 73 points at 35,246 and the Nifty slipping 25 points at 10,717.

Here’s what you should know before the opening bell

• Fortis Healthcare on Thursday decided to recommend the binding offer of Hero Enterprise Investment Office (Hero) and the Burman Family Office (Burman) for shareholder’s approval as recommended by the Expert Advisory Committee (EAC), the company said in a statement.
• Japan’s Nikkei climbed 0.7 percent while South Korea’s KOSPI added 0.6 percent. Australian and New Zealand shares were both up 0.2 percent.
• On Wall Street, the Dow rose 0.8 percent, the Nasdaq Composite gained 0.89 percent and the S&P 500 rose 0.9 percent, surging past key resistance of 2,717 points.
• The SGX Nifty is currently trading at 10,782 as against the Nifty May Future’s Thursday close of 10,768, indicating a positive opening for the Dalal Street.
• Oil prices on Friday held multi-year highs reached the previous session as looming US sanctions against major oil producer and OPEC-member Iran threatened to tip an already tight market into undersupply.
• The US consumer price index rose 0.2 percent last month, below analyst forecasts of 0.3 percent, as a moderation in healthcare prices offset increases in the cost of gasoline and rental accommodations.
• Two top officials of the Trump administration have sought greater market access and transparency in India’s farm sector after the US complained to the World Trade Organisation on India’s Minimum Support Price (MSP) regime on wheat and rice.
• Gold prices were steady in early trade on Friday, as the dollar held below its 2018 highs against a basket of currencies after softer-than-expected US inflation data.
• Sebi and RBI are likely to extend the close time by three hours for currency derivatives to 8 PM, Moneycontrol reported.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

May 11: Here are the top stocks to watch out for today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian stock market erased its opening gains on Thursday to close in the red, with the Sensex closing with a fall of 73 points to 35,246 and the Nifty slipping 25 points to 10,717.

Here are the top stocks to watch out for today

• Fortis Healthcare: The hospital chain on Thursday decided to recommend the binding offer of Hero Enterprise Investment Office (Hero) and the Burman Family Office (Burman) for shareholder’s approval as recommended by the Expert Advisory Committee (EAC), the company said in a statement.
• UltraTech, Binani and Dalmia Bharat:  Refusing to intervene in the Binani resolution process, Supreme Court on Thursday dismissed Dalmia Bharat’s plea seeking stay on Committee of Creditors’ decision to consider UltraTech’s bid.
• IOC:  Indian state-refiner Indian Oil Corp. (IOC) has bought 3 million barrels of US crude for loading in June, a senior source privy to the deal said.
• Tata Communications: The Tata Group company on Thursday reported a consolidated loss of Rs 120 crore for the fourth quarter ended March of 2017-18 as against Rs 209 crore in the same quarter of the previous fiscal.
• Jaypee Infratech: After Jaypee Intratech’s resolution process failed, hundreds of home buyers gathered at Jaypee Infratech office in Noida, staring at fresh uncertainty.
• Union Bank: Union Bank of India Ltd on Thursday posted a loss for a third straight quarter, hurt by higher provisions for bad loans.
• HUL: Advertising sector watchdog ASCI upheld complaints against 193 misleading advertisements in February, including those of Hindustan Unilever (HUL), Himalaya Drug Company, Ola, Vodafone, among others.
• Banks: Clarifying that services provided by banks on minimum account balance are not free in nature, revenue officials on Thursday said that the decision to tax such services was taken at the highest level.
• Canara Bank, Sun TV, Tata Global, Havells, among others, will declare their quarterly results.
• RIL: Reliance Jio launches on Thursday launched new postpaid plan for Rs 199 per month with 25GB data for both domestic as well as international calling.
• PC Jeweller: The board approved a proposal to buy back 1.21 crore shares at Rs 350 a piece.

(RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Strong global cues likely to pull up market; Canara Bank, Sun TV to declare quarterly results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Indian stock market is likely to open higher than the previous close backed by strong global cues.

Japan’s Nikkei climbed 0.7 percent while South Korea’s KOSPI added 0.6 percent. Australian and New Zealand shares were both up 0.2 percent.

On Wall Street, the Dow rose 0.8 percent, the Nasdaq Composite gained 0.89 percent and the S&P 500 rose 0.9 percent, surging past key resistance of 2,717 points.

The market erased opening gains on Thursday to close in the red, with the Nifty Midcap Index slipping 310 points to 19,424. The Sensex closed with a fall of 73 points to 35,246 and the Nifty slipped 25 points to 10,717.

The SGX Nifty is currently trading at 10,782 as against the Nifty May Future’s Thursday close of 10,768, indicating a positive opening for the Dalal Street.

Canara Bank, Sun TV, Tata Global, Havells, among others, will declare their quarterly results.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market closes in the red, midcaps continue to underperform

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian market erased opening gains to close in the red, with Midcaps continuing their underperformance.

The Nifty Midcap Index slipped 310 points to 19,424. The Sensex closed with a fall of 73 points to 35,246 and the Nifty slipped 25 points to 10,717.

The Nifty Bank also closed down 23 points in the red, as Federal Bank weighed down the index.

Amongst large caps, IT stocks felt pressure as rupee saw an intra-day recovery. TCS fell 1%, while Infosys erased the first half gains to close in the red.

Other major index losers were ITC, L&T and Tata Motors. Pharma stocks also were under pressure on Thursday’s trade ahead of US President Donald Trump’s Friday speech.

On the earnings front, Indian Bank reported slippages of Rs 2,098 crore in Q4 against Rs 955 crore in Q3. Profit also came in 59% lower.

Welspun Enterprises’ profit jumped four times, while the margin rose about 1,000 basis points.

Adani Transmission also saw a 58% jump in profit, supported by other income.

In the derivatives, the Nifty 11,000 call & 10,700 Put were the most active options. Nifty 11,000 call added 5 lakh shares & 10,700 Put added 4 lakh shares in the open interest. The Nifty May futures premium narrowed to 8 points from Wednesday’s level of 22 points. Stocks that were active in Futures were, Indian Bank, Ambuja Cements and Arvind.

On the global front, Asian markets closed with moderate gains on Thursday as oil prices traded higher after touching fresh multi-year highs. The Nikkei 225 edged higher by 88 points to close at 22,497. Moderate gains were similarly seen in South Korea as the benchmark Kospi rose 0.83% to 2,464.16. On the mainland, the Shanghai Composite edged up 0.51% to end at 3,175.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Market trades in the green; ONGC gains amid high crude prices

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The market, though trading in the green, is slightly off its highs with the BSE Sensex trading at 35,350 points and the NSE Nifty trading at 10,743 points.

ONGC is currently the top index gainer as the global crude oil prices clocked up more multi-year highs on Thursday after the US announced its withdrawal from the Iran nuclear deal.

The oil marketing companies were under pressure due to the crude oil price rise in the opening trade but now are recovering with the HPCL gaining 56 basis points in trade and BPCL with a 86 basis point gain.

Bharti Airtel is also among the top index gainers after the Supreme Court approved the Airtel-Telenor merger on Wednesday.

Power Grid Corp, Idea Cellular and NTPC are among the top index losers.

The market opened slightly higher backed by global cues, with the HDFC twins pulling the market up in trade.

The BSE Sensex opened at 35,354 points and the NSE Nifty at 10,779 points. The other two major indices, Nifty Midcap and Nifty Bank, also opened in the green today.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Opening Bell: Market opens mildly higher; HDFC twins gain in trade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The market opened slightly higher backed by global cues, with the HDFC twins pulling the market up in trade.

The BSE Sensex opened at 35,354 points and the NSE Nifty at 10,779 points. The other two major indices, Nifty Midcap and Nifty Bank, also opened in the green today.

The HDFC twins and ONGC are among the top gainers in trade. Eicher Motors is the top Nifty gainer after announcing its earnings on Wednesday.

The Sensex on Wednesday recovered 185 points from lows to close 103 points higher at 35,319, while the Nifty closed with a gain of 24 points at 10,742.

IT and energy stocks kept market higher, while pharma and cement stocks dragged. Reliance, TCS and HDFC Bank were amongst notable index gainers. Tata Motors too, edged higher after reporting 12% upmove in JLR April sales.

Asian Paints,  Nestle India, Zee Entertainment, among others, will declare their quarterly results today.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow