Indian shares extended their winning streak for a sixth straight session on Thursday, led by Bharti Airtel Ltd. after it entered into an agreement to acquire Telenor (India) Communications running operations in seven circles.
The S&P BSE Sensex gained nearly 0.4 percent to 28,972 while the NSE Nifty advanced 0.3 percent to 8,957.
Here are the stocks moving the market in early trade:
Bharti Airtel: Buys Telenor India
Shares of India's largest telecom operator jumped as much as 11 percent to Rs 401 after it entered into an agreement to acquire Telenor (India) Communications.
Airtel will acquire Telenor's running operations in seven circles - Andhra Pradesh, Bihar, Maharashtra, Gujarat, Uttar Pradesh (West), Uttar Pradesh (East), and Assam, the company said in a press release.
The proposed acquisition will also include the transfer of all of Telenor India's assets and customers.
Bharti Airtel rallies most since May 2009 on Telenor deal.https://t.co/ZNdx15791Z pic.twitter.com/O2hhXnXNR0
Bharti also acquired strategic stake in financial technology startup Seynse Technologies for the purpose of strategic investment.
- Acquisition to be funded by cash
- Financial details remain undisclosed
- Seynse, creator of a digital lending platform 'Loan Singh' posted a revenue of Rs 6.53 lakhs in FY16
Hindustan Organic: Seeks Nod For Land Sale
Shares of Hindustan Organic Chemicals rose 4.8 percent to Rs 24.75 after the company said it will seek board members' nod to to sell land to Bharat Petroleum Corp.
Hindustan Organic plans to sell 442 acres of company's land at Rasayani, Maharashtra to BPCL for Rs 619 crore.
The company is also considering disinvestment of its entire stake in Hindustan Fluorocarbons, it said in a regulatory filing.
Asian Oilfield: Gets $95 million Contract
Shares of Asian Oilfield Services climbed 7 percent to Rs 176.50 after unit signed a $95 million contract in Nigeria for five years.
Unit Asian Oilfield & Energy Services DMCC, Dubai gets contract for providing operations and maintenance services for an offshore unit, the company said in a regulatory filing.
Asian Oilfield's another subsidiary also entered into an agreement to acquire Nigeria's Ivorene Oil Services.
Bharat Electronics: Share Sale Subscribed 2 Times
Shares of state-owned aerospace and defence company rose 0.5 percent to Rs 1,516 after the stake sale saw strong demand from institutional buyers.
The share sale attracted bids for over 2.09 crore shares as against 89.34 lakh shares offered to institutional investors, garnering subscription of 2.34 times, according to the stock exchange data.
The government is selling 1.11 crore shares or 5 percent stake in Bharat Electronics through offer for sale (OFS) route. The share sale would fetch Rs 1,600 crore to the exchequer.
Tata Motors: Deal Talks With Volkswagen
Shares of Tata Motors rose as much as 0.9 percent to Rs 464 after Bloomberg reported Volkswagen AG is in advanced talks to team up with the company as the German automaker takes another stab at India's fast-growing demand for cars.
A deal to jointly develop vehicles for emerging markets may be announced at the Geneva auto show in early March, Bloomberg reported citing people familiar with the matter.
There's no guarantee an agreement will be struck, the report added.
Sensex, Nifty Gainers And Losers
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