Bizbits — Shares fall in kerb deals

MUMBAI -- Share prices crashed in late night kerb deals following reports that the Union cabinet has recommended dissolution of Lok Sabha. ...

MUMBAI — Share prices crashed in late night kerb deals following reports that the Union cabinet has recommended dissolution of Lok Sabha. ITC which remained firm during the official session declined from Rs 627.25 to Rs 620 on selling. Reliance dropped from Rs 158.75 to Rs 154, SBI from Rs 222.50 to Rs 218 and Tata Tea from Rs 366.75 to Rs 360.

Marketmen expect further crash on Thursday when it opens for official trading. Now that election is likely to be announced soon, the market is likely to witness another bearish phase at least for the next three months. There is also a fear that foreign instituional investors (FIIs) may temporarily pull out from the Indian market.

Said Rajiv Relan of PNR Securities, “the news of dissolution will be bad for the market as everybody was hoping for a solution. Though the market is in an oversold position, the sensex may shed 200 points and settle around 3,300.” N D Aggarwal of NDA Securities feels the sentiment will be bad for the time being with the index losing 100 points. “Since the rupee has depreciated FIIs may pick up stocks which may lead to the sensex bouncing back,” he said.

ModiLuft plans $ 50 m preferential

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MUMBAI — Modiluft has sought the approval of FIPB for $ 50 million flotation of cumulative, redeemable preference shares. The preferential allotment is to finance the recovery of the S K Modi-promoted airline. It is not clear whether the shares are being offered to FIIs or NRIs.

Rothmans to invest $ 150 m in India

MUMBAI — Rothmans International plans to invest $ 150 million in a wholly-owned India venture. The cigarette major will initially hold 100 per cent stake in the subsidiary of which 24 per cent will be divested within a period of five years.

rime Minister Narendra Modi addresses the gathering during the inauguration of the PM MITRA Park and foundation stone laying ceremony of development works, in Dhar, Madhya Pradesh. (@NarendraModi via PTI Photo)

Pakistan brought down to its knees: Modi in his 75th birthday speech

India10 min ago

PM Modi turns 75 today, speaking in Dhar district of MP on the occasion, he praised Indian soldiers saying they brought Pakistan to its knees in a blink of an eye as India was not scared of anyone’s nuclear threats and instead “enters the enemy’s home and strikes”. Earlier, he laid foundation stone foundation stone of the country’s first PM MITRA Park.

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