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Mumbai: Gujarat State Petroleum Corp. Ltd (GSPC) has decided to sell a 28.4% stake in Gujarat Gas Ltd, its city gas distribution business, to its subsidiary Gujarat State Petronet Ltd (GSPL).
3:30 pm Market Closing: The market closed mildly higher amid volatility ahead of two-day US Federal Reserve meeting beginning later in the day. (58-0)
2:40 pm New Telecom Policy: Union Minister Manoj Sinha said the new telecom policy is almost ready and will be brought in the next session of Parliament after a Cabinet nod. (45-0)
Here are some of the top buzzing midcap stocks picked by CNBC-TV18's analysts in trade today. Keep an eye on Cipla, Elpro International, Gujarat State Petroleum Corporation (GSPL) and Binani Industries.
Shares of Gujarat State Petronet Ltd fell as much as 7.7 per cent to Rs 173.65, its lowest since July 21. The company’s board of directors has approved the acquisition of 28.4 per cent stake in Gujarat Gas Ltd from parent co Gujarat State Petroleum Corporation Ltd in an all-cash transfer. The market is not optimistic because Gujarat State Petronet is taking debts of about one-third of its current market capitalisation to fund the deal and it may not be EPS accretive, according to an analyst.
12:42 pm Market Update: The market continued to trade higher with the Sensex rising more than 100 points and was trading above the 33,000 levels. Investors looked for cues from the two-day US Federal Reserve meeting beginning later in the day. (43-0)
11:24 am Market Update: The market continued to trade higher with the BSE Sensex rising around 100 points amid volatility ahead of the US Fed's key policy meet that begins later in the day. (43-0)
10:40 am Buzzing: Shares in India's Canara Bank tumbled more than 5 percent after the country's federal police filed charges against a former chairman of the state-run bank and others over allegations that the officials helped a company defraud the bank of about USD 10.5 million taken in loans over four years ago. (29-0)
Gujarat State Petronet Ltd, the Natural gas transmission company is slated to buy 28.4% stake in Gujarat Gas from Gujarat State Petroleum Corporation, taking their stake to 54% from current 25.8%, making it a subsidiary.
9:47 am Market Update: The market recouped its opening losses to trade mildly higher, with the Nifty reclaiming 10,100 levels despite weak global cues, aided by Reliance Industries, Infosys, HDFC twins. (29-0)
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3:30 pm Market at Close: The Sensex ended 137 points down or 0.40% at 34046.94, while the Nifty was down 34.50 points or 0.33% at 10458.40. (35-0)
2:30 pm Auto sales: Homegrown automaker Mahindra & Mahindra (M&M) today posted a 19 percent growth in its February sales at 51,127 units. (21-0)
Priya Kansara If you thought that you could buy your favourite stocks after the carnage on Friday wherein Nifty Midcap and Nifty Smallcap had tanked 4 per cent and 6 per cent, respectively, on a single trading session, then here is the bad news. Most stocks, which lost the most on Black Friday, have not been among analysts’ top picks. So, investors have no choice but to keep a long-term view and buy the good stocks or future likely outperformers at expensive valuation. (13-0)
3:30 pm Market Closing: Benchmark indices closed sharply lower on Monday as the Sensex was down 309.59 points or 0.88 percent at 34,757.16, and the Nifty fell 94.10 points or 0.87 percent to 10,666.50, dragged by private banking & financials. (67-0)