Mumbai: Sensex falls for the 1st time in seven sessions on Wednesday, down over 106 points the stock exchange clossed at 26,314.29
Earlier in the day the Competition Commission of India (CCI) has approved Deepak Fertilizers' proposed additional stake buy in Vijay Mallya group firm Mangalore Chemicals and Fertilizers.
The approval from the fair trade watchdog paves the way for Deepak Fertilizers to make an open offer to acquire further 26 per cent stake in Mangalore Chemicals and Fertilisers Ltd (MCFL). CCI said the deal "is not likely to have appreciable adverse effect on competition in India".
Under the deal, Deepak Fertilizers' subsidiary SCM Soilfert would acquire up to 26 per cent shareholding in MCFL through an open offer in addition to 0.8 per cent stake buy through open market. MCFL is part of Vijay Mallya's UB Group.
Shares of Eros International Media touched 33-month high of Rs 249.80, up as much as 9.6 per cent after the company's on-demand entertainment portal ErosNow has acquired the worldwide rights of popular Zee TV shows.
"Content from Zee will be available to members with no extra subscription costs. This partnership allows ErosNow to showcase Zee's premier television content ranging from top rated serials and soaps to reality shows," said the company in its filing. Titles like Ek Mutti Aasmaan, Pavitra Ristha, Fear Files, Jodha Akbar, Qubool Hai etc will be available to subscribers on this portal.
Rakesh Arora, Macquarie feels global newsflow may come back to dominate. "The end of a decent earnings season was followed by a positive tone in the PM's speech on Independence Day," he adds.
"However, the market remains tentative on global events and would likely continue to focus on geopolitics. We remain positive on the market and recommend buying large cap quality stocks on any weakness," says Arora.
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