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Stock Market News - IRB Infra Jumps, Avenue Supermarts Falls

IRB Infra Jumps On Stake Sale Plans, Q1 Results Shares of Mumbai-based company extended gains for the second consecutive trading session and rose as much as 10.6 percent to Rs 105.80. The construction firm said it will sell stake in its road business to the Government of Singapore for Rs 4,400 crore, according to its stock exchange filing. The company will transfer nine of its build–operate–transfer assets into a private Infrastructure Investment Trust in, which IRB will hold a 51 percent controlling stake.


NEWS ALERT | YES Bank likely to launch Rs 2,000 cr QIP: CNBC TV18

-- YES Bank QIP could lead to around 10 percent equity dilution: CNBC TV18

Avenue Supermarts Falls After Promoter Plans To Cut Stake Shares of the DMart supermarket chain fell 4.6 percent, its biggest intraday decline in a month, to 1,421.05 each. Promoter Radhakishan Damani will divest up to 1 percent stake, or 62.3 lakh shares of the company, according to an exchange filing. Sale of shares to start from Aug. 8 and end on Sept. 14. Sale has been undertaken in the open market to comply with minimum public share-holding guidelines. After this, the promoter stake to come down from 81.2 percent to 80.2 percent.

Rupee Opens: The Indian rupee slipped in the early trade on August 7. It opened lower by 15 paise at 70.96 per dollar versus Tuesday's close 70.81.

Crude Update: Oil fell on Wednesday as the intensifying Sino-US trade dispute stoked worries over demand, although a drop in US crude inventories offered some support to prices.

CATCH-ALL MARKET UPDATES - 
  • Titan slips 4% on weak guidance
  • Tata Steel dips 3% ahead of Q1 earnings today
  • JK Lakshmi Cement gains 2% post Q1 results
  • Indiabulls Housing Finance slips 6% post-Q1 nos
  • IRB Infra jumps over 7% as GIC to invest Rs 4,400 crore in the Co
  • YES Bank climbs over 4% in early trade, the top gainer on S&P BSE Sensex
  • Paint stocks rally on fall in oil prices; Asian Paints, Berger Paints hit 52-week high
GIC to invest Rs 4,400 crore in road platform of IRB Infrastructure - Singapore’s sovereign wealth fund GIC on Tuesday announced it would invest Rs 4,400 crore in the road platform of IRB Infrastructure Developers. “According to the transaction, IRB will transfer nine of its build-operate-transfer assets to a private Infrastructure Investment Trust, in which IRB will hold a controlling stake of 51 percent,” the firm said. 

TOP GAINERS & LOSERS - 

Yes Bank, Hindalco, Bajaj Auto, IOC, Gail, and TCS are among major gainers on the indices, while losers are Indiabulls Housing, Lakshmi Vilas Bank, Titan, Tata Steel, Eicher Motors, Vedanta, Coal India, ICICI Bank, and NTPC. Among sectors, except metal other indices are trading with marginal gains. BSE midcap and smallcap are trading higher.

Indiabulls Housing Finance Worst Performer On Nifty Shares of Indiabulls Housing Finance fell as much as 8.6 percent to Rs 470.10 after the company announced its quarterly results for the three months ended June.


Market News | Bank Nifty | Rupee | Crude | Dollar | Infra | Top Gainers






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