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Vedanta’s subsidiary Cairn India plans to will acquire controlling stake in Japanese LCD glass maker AvanStrate Inc. for $158 million, according to a media statement on the exchanges.
The company will also buy about $151 million in AvanStrate’s existing debt with a face value of $299 million from banks, the statement added. The company aims to complete the deal by Dec. 31 subject to approval from the lenders.
Shares of the base metal company as high as 1.9 percent intraday to Rs 328.30. Vedanta trades at 17.2 times trailing 12-month earnings per share and 12 times its estimates for the coming year, according to Bloomberg data. The stock has returned 61 percent so far this year.
Buyers and sellers were not immediately known
Source: Bloomberg
HCL Infosystems' board extended Premkumar Seshadri's term as managing director by one year, according to a stock exchange notification.
Shares of the New Delhi-based information technology firm erased gains and fell by more than a percent as of 2:20 p.m. The stock has risen 1.9 percent so far this year, compared to a 29.8 percent advance in the country's benchmark Sensex.
Shares of the Kolkata-based construction and engineering firm rose as much as 5.25 percent to Rs 62.80 after it received an order for construction of 60 TPH Green Anode Plant from Vedanta Limited for a value of Rs 133.50 crore, McNally Bharat said in a stock exchange notification.
Shares of oil exploration companies were trading higher after crude oil prices in international markets rose to highest level since mid-2015.
A pipeline blast in Libya and a bullish budget forecast in Saudi Arabia boosted crude prices to levels not seen since mid-2015.
West Texas Intermediate crude neared $60 a barrel as futures in New York and London reached the highest in more than two years.
Shares of small-cap and mid-cap pharma companies were trading higher.
Shares of 63 Moons Technologies fell as much as 4.3 percent to Rs 121 after SEBI penalised the company as it failed to seek prior approval for the name change from stock exchanges.
The change in name was effected last year amid Financial Technologies (India) Ltd. coming under the scanner for the NSEL fiasco. FTIL is the parent of the now-defunct National Spot Exchange Ltd., which suspended trading in July 2013 following a major payment crisis.
Shares of the cement maker rose as much as 10 percent to Rs 140 after Motilal Oswal initiated coverage on the stock with a 'buy' for target price of Rs 157.
Motilal Oswal in a note said:
Reliance Communications rallies for second day. #BQStockshttps://t.co/96oEhJfCcI pic.twitter.com/HcRYZSPrEX
— BloombergQuint (@BloombergQuint) December 27, 2017
Sovereign bonds are likely to remain under pressure as a further slowdown in tax collections may lead traders to speculate about more government borrowing. Total GST revenue under various heads stood at about Rs 80,800 crore for month of November as against Rs 83,300 crore in October.
The dollar rupee pair is expected to fluctuate at around 64 for now, while following a broader market tone, according to a Scotiabank. Implied opening from forwards suggests onshore dollar rupee will start trading around 64.06.
Here’s how foreign and local funds played the market on Tuesday.https://t.co/xSeEq0amKX pic.twitter.com/cC9EcSVkFj
— BloombergQuint (@BloombergQuint) December 27, 2017
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#GST monthly revenue falls to its lowest.https://t.co/m33ZbNTgCU pic.twitter.com/LMQdzskzZb
— BloombergQuint (@BloombergQuint) December 27, 2017
Oil hits highest since mid-2015 on Libya blast, Saudi budget.https://t.co/OR5c4gZtVe pic.twitter.com/yZ3ufMNNit
— BloombergQuint (@BloombergQuint) December 26, 2017
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