Stock Markets

Jet shares slip 10% after FIPB defers decision on Etihad deal

Jet shares slip 10% after FIPB defers decision on Etihad deal

Jet Airways’ shares slipped 10 per cent in early trade on Monday after the government’s Foreign Investment Promotion Board (FIPB) postponed a decision on Jet-Etihad deal.

In April, Gulf carrier Etihad Airways agreed to acquire a 24 per cent stake in Jet Airways for $370 million. While the deal will allow Etihad to enter the fast-growing Indian civil aviation market, proceeds from the deal will help the Indian carrier cut its debt and get a stronger foothold in the market.

Infosys shares jump on pay hike announcement

Infosys shares jump on pay hike announcement

Infosys shares jumped in early trade on Friday, a day after the Indian software firm announced pay hikes for its all eligible domestic as well as overseas employees.

On Thursday, the country’s second-largest software services provider announced that it would hike salaries by an average of 8 per cent for Indian staff and by 3 per cent for overseas staff.

In response, Infosys stock jumped 0.35 per cent to Rs 2,387.60 a share as of 09.20 am on the Bombay Stock Exchange (BSE), while the broader BSE information technology benchmark slipped into the red.

Apollo Tyres shares shed 20% on $2.5bn Cooper Tire deal

Apollo Tyres shares shed 20% on $2.5bn Cooper Tire deal

Stock in Apollo Tyres slipped as much as 20 per cent in early trade on Thursday, a day after the manufacturer announced its decision to acquire American firm Cooper Tire & Rubber.

On Wednesday, Apollo Tyres announced that it had hit a $2.5 billion (Rs 14,500cr) deal to acquire the U. S.-based tyre maker.

The announcement of the deal dragged the stock down as many investors as well as some of the leading brokerages termed the deal as risky. The massive acquisition is even bigger than Tata's acquisition of Jaguar Land Rover.

Realty stocks slip on stringent penalties in Reality Bill

Realty stocks slip on stringent penalties in Reality Bill

Stocks in real estate companies suffered notable declines in early trade on Wednesday after the Union Cabinet approved the Realty Bill that proposes stringent penalties on scheming developers to protect buyers.

The Union Cabinet late Tuesday approved the Real Estate (Regulation and Development) Bill, paving way for the establishment of a regulator for the real estate sector.

The Bill proposes to provide a uniform regulatory atmosphere to the reality sector, which has thus far remained unregulated.

Idea Cellular shares gain nearly 2% on report to sell tower business to Axiata

Idea Cellular shares gain nearly 2% on report to sell tower business to Axiata

Shares of Aditya Birla group-owned Idea Cellular gained nearly 2 per cent in the morning trade on Tuesday, on media reports that the telecom operator is in talks with Axiata of Malaysia for selling its tower business.

Citing two people familiar with the matter, The ET reported that Idea Cellular is pursuing discussions for selling its towers to the Malaysian firm.

The report said the Indian firm was looking to sell 9,400 towers, and use the proceeds from the deal for licence renewals and purchase of spectrum.

Coal India’s quarterly results beat market expectations; shares jump

Coal India’s quarterly results beat market expectations; shares jump

Coal India Ltd (CIL), the world's largest coal producer, on Monday reported better-than-expected results for the fourth-quarter 2012/13, thanks to higher-than-expected sales volumes and lower costs.

The government-run miner announced that its net profit jumped to Rs 5,414 crore in the January-March quarter, from Rs 4,013 crore in the corresponding period of the previous fiscal.

Net sales jumped 2.5 per cent year-on-year to Rs 19,905 crore, while sales volumes grew to 130 million tones.

Shareholders approve Jet-Etihad deal

Shareholders approve Jet-Etihad deal

Jet Airways’ stake sale deal with Abu Dhabi-based budget carrier Etihad has finally gained shareholders’ approval.

Shareholders approved the deal during an extraordinary general meeting called for the shareholders to decide on the deal in Mumbai on Friday. Naresh Goyal-promoted Indian carrier will sell 24 per cent stake to Etihad for $370 million.

Mr. Goyal claimed that the deal would be a win-win situation for both the carriers as well as shareholders as it would slash costs and increase revenue.

Tata Sons cancels stake sale in TTML

Tata Sons cancels stake sale in TTML

Tata Sons Ltd on Friday confirmed that its decision to cancel its offer for sale (OFS) of shares in its subsidiary Tata Teleservices (Maharashtra) Ltd.

The OFS was announced on Wednesday, when Tata Sons said that it would sell a total of 51,623,679 shares, or 2.72 per cent of the equity capital of the Tata Teleservices (Maharashtra) Ltd, on May 17.

But, the company yesterday confirmed that it had cancelled the sale. In a filing to the Bombay Stock Exchange (BSE), the company said, “Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full.”

Jubilant Foodworks posts 11.52% rise in net profit: shares slip

Jubilant Foodworks posts 11.52% rise in net profit: shares slip

Jubilant Foodworks, the operator of Dunkin Donuts and Dominos Pizza brands in India, on Thursday reported a year-on-year increase of 11.52 per cent in net profit for the quarter ended March 31 this year.

The company announced that its net profit jumped to Rs 32.17 crore in the January to March quarter, from Rs 29.33 crore in the corresponding period of the previous financial year.

Net sales jumped from Rs 282.95 crore in the final quarter of 2011-12 to Rs 365.75 crore in the same quarter of 2012-13.

SKS Micro reports 11% rise in income; shares jump

SKS Micro reports 11% rise in income; shares jump

Shares of SKS Microfinance jumped more than 5 per cent to touch Rs 139 apiece, after the country’s biggest micro lender reported impressive quarterly results.

For the quarter ended March 2013, SKS reported a year-on-year increase of 11 in income at Rs 95.09 crore, as against Rs 85.05 crore in the previous quarter. Net profit jumped from Rs 1.15 crore to Rs 2.70 crore.