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Amazon is in early-stage talks to buy a stake worth at least $2 billion in Bharti Airtel, according to a Reuters report quoted by Bloomberg News. Reuters has cited three unidentified people with knowledge of the matter.
Based on the current market value of Bharti, Amazon would buy a 5% stake if the proposed investment takes shape.
Shares spiked to end the session 3.7% higher at Rs 573.15 post the newsbreak.
Indian equity markets ended their best gaining run in seven months after posting modest losses on the weekly options expiry day.
Both benchmark indices had gained 11.5% each during their six-day rally.
European markets continue to trade with losses while futures on the Dow Jones are now down 150 points.
The S&P BSE Sensex ended 0.4% lower at 33,980 while the NSE Nifty 50 managed to close above the 10,000 mark for the second straight day, rebounding from the bear-market level of 9,944. The index closed at 10,029, down 0.3%.
Private banks were the primary laggards in today's trading session. The Nifty Bank index ended as the worst sectoral performer with losses of 2.7%.
I.T., Media, Pharma and PSU Banks were the outperforming sectors with gains ranging between 1.2-4.5%.
Market breadth returned to favour the advances with 953 stocks ending higher on the NSE while 834 posted losses.
Shares trade 0.8% higher at Rs 1,862.
India's largest lender has informed the exchanges that its executive committee of the central board will meet on June 11 to consider long-term fund raising.
The lender looks to raise $1.5 billion in long-term funds in single or multiple tranches through a public offer or private placement in senior unsecured notes in U.S. Dollars or any other convertible currency during FY21.
Shares trade 0.5% lower at Rs 173.95, snapping a four-day gaining streak.
Shares fell as much as 5.8% to Rs 86.6, post the announcement.
CII President Uday Kotak on fiscal spending & financial stability.
— BloombergQuint (@BloombergQuint) June 4, 2020
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The company has informed the exchanges over concerns of Nippon Life India Asset Management selling 2.89 lakh shares of the company.
The financial services provider has clarified that its promoters have no debt exposure to Nippon Life and that the same has been done from its Mutual Fund investment.
Post the sale of shares, Nippon India Mutual Fund holds 3.45% of the paid up share capital of the company.
Shares of Max Financial are trading 3.3% higher at Rs 466.5, snapping a three-day losing streak.
The tower company has informed the exchanges that the board will hold a meeting on June 11, to take a final decision on the scheme of arrangement between the company and Indus Towers.
The board on April 23, had decided to extend the long-stop date for the scheme till June 24, 2020, with each party retaining the right to terminate and withdraw the scheme at any point.
The company has also clarified that there can be no certainty on whether the merger will be completed or not, according to its press statement.
Shares fell as much as 2.33% to Rs 213.9 and are down for the fourth straight day.
93 lakh shares of India's largest oil refiner exchanged hands in three large trades during the last 30 minutes, according to Bloomberg data.
The first trade saw 40.27 lakh shares exchange hands, while 22 lakh and 31.3 lakh shares exchanged hands in the second and third large trade respectively.
Buyers and sellers in the trade remain unknown.
Shares are currently trading 2% lower at Rs 85.26, after snapping a nine-day winning streak on Tuesday.
Shares are off the day's high and are trading 1.3% lower at Rs 81.75.
Shares are off the day's high after gaining as much as 5.7% to Rs 1,890. The stock is still trading with modest gains, up for the fourth straight day.
The company went on to say that the losses, if any are not ascertainable at this stage.
Shares are locked in a 5% lower circuit at Rs 41.85, snapping a seven-day gaining streak - its longest in two months.
Lets take a look at how benchmark indices across Europe have opened:
The utility services company plans to expand its network to 20,000 circuit kilometers by FY22 as compared to the current 11,576 kilometers, Bloomberg reports citing the company's annual report.
The company intends to expand its network in order to meet the rising demand.
It also intends to expand its distribution business by bidding for assets when the industry opens up and also increase renewable energy purchases in the Mumbai distribution business.
It aims to raise the share of renewables to 30% of the total power purchase for its Mumbai distribution business by September 2021, compared to the current 3%.
Shares fell as much as 1.77% to Rs 180.55.
Shares are trading at the day’s low, falling as much as 1.9% to Rs 506.
In its monthly business update for May, the company reported 1,750 units of power tiller sales, a 24% increase compared to the previous year.
Tractor sales too saw a rise of 20% compared to the previous year to 633 units.
The stock gained as much as 8.65% to Rs 1,200 and is up for the eighth straight day - its longest winning streak since June 2014.
The company reported a 85% decline in its net profit to Rs 42.7 crore during the March quarter. This was mainly due to a one-time provision of Rs 504 crore due to the impact of Covid-19.
It has mentioned in its press release that 76% of its customers have availed the moratorium in repayment of loans and that they are likely to leverage it during the June-August period as well.
Disbursements fell 36% compared to the previous year while Assets Under Management rose 16%.
The board has also approved raising funds to the tune of Rs 30,000 crore through NCDs.
Shares fell as much as 6.6% to Rs 145.5. The stock is the worst performer on the Nifty Midcap index.
BPCL Q4 Results: A Trifecta Of Troubles Amounts To Rs 1,361 Crore Loss
Shares are trading little changed at Rs 6,889. The stock has had a three-day losing streak until closing on Wednesday.
The steel maker reported a 26% rise in consolidated steel sales for the month of may, it said in an exchange filing.
The company sold 7.97 lakh tonnes of steel as compared to 6.31 lakh tonnes sold during the same period last year. The company had consolidated steel production of 6.2 lakh tonnes in the month of May.
JSPL also registered a 28% growth in standalone sales for the month of May. Out of the total 6.4 lakh tonnes sold on a standalone basis, 4.01 lakh tonnes were export sales, according to the company.
Shares gained as much as 6% to Rs 135 and is the top performer on the Nifty Metal index.
The company shared its Covid-19 update with the exchanges on Wednesday where it mentioned that it has been sourcing fly ash from other power plants has the availability of the said product has been impacted.
It also expects constraints in the future due to the reduced availability of truck drivers. Shortage of labour in urban areas may keep cement demand subdued in the near future, according to the company.
"However, areas where government spending will be good are likely to see better demand," the company's press release said.
Shares fell as much as 3.8% to Rs 165.3, Snapping a five-day gaining streak.
4 crore shares of the life insurance company exchanged hands in a single large trade on the National Stock Exchange, according to Bloomberg data. The deal took place in the pre-market block window.
Bloomberg News had reported on Wednesday that Standard Life Insurance was offering 4 crore shares for sale in a block trade between Rs 490 - Rs 501 per share. The price range implied a discount of 0-2.3% from Wednesday's closing price
Shares are off the highest point of the day, after gaining as much as 6.85% to Rs 535.70.
Aceso Company along with Aceso Investment Holdings, CVC Capital Partners Asia along with their associates have announced an open offer for the company.
The open offer involves acquisition of 32.61 crore fully paid-up equity shares of face value of Rs 10 from the public shareholders of the company. The acquisition will be done at a price of Rs 130 per share for a total consideration of Rs 423.97 crore.
JM Financial has been appointed as the manager for the open offer, the company said.
Shares are off the day's high after gaining as much as 6.75% to Rs 121.70.
12 lakh shares of the wheel manufacturer and distributor, amounting to 4.98% of its total equity, exchanged hands in a single large trade on the National Stock Exchange.
Sundaram Finance has acquired the stake from Titan U.K. Europe through an inter-se transfer.
Post this acquisition, Sundaram Finance's stake in Wheels India rises to 18.57% from 13.58% earlier.
Shares of Wheels India gained as much as 12.7% to Rs 485.4, while those of Sundaram Finance traded little changed at Rs 1,215.3.
The company informed the exchanges that the oral solid manufacturing facility of AuroLife Pharma in New Jersey was inspected by the U.S. FDA from January 13 to February 12, 2020.
The regulator has issued a form 483 with 9 observations with the inspection being classified as 'Official Action Initiated' (OAI).
Exclusive sales from this facility is around 2% of the group turnover, the company said.
The company also reported its fourth quarter earnings on Wednesday where a deferred tax reversal of Rs 101 crore aided the 45% growth in net profit.
API sales for the company fell 17.6% while formulations sale rose 23.5% compared to last year.
Shares gained as much as 3.94% to Rs 780 and are up for the third straight day.
Indian equity markets opened flat at the start of trade on the weekly options expiry day, tracking the decline in its Asian peers which are trading off their day's high.
Both the S&P BSE Sensex and the NSE Nifty 50 index opened little changed at 34,072 and 10,054 respectively. Both benchmarks have been advancing for six straight sessions. Futures on the Dow Jones are trading lower by 55 points.
Most sectoral indices have opened flat. The Nifty Realty index opened 0.6% lower while the PSU Bank index opened 0.6% higher.
Companies That Can Maintain Revenue In FY21 Will Command Premium, Says Ayaz Motiwala
To know more about other earnings that were reported after market hours, companies sharing their Covid-19 update, F&O cues, brokerage reports and more, click here.
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