Tuesday, 10 March 2015

Nifty below 8750; HDFC, TCS, Hindalco slip 1-2%

10:30 am IPO open: The Rs 470 crore public issue of Adlabs Entertainment has opened for subscription today. The company, which runs an amusement park - Adlabs Imagica, is going to issue 203.26 lakh equity shares at a price band of Rs 221-230 apiece. The issue, which will close on March 12, consists of a fresh issue of 183.26 lakh shares and an offer for sale of 20 lakh shares by Thrill Park. Adlabs, promoted by Manmohan Shetty (the former promoter of Adlabs Films) and Thrill Park, intends to utilise the net proceeds (fresh issue money) for partial repayment or pre-payment of the consortium loan and general corporate purposes. Consortium loan stood at Rs 1,100 crore and the company will use Rs 330 crore for repayment of this loan.

Don't miss: Govt seeks Parliament nod for additional Rs 36,953 cr spending

After the deep slaughter on Monday, the market looks little calm today. The Sensex is down 38.52 points at 28806.26. The Nifty is down 18.55 points at 8738.20. About 1143 shares have advanced, 617 shares declined, and 146 shares are unchanged.

Coal India, BHEL, Bharti Airtel, M&M and Bajaj Auto are top gainers in the Sensex. Among the losers are HDFC, Wipro, GAIL, Hindalco and TCS.

The US dollar held near multi-year highs on the yen and euro amid starkly different outlooks for global interest rates, while Asian investors braced for more economic news from China.

A lower yen is viewed as positive for exports and corporate profits, and Nikkei futures implied opening gains of around 100 points for the index.

Investors were waiting on Chinese inflation data, where a soft result would underline the scope for easier monetary and fiscal policies, but might also aggravate fears of deflation. More information please visit this site www.bigprofitbuzz.com

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