3:30 pm Market close
: The market ended flat while the Nifty could not manage to climb 8000-mark. The 50-share index closed down 4.80 points or 0.06 percent at 7977.10 while the Sensex fell 25.93 points at 26192.98. About 1578 shares have advanced, 1046 shares declined, and 146 shares are unchanged.
Reliance, M&M, Dr Reddy’s Labs, ITC and Bharti Airtel were major losers while Hindalco, Maruti, Axis Bank and SBI were top gainers in the Sensex.
3:10 pm Market check: The Sensex is down 17.08 points at 26201.83, and the Nifty is down 4.95 points 7976.95. About 1498 shares have advanced, 1060 shares declined, and 136 shares are unchanged.
2:50 pm Bharti Airtel’s call rating: Starting today, all Airtel prepaid mobile customers in India will be moved to per second billing plan. As part of the company’s new ‘Pay For What You Use’ initiative, the company will ensure customers pay only for the time they use the Airtel network.
Even as a large majority of Airtel prepaid mobile customers were already on the per second billing plan, with the new initiative, all of the prepaid customers will be moved to the new plan.
The standard base rate plans will be shifted to a pulse rate of per second but users will also have the option to choose additional tariff discount packs of their choice for discounted per second or per minute benefits.
2:40 pm SOS call: State-owned oil producers ONGC and Oil India as well as private sector Cairn India have asked the government to cut cess on crude oil they have to pay in view of slump in prices.
The producers want the government to levy ad-valorem rate of cess which will result in higher payouts when prices are high and lower payout when rates fall. Currently, ONGC and OIL pay a cess of Rs 4,500 per ton on crude oil they produce from fields given to them on nomination basis.
Cairn has to pay the same cess for oil from Rajasthan block. Their association, PetroFed last week wrote to Revenue Secretary Hasmukh Adhia and Oil Secretary KD Tripathi seeking levy of 8 percent cess on price of crude oil realised. The Oil Industry (Development) Act, 1974 provides for collection of cess as a duty of excise on indigenous crude oil.
2:30 pm Intreview: Malaysia-based MetTube to sell Goa property for a consideration of Rs 725 crore as part of its debt restructuring process. The property will be acquired by Ceres Hotels Private Ltd, a wholly-owned Indian subsidiary of MetTube. However, Leelaventure will continue to operate the hotel under Leela brand. Leelaventure board in a meeting Friday decided the sale of entire undertaking of the company pertaining to the hotel in Goa, The Leela Goa, on slump sale basis for a consideration of Rs 725 crore, it said in a statement.
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The market remained marginally weak in afternoon trade, dragged by FMCG, healthcare, oil and technology stocks. The 30-share BSE Sensex slipped 71.97 points to 26146.94 and the 50-share NSE Nifty slipped 16.70 points to 7965.20. About 1415 shares have advanced, 1058 shares declined, and 120 shares are unchanged on the BSE.
Akash Prakash of Amansa Capital says concerns around emerging markets are going to persist. However, he does not see Nifty going beyond 7200 on the downside.
Global markets are a mixed bag today. Asian stocks skid on growth fears but China bucked the trend. Shanghai closed with almost 2 percent gains. In Europe, France’s CAC and Britain’s FTSE gained over 0.3 percent while Germany’s DAX declined 0.7 percent.