Bharti Airtel, Infratel Stock Soar; KKR-led fund may buy arm Infratel

Shares of Bharti Airtel hit a three-week high on Wednesday after a media report said a global consortium, led by private equity firm KKR &  Co, is in talks to acquire the company’s subsidiary Bharti Infratel and Indus Towers for around $11 billion.

The KKR-led consortium will increase its stake in Bharti Infratel from the current over 10% to become the single largest shareholder, according to the report. Bharti Airtel holds 50.3% stake in the company currently.

Bharti Infratel will buyout Indus Towers from Vodafone, Idea Cellular and Providence Equity Partners in Indus Towers first, the report said. Currently, Bharti Infratel owns 42% in Indus Towers.

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Nifty breaches 10K; Yes Bank, Indiabulls HF, SBI down

Nifty and Sensex erase morning gains with Nifty falling below the 10K mark. Banking and Realty sectors drag the markets down. At 14:15 PM, the S&P BSE Sensex is trading at 31,879, down by 45 points, while NSE Nifty is trading at 9,990 down by 26 points.

Bharti Airtel, Infratel, TCS, HPCL and IOC are among the gainers, whereas YES Bank, India Bulls Housing Finance, SBI, Zee Entertainment, and Bajaj Finance are losing steam on NSE.

Housing finance stocks are under pressure with DHFL losing by 3%

SREI Infra signs MoU with CBL Corp to offer surety & guarantee products in India. News brings stock rise by 2.5%.

BSE Oil & Gas Index up over 1.5%. HPCL gains by 5%

Nifty PSU Bank Index down with Syndicate Bank losing steam by 2%

Some buying activity is seen in Energy, IT, Telecom, and Oil and Gas, while FMCG, basic materials, Auto, Banking, Realty and Power sectors dip on BSE.

The INDIA VIX is up by 1.59% at 11.29

Out of 1,972 stocks traded on the NSE, 663 advanced, 986 declined, and 323 remained unchanged today.

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PMEAC Next Meet in Nov, to Work on Monetary Policy

he first meeting of the newly constituted Economic Advisory Council to the Prime Minister has just ended, reports CNBC-TV18. Bibek Debroy, Chairman, PMEAC, said the body will work on monetary policy and fiscal framework. It has picked 10 issues to initially work upon. The body, which was reconstituted by Prime Minister Narendra Modi after being dismantled in 2014, will meet next in November.

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Bringing fuel under GST: Govt on the horns of a dilemma

After the Central government reduced the excise duty on motor fuels, state governments matched the move by cutting the VAT imposed on motor fuels. Gujarat and Maharashtra have announced a reduction of 4 percent and Himachal Pradesh has announced a 1 percent cut. Meanwhile Uttarakhand has proposed a 2 percent cut in VAT and another 2 percent in cess. This move helps in easing the rising prices of retail fuel and has reignited the debate on uniform taxation on motor fuels and their inclusion under GST.

Even as a section of the Street argues that petroleum products (a key input for almost all industries) should be brought under the ambit of GST, we examine the feasibility of the same in the wake of the raging debate.

What is the furor about?

Even after excise and VAT cuts, prices for petrol and diesel at Rs 72 per litre and Rs 59 per litre, stand close to their three-year highs. Over these last three years global crude prices have halved from around USD 110 per barrel to USD 56 per barrel. This effectively means that Indian consumers are paying almost the same for petrol and diesel when crude was at USD 110/barrel.

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Market Live: Sensex turns Negative, Nifty below 10,000

Benchmark indices turned negative, with the Nifty breaking 10,000-mark in the last hour of trade.

The Sensex was down 78.78 points at 31845.63, while the Nifty was down 28.05 points at 9988.90. The market breadth was negative as 914 shares advanced against a decline of 1,664 shares, while 93 shares were unchanged.

Bharti Airtel, TCS, and HPCL were the top gainers, while SBI, BHEL, and Indiabulls Housing lost the most.

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Top 12 Stocks in Focus Today

Coal India signs pact for National Coal Wage. The wage agreement may have average Rs 5,667 Cr per year impact.

Dena Bank QIP opened at a floor price of Rs 30.73 per share.

Ashish Kacholia bought 62,837 shares or 0.7% stake at Rs 1395.36 each of Lumax Ind.

Rakesh Jhunjhunwala has increased stake in Prakash Industries to 1.64% at the end of the September quarter, from 1.01% at the end of the June quarter, as per BSE data.

A consortium of banks led by State Bank of India has ordered a forensic audit of construction group Punj Lloyds accounts after the borrower failed to service its loans for eight successive quarters.

Karur Vysya Bank rights issue to open from Oct 25 to Nov 10.

Sical Logistics approves buying MMTC’s 26% stake in unit Sical Iron Ore.

DCW commences commercial production of Chlorinated Poly Vinyl Chloride (CPVC) at its units in Tamil Nadu.

Repro India issued 5.92 lakh shares at Rs 675 each on preferential basis to Malabar India Fund, Malabar Value Fund and Kedia Securities.

Dixon Tech entered into Design, Manufacturing and supply agreement with Flipkart India.

PSP Projects bags order worth Rs 1575 Cr from Surat Diamond bourses.

IndiGo in advanced stages of talks to raise $1.2billion to procure ATR aircraft, as per media reports.

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FII, DII cashflow updates

The foreign institutional investors (FIIs) were net sellers in the cash markets with net cash outflow of Rs 4,023 crore on Tuesday.

Major benchmark indices, Nifty and Sensex closed higher by 28 points or 0.28% at 10.016 level and 77 points or 0.24% at 31,924 level.

There were 1,018 advances, 701 declines and 82 unchanged stocks on NSE indicating positive breadth floating in the market.

India VIX ended lower by 2.46% at 11.1125 level.

The following is combined FII/FPI and DII trading data across NSE, BSE and MSEI collated on the basis of trades executed by FIIs/FPIs and DIIs:

FII/FPI trading activity on NSE, BSE, and MSEI in Capital Market Segment(In Rs. Crores)
Category Date Buy Value Sell Value Net Value
FII/FPI 10-Oct-2017 3518.19 4023.01 -504.82
DII 10-Oct-2017 3045.65 2643. 5 402.15

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Indian ADRs end higher; Dr Reddy’s slips

American Depositary Receipts of most Indian companies ended higher on Tuesday, tracking strong gains US equities.

Prominent gainers were ADRs of Sify, Videocon d2h, Infosys, and HDFC Bank, which rose 0.7-4.3%.

ADRs of Dr Reddy’s Laboratories, WNS Holdings, MakeMyTrip, Azure Power, and Yatra Online ended 0.3-3.4% lower.

Wall Street ended higher on Tuesday with the Dow Jones Industrial Average hitting a record high due to gains in index heavyweight Wal-Mart.

The Dow Jones Industrial Average rose 69.61 points, or 0.31%, to close at 22,830.68, the S&P 500 gained 5.91 points, or 0.23%, to 2,550.64 and the Nasdaq Composite added 7.52 points, or 0.11%, to 6,587.25.

In commodities, U.S. crude was last off 2 cents at $50.90 per barrel and Brent eased 8 cents to $56.53 after rising on Tuesday following export cuts by Saudi Arabia.

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Live Stock Market Updates

Sensex rallies over 100 points; Airtel, Axis Bank’s stock gain

The Indian stock market opened higher led by gains in Axis Bank, Bharti Airtel and Tata Steel. Asian stock markets were mostly higher taking cues from signs of confidence in the US. Meanwhile, the euro firmed after Catalonia held back on an outright declaration of independence.

At 9:28 AM, the S&P BSE Sensex is trading at 32,032 up 107 points, while NSE Nifty is trading at 10,046 up 29 points.

The BSE Mid-cap Index is trading up 0.55% at 16,024, whereas BSE Small-cap Index is trading up 0.61% at 16,996.

Infratel, GAIL, Axis Bank, HPCL and Vedanta are among the gainers, whereas Indiabulls HF, Coal India, Maruti Suzuki, HUL and Infosys are losing sheen on NSE.

Some buying activity is seen in metal, realty, pharma, financial services, IT, media and banking sectors, while FMCG are showing weakness on NSE.

The INDIA VIX is down 1.3% at 10.96.

Out of 1,941 stocks traded on the NSE, 367 declined, 1100 advanced and 474 remained unchanged today.

A total of 62 stocks registered a fresh 52-week high in trade today, while 8 stocks touched a new 52-week low on the NSE.

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Insider Trades & Bulk Deals on October 10

Following is the list of Insider trading activities performed by the company insiders of the listed stocks in yesterday’s trade:
  • Promoters of Global Spirits SOLD 67824 shares in open market. The stock was up ~2% in yesterday’s trade.
  • Promoters of Delta Corp released a PLEDGE for 17 lakh shares. The stock zoomed ~6.5% in yesterday’s trade.
  • Promoters of Nandan Denim BOUGHT 1.7 lakh shares from open market. The stock has rallied ~30% since last 3 days.
Following is the list of BULK DEALS in yesterday’s trade:
  • Lumax Industries: Ace investor Ashish Kacholia  BOUGHT ~0.7% of equity stake i.e ~62837 shares @ ~Rs 1395.36. The stock has surged ~4.8% in yesterday’s trade.
  • Strides Shasun: Steadview Capital Mauritius SOLD ~0.7% of its equity stake i.e ~6.37 lakh shares @ ~Rs 867.2. The stock has surged ~4.5% in yesterday’s trade.
  • GHCL LTD: Ocean Dial Gateway SOLD ~0.6% of its equity stake i.e ~5.81 lakh shares @ ~Rs 230.6, they also sold 7.5 lakh shares on Monday.

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