2:40 pm Stake sale:
Oil major BP Plc sold part of the stake its unit Castrol Ltd holds in Castrol India Ltd, but said it would remain a majority shareholder in the company.
The company said it sold an 11.5 percent stake in the Indian lubricants maker to a range of domestic and international investors. It held a 71 percent stake in the company before the sale.
Terms of the deal were not disclosed.
2:20 pm DBS on economy: As the government nears its two-year mark in office, global financial services major DBS today said the reform agenda has been “broad-based, granular and incremental”.
According to DBS, there was notable progress on reforms agenda at the recently concluded Parliament session, but some of the important reforms like goods and services tax (GST) bill is still in the pipeline.
“Pulling together these executive reforms and the recent bankruptcy code, progress on the broader reform agenda has been notable,” DBS said in a research note.
Amongst the 10 bills that were passed by both houses in second half of the session, the economically notable ones included the Mines and Minerals bill and the Insolvency and Bankruptcy code.
Also read – Nifty could trend lower to 7500 levels this year: UBS
2:00 pm Market Check
Equity benchmarks extended losses in afternoon trade with the Sensex declining 226.80 points to 25477.81 and the Nifty falling 67.35 points to 7802.80, tracking weak global cues. The market breadth remained weak as about 1346 shares declined against 1053 advancing shares on Bombay Stock Exchange.
Lupin gained 1 percent after better-than-expected earnings. Profit in Q4 grew by 47.5 percent to Rs 807 crore and revenue jumped 36 percent to Rs 4,181.2 crore compared to year-ago period.
Gujarat Pipapav Port fell more than 2 percent after profit in March quarter declined 25.5 percent to Rs 49.8 crore and revenue fell 14.4 percent to Rs 161 crore compared to same period last year.