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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets open firm 
(Fri, 22 Nov 09:30 am) 
 
Asian stock markets have opened the day on a mixed note with China (down 0.2%) and Singapore (down 0.2%) leading the losses. However, markets in Japan (up 1.2%), Hong Kong (up 0.6%) and South Korea (up 0.6%) are trading firm. The Indian share market indices have opened the day on a positive note. Stocks in the realty and metal space are leading the gains.

The Sensex today is up by around 78 points (0.4%), while the NSE-Nifty is up by around 25 points (0.4%). Mid and small cap stocks are also trading in the green with the BSE-Midcap and BSE-Smallcap indices up by around 0.5% each. The rupee is currently trading at Rs 62.95 to the US dollar.

FMCG stocks have opened the day on a firm note with Kokuyo Camlin, Archies Ltd. and Bata India leading the gains. As per a leading financial daily, Dabur India has acquired the manufacturing facility of Northern Aromatics Ltd located at Pantnagar, Uttarakhand. It must be noted that Northern Aromatics is a third-party manufacturer of Dabur. As per the agreement, the company has bought the manufacturing facility on a slump sale basis at a consideration of Rs 150 million. This includes all assets and liabilities related to the said facility. Dabur plans to utilise this facility to manufacture food products, ayurvedic medicines and cosmetics. It is worth noting that Dabur already has two manufacturing facilities at Pantnagar. The acquisition of Northern Aromatics' manufacturing facility will aid in creating a manufacturing cluster in the region.

Cement stocks have also opened the day on a firm note with India Cements, ACC Ltd and Prism Cement leading the gains. As per a leading financial daily, Swiss cement major Holcim has been successful in seeking the necessary approval of the minority shareholders of Ambuja Cements for the restructuring of its Indian operations. We had earlier mentioned that as per new SEBI guidelines on mergers and acquisitions, listed companies require majority support of minority shareholders in case of restructuring or merger and acquisitions. About 68% of Ambuja's minority shareholders voted in favour of the restructuring plan, while about 32% were against the resolution. As per the restructuring plan, Ambuja Cements will buy Holcim's 50.1% stake in fellow subsidiary ACC Ltd by paying Rs 35 bn to parent firm Holcim. In addition, Holcim's stake in Ambuja would increase from 50.01% to 61.3%. While domestic institutional investors were against the deal, foreign institutional investors (FII) who account for a little over 30% of the company's equity voted in favour the deal. It is worth noting that the top 5 FII shareholders of Ambuja also hold a stake in Holcim.

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Jul 24, 2017 12:16 PM

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