Update 3
Volatility prevails; Sensex steamrolled
Volatility rocked the bourses after a sharp set-back in early afternoon trade.
Banking and cellular services providers had suffered a steep fall. Other major losers among the Sensex pack, were ACC and NPTC.
Meanwhile, the latest data showed that bidding for Cairn India IPO picked up substantially in afternoon trade. NSE data showed that the IPO of Cairn India had received bids for 17.7 crore shares compared to a total issue size of 32.8 crore shares by 13:00 IST. The IPO opened for subscription today.
At 14:02 IST the Sensex was down 462 points, at 13,336.After a fall of a massive 537.76 points, to 13,261.73 by 12:59 IST. It had staged an instant recovery from a lower level, to reach 13,463 at 13:21 IST, which was a fall of about 336 points for the day.The BSE clocked a turnover of Rs 3,627 crore.The market-breadth was quite weak. For 2,042 shares that declined on BSE, 473 rose. Just 33 shares were unchanged.
Tata Steel hit as CSN takes Corus battle into Tata camp
Tata Steel plunged 5.50% to Rs 456, after Brazil's CSN topped Tata's latest offer with 515 pence-a-share bid.Tata Steel shares tumbled to an intra-day low of Rs 438, on a high volume of 24.08 lakh shares.
Brazil's CSN, just a little while ago, made a fresh 515 pence-a-share cash bid for Corus Group. Meanwhile, Tata Steel is considering its position; and will make another announcement in due course. The Rio de Janeiro-based firm, CSN, in November 2006 made a counter offer of 475 pence, compared to the Indian corporate's original offer of 455 pence. CSN already holds around 3.8% stake in Corus.
Tata Steel had announced a revised bid of 500 pence per Corus share today. Tata Steel said that ‘‘the additional funds were committed through two letters of credit agreements entered this month between Tata Steel and its subsidiary Tata Steel Asia Holding, with Standard Chartered Bank and Standard Chartered First Bank of Korea’’.
The revised Tata Steel bid, which is 10% higher than its original offer, puts the enterprise value of Europe's second largest steelmaker - Corus at GBP 5.7 billion ($11.1 billion), including debt.
Tata Steel's acquisition of Corus will make the merged entity the world's fifth-biggest steel producer, with an output of about 23 million tonnes a year. Tata Steel produced more than 5 million tonne in 2005-06, while Corus produced around 18 million tonne.
The counter clocked a high early volume of 7.55 lakh shares on BSE. The stock advanced from Rs 467.95 on 30 November, to Rs 492.90 on 5 December 2006, ahead of such an announcement. Here, it witnessed profit-booking, and declined to Rs 482.40 by 8 December 2006.
Volatility rocked the bourses after a sharp set-back in early afternoon trade.
Banking and cellular services providers had suffered a steep fall. Other major losers among the Sensex pack, were ACC and NPTC.
Meanwhile, the latest data showed that bidding for Cairn India IPO picked up substantially in afternoon trade. NSE data showed that the IPO of Cairn India had received bids for 17.7 crore shares compared to a total issue size of 32.8 crore shares by 13:00 IST. The IPO opened for subscription today.
At 14:02 IST the Sensex was down 462 points, at 13,336.After a fall of a massive 537.76 points, to 13,261.73 by 12:59 IST. It had staged an instant recovery from a lower level, to reach 13,463 at 13:21 IST, which was a fall of about 336 points for the day.The BSE clocked a turnover of Rs 3,627 crore.The market-breadth was quite weak. For 2,042 shares that declined on BSE, 473 rose. Just 33 shares were unchanged.
Tata Steel hit as CSN takes Corus battle into Tata camp
Tata Steel plunged 5.50% to Rs 456, after Brazil's CSN topped Tata's latest offer with 515 pence-a-share bid.Tata Steel shares tumbled to an intra-day low of Rs 438, on a high volume of 24.08 lakh shares.
Brazil's CSN, just a little while ago, made a fresh 515 pence-a-share cash bid for Corus Group. Meanwhile, Tata Steel is considering its position; and will make another announcement in due course. The Rio de Janeiro-based firm, CSN, in November 2006 made a counter offer of 475 pence, compared to the Indian corporate's original offer of 455 pence. CSN already holds around 3.8% stake in Corus.
Tata Steel had announced a revised bid of 500 pence per Corus share today. Tata Steel said that ‘‘the additional funds were committed through two letters of credit agreements entered this month between Tata Steel and its subsidiary Tata Steel Asia Holding, with Standard Chartered Bank and Standard Chartered First Bank of Korea’’.
The revised Tata Steel bid, which is 10% higher than its original offer, puts the enterprise value of Europe's second largest steelmaker - Corus at GBP 5.7 billion ($11.1 billion), including debt.
Tata Steel's acquisition of Corus will make the merged entity the world's fifth-biggest steel producer, with an output of about 23 million tonnes a year. Tata Steel produced more than 5 million tonne in 2005-06, while Corus produced around 18 million tonne.
The counter clocked a high early volume of 7.55 lakh shares on BSE. The stock advanced from Rs 467.95 on 30 November, to Rs 492.90 on 5 December 2006, ahead of such an announcement. Here, it witnessed profit-booking, and declined to Rs 482.40 by 8 December 2006.
posted by SY at 2:58 PM
0 Comments:
Post a Comment
<< Home