Domestic stocks began trading for the day on a weak note on negative Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 185.71 points or 0.52% at 35,358.23. The Nifty 50 index was down 49.05 points or 0.45% at 10,752.80.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 964 shares fell and 482 shares rose. A total of 64 shares were unchanged.
Overseas, Asian stocks were trading lower as geopolitical developments and rising benchmark US yields spurred a return of risk aversion. US stocks halted a four-day rally yesterday, 15 May 2018 with the steepest slide in almost two weeks as healthcare and tech shares retreated.
Back home, Tata Steel rose 0.89%. Tata Steel announced that National Company Law Tribunal (Principal Bench, New Delhi) (NCLT), vide its order dated 15 May 2018, has approved the resolution plan submitted by Tata Steel for acquiring the controlling stake of Bhushan Steel (BSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC). The announcement was made after market hours yesterday, 15 May 2018.
As per the terms of approved Resolution Plan, Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore. The financial creditors shall receive a total consideration of Rs 35200 crore for the settlement of the existing financial debt of BSL. The above settlement includes consideration for novation of a portion of the debt to BNPL.
Britannia Industries lost 1.6%. On a consolidated basis, Britannia Industries' net profit increased 25% to Rs 264 crore on 13% increase in (comparable) revenue to Rs 2510 crore in Q4 March 2018 over Q4 March 2017. Profit from operations increased 29% to Rs 355 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 15 May 2018.
Indiabulls Real Estate jumped 5% after the company announced that a meeting of the board of directors of the company will be held on Friday, 18 May 2018, to consider the proposal of buyback of equity shares. The announcement was made after market hours yesterday, 15 May 2018.
Reliance Communications (RCom) dropped 6.23%. RCom and two of its subsidiaries Reliance Telecom and Reliance Infratel, await the detailed orders of the National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC. The companies will decide the next course of action after studying the orders. The announcement was made after market hours yesterday, 15 May 2018.
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