Monday 17 December 2018

MARKET NEWS CORNER


NEWS CORNER



1.     Adani Enterprises Ltd on Thursday announced acquisition of aerospace and defence player Alpha Design Technologies Pvt Ltd for Rs400cr in an all-cash deal. The acquisition strengthens Adani’s positioning in the defence sector. Alpha Design Technologies provides Adani Defence and Aerospace strong tier-1 capabilities for building a base for graduating to platform capabilities.


2.     Shares of Oil and Natural Gas Corporation (ONGC) have moved higher by 5% to Rs 150, bouncing back 6% from the intra-day low of Rs 141 on BSE, after the company said its board will meet on Thursday, December 20, 2018, to consider a share buyback proposal.
3.     Indian Oil Corporation’ board approves buyback of shares at Rs149/share and declares a dividend of Rs6.75/share.
4.     Telecom companies, like Bharti Airtel and Vodafone Idea, will be in focus as Telecom Disputes Settlement and Appellate Tribunal strikes down TRAI’s norms on predatory pricing.
5.     Vijaya Bank raised its MCLR by five basis points across various tenors with effect from Dec 14.
6.     Shares of Max India have moved higher by 13% to Rs 75.65 per share, rallying 26% in the past two trading days on the BSE on back of heavy volumes. The rally comes on the back of reports that it is likely to exit from the health insurance business.
7.     Shares of Fortis Healthcare fell as much as 14 per cent to Rs 130 apiece on the National Stock Exchange (NSE) in the intra-day trade after the Supreme Court put company's sale to IHH on hold. Earlier, the Malaysian firm IHH Healthcare Berhad made an open offer to acquire additional 26 per cent stake in Fortis Healthcare which was scheduled to commence on December 18 and close on January 1, 2019, as per the regulatory filing.

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