Reliance closes Marcellus shale assets in US sale for USD126 mn

Indian oil-to-telecoms conglomerate, Reliance Industries Limited announced that a subsidiary of its Reliance Holding-USA has closed the sale of its upstream Marcellus shale assets in America to BKV Chelsea for 126 million dollar. Moreover, Reliance added, under the definitive docs, a contingent amount of up to USD 11.25 million may be paid to Reliance between periods 2018 to 2020 based on certain gas price thresholds being achieved.

In 2010, Reliance invested in the US shale gas business, which started incurring losses due to the extended global crude oil price slump. Prior to making a revival this year, oil prices had earlier slumped by more than 50% in less than 2-years on account of a supply glut, from levels of over USD 120 per barrel.

Indo Rama Synthetics Ltd announces Q2 results

Indo Rama Synthetics (India) Limited, the largest Manufacturer of polyester fibre, yarn & polyester chips in India, today announced its unaudited results for the quarter ended Sept 30, 2017. For the quarter ended Sept 30, 2017, the Company achieved net revenue of Rs.618.01 cr versus Rs.593.44 cr in the previous quarter, an increase of Rs.24.57 cr, over previous quarter. The operational EBIDTA for the quarter was Rs.17.21 cr as compared to Rs.5.75 cr in the corresponding quarter of last year. The Company has reported a net loss of Rs.17.67 cr during the quarter ended Sept 30, 2017 as compared to net loss of Rs.14.69 cr in corresponding quarter, last year.

Khadim India Public Offer sees 7% subscription on first day

Khadim India Limited is Kolkata based largest footwear company in India. It has a strong presence in eastern India and has placed itself as an affordable brand. The company has 853 branded exclusive retail units in 23 states and one Union territory.

Khadim’s Initial Public Offering (IPO) has been subscribed 7% on the first day of share sale on Thursday. The Offer will close on Nov 6.

After lunch hours of trading time, the IPO received bids for 3,42,780 shares against the total issue size of 50,73,006 shares, as per NSE data. With a price band of Rs. 745 to 750 per share, Khadim India is aiming to garner Rs. 543 crore through the share sale. 

Top stocks in spotlight on 18 Oct 2017

Stock Market opened lower on Wednesday against the previous session’s closing. The Sensex and Nifty fell in the morning hours. The Indian rupee strengthened a little bit against the USD. The shares of Wipro Ltd, Kotak Bank and Reliance rose, while the shares of Axis Bank and ICICI Bank fell.

The following stock, among others, will be in spotlight today 18 Oct 2017:- UltraTech Cement, Hindustan Zinc Ltd , Havells India Ltd, Indiabulls Housing Finance Ltd, NIIT Technologies, NOCIL are some of the major companies that are announcing their Q2 results today. 

Wipro Ltd has reported a 5.5% jump in sequential and 6% rise in year-on-year rise in net profit at Rs 2189.50 crore for the Sept quarter. Wipro has given guidance of USD 2014 million to USD 2054 million for December quarter revenue from its IT services business.

ONGC Stocks: State-run Oil & Natural Gas Corpn will invite bids from oilfield service providers to boost up output from some of its ageing fields under a long-term contract.

The two-wheeler maker Bajaj Auto Ltd has posted a 1% decline in net profit to Rs 1123 crore for the Sept quarter, largely on account of flat two-wheeler sales and rising input costs. 

Reliance Industries Ltd has submitted a USD 1.4-billion plan to generate 7 million cubic metres a day of natural gas from KG-D6 deep-sea fields in the Bay of Bengal.

Sensex rises 116 pts; Nifty settles March F&O series at record high

The benchmark indices continued their rising flash for third consecutive session after the Lok Sabha approved four legislations to give shape to the GST bill. The BSE Sensex, rose 116 points or 0.39% to 29,647.42, The NSE Nifty index rose 29.95 points or 0.18% to 9,173.75. Trading was volatile in consideration of March series expiry.
In the broader markets, the BSE Mid-Cap index rose 0.39%, while The BSE Small-Cap index rose 0.95%, outperforming the Sensex.
Logistics shares rose higher after the passage of the GST bills. Allcargo Logistics rose 4.4% while VRL Logistics shot up 4.3% and GATI gained 2.5%.
Auto stocks including Hero MotoCorp Ltd and Ashok Leyland Ltd recovered from steep losses after the Supreme Court banned sale of new vehicles with older Euro-III fuel technology from April 1.

Sensex, Nifty tepid as Fed rate decision eyed

Benchmark indices continued to be indifferent in the afternoon trade as investors awaited Federal Reserve rate decision due tonight. The S&P BSE Sensex, was down 44.52 points or 0.15% at 29,398.11, while the Nifty 50 index was down 2.20 points at 9,084.80, on closing. The BSE Mid-Cap index rose 1.06% and the BSE Small-Cap index rose 0.66%. Both the index outperformed the Sensex. The market breadth, signaling the overall health, was positive. About 1,411 shares advanced against 1,398 declining shares on the BSE. A total of 188 shares were unchanged.
IT stocks were the main laggards today on surging rupee. BSE IT was down 1.8% dragged by TCS and Infosys going down 2% each and making them the big losers on BSE Sensex.
US stocks crossed lower yesterday, 14 March 2017, as a continual slump in oil prices that put pressure on energy shares and as investors await the outcome of the two-day Federal Reserve's policy meeting later today. The probable increase in interest rate would be the first of likely three this year.

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