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Markets this week
The Indian bourses opened the week on a buoyant note. The benchmark Sensex and the Nifty tested the 11,000 and 3400 levels respectively in a volatile day of trading. The Sensex ended the session with a gain of 163 points at 10,967, while the broad-based Nifty closed higher at 3382, up 40 points
Most of the sectoral indices such as BSE Metals, Bankex, Realty and Auto indices were major contributors for the rally.
Satyam Computer Services, the beleagured software major, on Monday, found itself on the threshold of a new life, with a group outfit of Tech Mahindra emerging as the highest bidder for acquiring a controlling stake in it.
At its winning bid of Rs. 58 a share, Venturbay Consultants, a SPV floated by Tech Mahindra, would have to cough up Rs. 1,756 crore to acquire a 31 per cent stake in Satyam. And including the open offer that has to be made made subsequently, the total cash outgo would be Rs 2,889 crore for a 51 per cent stake in Satyam.
The second highest bid at Rs. 45.90 was from L&T, which already holds a 12 per cent stake in Satyam. The third bid was Rs. 20 a share, by private equity firm WL Ross & Co.
Mr Anand Mahindra, Chairman, Tech Mahindra, said that the biggest challenge from here on would be to instil confidence among the major clients of Satyam.
On Wednesday, (with Tuesday being a market holiday on account of Ambedkar Jayanti), Infosys Technologies reported a lower net profit of Rs 1,613 cr for the March quarter against Rs 1641 cr achieved in the correspponding quarter of last fiscal. For the fiscal 2008-09, the software major has recorded a higher net profit of Rs 5,988 crore, against the Rs 4,659 crore during 2007-08.
The markets, however shrugged off the lower net of Infosys, and the Sensex closed with a gain of 317 points at 11,284. It opened with a negative gap of 167 points reacting to Infosys' numbers, but recovered more than 600 points later, touching an intra-day high of 11,337. The Nifty too spurted 101 points to close at 3,484.
On Thursday, despite drop in inflation rate to 0.18 per cent for the week ended April, 4, the Indian bourses reacted sharply owing to profit-taking, both by institutions and investors.
Domestic institutional investors - including mutual funds, insurance companies and banks - were net sellers of equities at Rs 1,124 cr.
The Sensex tanked 337 points and ended the day at 10,947. Similarly, the Nifty lost 114 points to close at 3370.
Reliance Industries' Jamnagar Refinery gave up its EoU status to enable it to sell all its products in the domestic market, mainly through its own retail outlet.
Industry sources confirmed that after seeking mandatory approvals, the company has converted its refinery status with effect from Thursday.
The shares of Suzlon Energy Ltd, the largest wind turbine manufacturer in the country fell nearly 19 per cent on the National Stock Exchange and closed at Rs 56 on media reports of problems in supplying blades to REpower in China.
Suzlon owns 74 per cent of REpower and is on course to take it stake beyond 90 per cent. The company, however, clarified that prototypes were still being tested with actual delivery scheduled to begin in a month or two.
On Friday the benchmark Sensex closed the day at 11,023 with a gain of 75 points after touching a day's high of 11,339. The wide-based Nifty rose by 15 points to end at 3384 after hitting a high of 3490. Marketmen blamed this on uncertainty on the political front and profit-booking at higher levels.
Compiled by S Vasudevan
Podcast by A Srirengarajan
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