Stock Market

Sensex slumps over 300 pts, Nifty below 7800; banks bleed


Chillicious Team

12:45 pm Market falls again: 

The Sensex is down 350.53 points or 1.4 percent at 25439.69, and the Nifty dis own 102.65 points or 1.3 percent at 7797.75. About 803 shares have advanced, 1473 shares declined, and 159 shares are unchanged. 

12:30 pm New buyers: Private equity investors Advent International and Temasek today launched Rs 1,695 crore open offer to acquire 26 percent stake in Crompton Greaves Consumer Electricals (CGCEL) to become majority shareholders.

The open offer is to acquire “up to 162,953,997 equity shares constituting 26 percent of the total share capital of the target company,” Crompton Greaves said in BSE filing.

“The open offer is made at a price of Rs 104 per offer share, the total consideration payable by the acquirer..will be Rs 1,694.72 crore,” it added. Shares will be acquired through Advent International Corporation’s Amalfiaco and Temasek Holdings (Private) Ltd’s MacRitchie Investments Pte Ltd.

Don’t miss: Eicher Motors falls 5%, promoters sell 4.2% worth Rs 2100 cr

Benchmark indices remained in bear grip with continous selling pressure. The Sensex is down 328.13 points or 1.3 percent at 25462.09, and the Nifty down 94.55 points or 1.2 percent at 7805.85. About 904 shares have advanced, 1313 shares declined, and 171 shares are unchanged.

Adani Ports, Asian Points, Tata Motors and ITC are top gainers while HUL, ICICI Bank, Tata Steel, BHEL and Bharti Airtel are losers in the Sensex.

Oil fell as investors took a breather from a recent price rally spurred by the International Energy Agency’s forecast that the crude oversupply would shrink dramatically later this year.

The uptrend is likely to continue as the IEA report shows that a rebalancing of the supply and demand situation could come in sooner rather than later, analysts said.

Demand is expected to grow at a “solid” rate this year, boosted by India’s needs, the IEA said yesterday as it projected that the oil surplus “will shrink dramatically” later in the year.