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Indian indices continue to trade in green
Wed, 30 Oct 01:30 pm

The Indian markets have expanded gains during the post noon trading session. Barring stocks from metal, oil and gas, auto and capital goods, all the sectoral indices are trading in green. The most noticeable upward movement is witnessed in the stocks from realty and healthcare sectors.

BSE-Sensex is up by 75 points and NSE-Nifty is trading up by 23 points. While BSE Mid Cap is trading up by 0.45% BSE Small Cap index is trading up by 0.86%. The rupee is trading at 61.43 to the US dollar.

Majority of the cement stocks are trading in the red with Birla Corp and Shree Cement being the major losers. However, Mangalam Cement and Heidelberg Cement are among the few stocks trading in the green. As per a leading financial daily, Securities Exchange Board of India (SEBI) has approved the restructuring of parent Holcim India's stake in Ambuja Cements. As a part of the restructuring process, Holcim India will merge Ambuja Cements with itself in a cash and share deal worth Rs 145 bn. Under this process, Holcim India's stake of over 50% in ACC will be transferred to Ambuja at a price of Rs 35 bn while shares will be issued by Ambuja for the rest. Post merger, Holcim India's stake in Ambuja will rise to 61.39% from a little over 50%. According to Ambuja Cement, the entre restructuring exercise will be completed by June 2014 after acquiring shareholder's approval. The company has also applied for approval from the Gujarat and Delhi High Courts and Foreign Investment Promotion Board. Ambuja Cement is expected to make savings as a result of a common management structure post the restructuring. Ambuja Cement is currently trading down by 1.2%.

Majority of the are trading in green with Tata Teleservices and Tata Communications leading the pack of gainers. Bharti Airtel has declared September quarter results. The consolidated sales were up by 10% YoY. The mobile subscriber base in India has increased by 4% YoY during the quarter while the total subscriber base increased by 7% YoY. The operating margins of the company improved by 1.4% YoY to 32% for the quarter. However, the positive effect on operating level was mitigated by increase in the interest costs and higher tax expenses. The increase in interest costs was on back of forex losses and mark-to-market losses on investments. Thus, the profits declined by 29% YoY during the quarter.

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Feb 20, 2018 03:17 PM