Stock markets in India continued to trade on a positive note in the afternoon session amid firm European markets. At the closing bell, the BSE Sensex stood higher by 103 points, while the NSE Nifty finished up by 19 points. Meanwhile, the S&P BSE Mid Cap finished & the S&P BSE Small Cap finished down by 0.6% respectively. Gains were largely seen in bank stocks, energy stocks and FMCG stocks.
Axis Bank share price surged 3.9% in today’s trade after the bank described reports of a merger between itself and Kotak Mahindra Bank as ‘baseless’. The clarification came even as there was speculation that other private banks, including ICICI Bank, might show interest in the government stake in Axis Bank.
While Axis Bank is India’s third largest private-sector lender, it has reported a string of poor results in the past few quarters because of a rise in bad loans.
Asian stock markets finished mixed as of their recent closing prices. The Hang Seng gained 0.99% while the Shanghai Composite was higher by 0.24%. The Nikkei 225 was even. European markets are higher today with shares in France leading the region. The CAC 40 is up 0.38% while Germany’s DAX is up 0.30% and London’s FTSE 100 is up 0.13%.
The rupee was trading at Rs 66.96 against the US$ in the afternoon session. Oil prices were trading at US$ 54.07 at the time of writing.
According to a leading financial daily, Hindalco Industries is planning to invest Rs 10 billion in downstream expansion to increase the contribution of aluminum and copper value added products in overall sales.
Moreover, the company has secured an enabling resolution to raise up to Rs 50 billion through qualified institutional placement (QIP) to pre-pay loans and embark on downstream expansion.
As of the December quarter, the company has consolidated debt, including that of its American subsidiary Novelis Inc, of Rs 672.48 billion spread over five years. The company plans to accelerate deleveraging and want to reach a debt Ebitda level of 3 from current 4.5.
