Outlook: - Though benchmark indices closed on flattish note, volatility was rife through the day with Nifty wobbling ~230 points in second half. - Early Asia trades with mild gains as investors expect policy makers to act together for supporting global growth. - Locally, we believe yesterday’s move was part of the consolidation phase, albeit with heightened volatility. - We believe one must use the opportunity to build-up the portfolio. News: - UNSP IN: Diageo Plc has received SEBIs clearance for open-offer to acquire additional 26% stake in United Spirits for Rs 114.49bn. Global liquor giant would pay Rs 3,030 per share of USL in the second open offer. Further, the offer is being advanced by a week. It will now open on June 6th, against earlier date of June 11th. The offer will close on June 19th (earlier June 24th). - JOL IN: Jubilant Pharma, a subsidiary of Jubilant Life Sciences, will receive $147.5 mn funding from IFC to strengthen its generic drug manufacturing facilities. - MCNA IN: McNally Bharat Engineering has has sold 90% of its holding in its Cologne, Germany based coal and mineral processing manufacturing business for about Rs 120mn. - KECI IN: KEC International Ltd has won new orders worth Rs 4.37bn for its transmission and cables businesses. bit.ly/1jUimgS
Posted on: Tue, 27 May 2014 03:32:33 +0000
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