Indian equity benchmarks were off to a tepid start in today's trade. The S&P BSE Sensex declined as much as 0.15 percent to 40,212.40 and the NSE Nifty 50 Index fell nearly 0.20 percent to 12,060, as of 10 am.
The market breadth was tilted in favour of the buyers. However, eight of the 11 sectoral gauges compiled by the National Stock Exchange fell, led by the Nifty IT Index's 1 percent fall. The Nifty Realty Index was the top sectoral gainer, up 1.64 percent.
Essel Propack Gains After Competitor Regulator's Nod For Sale Plan
Shares of the packaging company rose a percent intraday to Rs 131.20 per share.
Blackstone Group and Epsilon Bidco's plans to acquire up to 75 percent of shareholding in Essel Propack was approved by the Competition Commission of India, the regulatory body said in a tweet.
The stock traded at 18 times its estimated earnings per share for the coming year, Bloomberg data.
.@CCI_India approves acquisition of upto 75% of shareholding in Essel Propack Limited by Epsilon Bidco Pte. Ltd
ICICI Bank, Axis Bank Fall After Fitch Downgrade
Shares of ICICI Bank fell for the third day in a row after it declined as much as 1.3 percent to Rs 417.50 per share.
ICICI Bank's long-term issuer default rating was downgraded to ‘BB+' (Junk) from ‘BBB-'. Senior unsecured debt rating was rated ‘BB+', with stable outlook.
Axis Bank halted its three-day rally and declined a percent intraday to Rs 805.50.
Also, Fitch downgraded Axis Bank's long-term issuer default rating to BB+ from BBB-. Senior Unsecured Debt Rating was downgraded by Fitch to BB+ from BBB-, with stable outlook.GE Power India Jumps After Winning Rs 738-Crore Contract
Shares of the power generator rose 5.4 percent, the most in over three months, to Rs 929 apiece.
GE Power India was awarded a contract worth Rs 738.3 crore by NTPC JV Aravali Power for engineering work on a full turnkey basis, according to an exchange filing.
The trading volume was more than 150 times the 20-day average for this time of the day, according to Bloomberg data.
L&T Tech Declines After Promoter Cuts Stake To Meet Norms
Shares of the IT services provider fell for the second-straight day after it declined close to 2 percent to Rs 1,685.15 apiece.
L&T Technology Services' promoter Larsen & Toubro plans to sell 3.88 percent in the company. The promoter will sell up to 40.34 lakh shares at a floor price of Rs 1,650 apiece—a discount of about 4 percent to current market price—through an offer-for-sale, according to an exchange filing.
The stock advanced 27 percent in the past 12 months compared with a 15 percent gain in the Sensex. Shares of Larsen & Toubro, meanwhile, gained 1.3 percent to Rs 1,579.95.
Wipro Gains After Fixing Record Date For Buyback
Shares of the IT major rose nearly 1.1 percent to Rs 294.50 apiece.
Wipro set June 21 as record date for share buyback, according to its exchange notification. In an April filing, the software services provider said it will repurchase 32.31 crore shares, representing 5.35 percent stake, at Rs 325 apiece, according to its stock exchange filing. It's a 16 percent premium to the current market price. The repurchase will be worth about Rs 10,500 crore.
Seven out of 48 analysts tracked by Bloomberg had a ‘Buy' rating, while 20 analysts had recommended a ‘Hold'. Twenty one analysts had a ‘Sell' recommendation on the stock.
Bharti Airtel Swings After African Arm To Raise Upto $750 Million In LSE
Shares of the Sunil Bharti Mittal-led telecom operator fluctuated between gains and losses to trade at Rs 353.95 apiece.
The company intends to raise $750 million plus greenshoe option of up to 15 percent, according to an exchange filing. The arm also considering a Nigerian stock exchange listing, the filing said.
The stock advanced 3.6 percent in the past 12 months compared with a 15 percent gain in the Sensex.
Jubilant Life Sciences Near Three-Year Low
Shares of Jubilant Life Sciences extended declines for the third consecutive trading session. The stock fell as much as 2.5 percent to Rs 476.10, the lowest since August 2016.
The stock traded at 7.5 times its estimated earnings per share coming year, according to Bloomberg data.
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