Update 3
Market sinks into the red
The market slipped into the red after a stay in the green, in range bound trade, in mid-morning and early-afternoon trading.
IT stocks Satyam Computer and HCL Tech had weakened. Index heavyweight Reliance Industries (RIL) remained subdued. Power equipment makers held firm.
At 13:31 IST the Sensex was down 10 points, at 13,695. Earlier, the Sensex had hovered in the green, between 13,712 and 13,751, during mid-morning and early-afternoon.The bellwether index had hit an all-time high of 13,790.82, in opening trade amid high volatility.
The market-breadth was positive. For 1,230 shares that rose on BSE, 1,186 declined. As many as 85 shares were unchanged. Gainers outpaced losers by a ratio of 1.03:1.
The BSE clocked a turnover of Rs 3,875 crore, boosted by a large block deal of 92.7 lakh in the FII-segment in ICICI Bank, at Rs 880.50. Select cement shares firmed up.
Price hike in pipeline, Tata Tea simmers
Tata Tea rose 1.37% to Rs 727, amid reports that it will revise the price across all brands, except Agni, by Rs 4 and Rs 6 per kg.
The counter clocked 34,982 shares on BSE.The scrip slipped from Rs 764.25 on 31 October to decline to Rs 702.10 by 20 November, under sustained selling pressure. Here, it found support and started moving higher to Rs 717.20, by 22 November.
Reports state that the company is in process of increasing the price of all brands except 'Agni', citing an increase in input price. The price of tea has increased of late.This is the second price hike in the current calendar year, after an upward price revision in January.Tata Tea will launch India's first branded green tea. Less than 1% of the 800 to 900-million-kg market comprises green tea.
ICICI One Source to announce IPO
ICICI One Source, one of the India`s leading BPO companies, is planning to hit the capital market with an IPO of 60 million equity shares. The offer constitutes an issue of 60 million equity shares to general public, while an additional issue of 35.6 million equity shares shall be made to the existing shareholders of the company. ICICI Bank is one of the shareholders of the company.
The new issue would constitute 23% of the post issue share capital of ICICI One Source. The price band for the issue has not been finalised.ICICI One Source is backed by ICICI Group along with Metavante Corporation, Temasek Holdings of Singapore and Sequoia Capital India (erstwhile WestBridge Capital Partners) as strategic investors.
ICICI OneSource provides business process management to Fortune 500 and FTSE 100 companies in the Banking & Financial Services (credit cards, insurance, retail banking, collections and mortgage companies), Telecom & Media (fixed line, mobile, broadband and narrowband service providers) and Healthcare (payor companies) industries.
Kinetic Motor gears up 9.97%
Kinetic Motor Company moved up 9.97% after the board approved the acquisition of entire facilities at Supa in Maharashtra from Kinetic Engineering (KEL) for consideration of Rs 535 million.
Currently the shares are trading at Rs 41.90 as compared with its previous close of Rs 38.10 (Wednesday). As many as 51,469 shares have changed hands at the bourses.
The consideration will be partly paid in the form of preferential shares
(convertible or optionally convertible redeemable) to KEL up to Rs 300 million and remaining by cash.
This deal is a part of the Kinetic`s strategy of business expansion and will benefit it in terms of higher revenues from selling and exporting wider range of products including additional scooters, motorcycles and mopeds, better utilization of capacities, improvement in net worth of the company etc.
The stock has witnessed a rise of 10.26% over the week and a fall of 4.99% over the month.
The market slipped into the red after a stay in the green, in range bound trade, in mid-morning and early-afternoon trading.
IT stocks Satyam Computer and HCL Tech had weakened. Index heavyweight Reliance Industries (RIL) remained subdued. Power equipment makers held firm.
At 13:31 IST the Sensex was down 10 points, at 13,695. Earlier, the Sensex had hovered in the green, between 13,712 and 13,751, during mid-morning and early-afternoon.The bellwether index had hit an all-time high of 13,790.82, in opening trade amid high volatility.
The market-breadth was positive. For 1,230 shares that rose on BSE, 1,186 declined. As many as 85 shares were unchanged. Gainers outpaced losers by a ratio of 1.03:1.
The BSE clocked a turnover of Rs 3,875 crore, boosted by a large block deal of 92.7 lakh in the FII-segment in ICICI Bank, at Rs 880.50. Select cement shares firmed up.
Price hike in pipeline, Tata Tea simmers
Tata Tea rose 1.37% to Rs 727, amid reports that it will revise the price across all brands, except Agni, by Rs 4 and Rs 6 per kg.
The counter clocked 34,982 shares on BSE.The scrip slipped from Rs 764.25 on 31 October to decline to Rs 702.10 by 20 November, under sustained selling pressure. Here, it found support and started moving higher to Rs 717.20, by 22 November.
Reports state that the company is in process of increasing the price of all brands except 'Agni', citing an increase in input price. The price of tea has increased of late.This is the second price hike in the current calendar year, after an upward price revision in January.Tata Tea will launch India's first branded green tea. Less than 1% of the 800 to 900-million-kg market comprises green tea.
ICICI One Source to announce IPO
ICICI One Source, one of the India`s leading BPO companies, is planning to hit the capital market with an IPO of 60 million equity shares. The offer constitutes an issue of 60 million equity shares to general public, while an additional issue of 35.6 million equity shares shall be made to the existing shareholders of the company. ICICI Bank is one of the shareholders of the company.
The new issue would constitute 23% of the post issue share capital of ICICI One Source. The price band for the issue has not been finalised.ICICI One Source is backed by ICICI Group along with Metavante Corporation, Temasek Holdings of Singapore and Sequoia Capital India (erstwhile WestBridge Capital Partners) as strategic investors.
ICICI OneSource provides business process management to Fortune 500 and FTSE 100 companies in the Banking & Financial Services (credit cards, insurance, retail banking, collections and mortgage companies), Telecom & Media (fixed line, mobile, broadband and narrowband service providers) and Healthcare (payor companies) industries.
Kinetic Motor gears up 9.97%
Kinetic Motor Company moved up 9.97% after the board approved the acquisition of entire facilities at Supa in Maharashtra from Kinetic Engineering (KEL) for consideration of Rs 535 million.
Currently the shares are trading at Rs 41.90 as compared with its previous close of Rs 38.10 (Wednesday). As many as 51,469 shares have changed hands at the bourses.
The consideration will be partly paid in the form of preferential shares
(convertible or optionally convertible redeemable) to KEL up to Rs 300 million and remaining by cash.
This deal is a part of the Kinetic`s strategy of business expansion and will benefit it in terms of higher revenues from selling and exporting wider range of products including additional scooters, motorcycles and mopeds, better utilization of capacities, improvement in net worth of the company etc.
The stock has witnessed a rise of 10.26% over the week and a fall of 4.99% over the month.
posted by SY at 2:29 PM
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