Tue Feb 28 2017
Rajesh Sharma (2003 articles)

Nifty hovers around 8900 ahead of Q3 GDP; LT gains 1%

10:51 AM Tata withdraws case:Tata Sons has offered to withdraw its application against DoCoMo in Delhi High Court.

Both companies have filed consent terms for perspective settlement in their long-standing dispute.

Tata Sons has agreed to pay DoCoMo USD 1.17 billion as damages.The development sent Tata Teleservices soaring over 9 percent.

10:40AM Coal India arm buyback: State-run Coal India said the board of its subsidiary South Eastern Coalfields has approved a share buyback plan worth Rs 1,200 crore.

“The board of directors of South Eastern Coalfields Ltd (SECL), our wholly-owned subsidiary, at its meeting held on February 27 has considered and approved the buyback of 1,50,443 fully paid equity shares of face value of Rs 1,000 each…from the members of SECL…for an aggregate amount not exceeding Rs 1,200.19 crore,” Coal India said in a filing to the BSE.

The equity shares proposed to be bought back by SECL represent 4.18 percent of the existing paid up capital of South Eastern Coalfields Ltd, it said.

10:20 AM Expert Speak: Domestic liquidity is unlikely to dry up anytime soon and that could limit market downside, says Harsha Upadhyaya, CIO Equity at Kotak Mutual Fund. “It’s a buy on dips market for us,” he tells CNBC-TV18 in an interview.

The fact that the market is no longer completely dependent of foreign institutional inflows is a good sign, he says. Interaction with investors and MF distributors suggest there are lot of people waiting to invest into the market and when that happens, the market usually tends to stay strong, Upadhyaya notes.

Also Read: Buy, sell, hold: 5 stocks that you can focus today

Equity benchmarks remained volatile, with the Nifty hovering around 8900 as investors awaited Q3 GDP data due later today. On the global front, investors awaited US President Donald Trump’s address to the Joint Congress.

The Sensex was up 49.64 points at 28862.52, while the Nifty was up 14.40 points at 8911.10. The market breadth remained health with 1,234 shares having advanced, while 648 shares had declined. About 115 shares remained unchanged.

Bharti Group stocks and Larsen & Toubro were the top gainers on the Sensex and Nifty, with L&T surging over 1 percent. Bharti Airtel was trading higher on the back of fresh pricing war it unleashed on Monday by doing away with roaming charges completely.

Tata Teleservices, too, soared over 9 percent after Tata Sons agreed to pay damages of USD 1.17 billion to Japan’s NTT DoCoMo, thus looking to end the long-standing dispute.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.