Skip to main content

Posts

Showing posts from December, 2022

Lotus Chocolate Shares Rise 5% After Reliance's Majority Stake Buy News

Shares of Lotus Chocolate Co rose 5 per cent on Friday, a day after a unit of Reliance Retail Ventures agreed to buy a majority stake in the Indian chocolate maker for 740 million rupees ($8.94 million). Reliance Consumer Products Limited (RCPL), the fast-moving consumer goods arm of Reliance Retail, will acquire a 51 per cent stake from promoters at Rs 113 a share and will also subscribe to some non-noncumulative redeemable preference shares. RCPL would also make an open offer to acquire 26 per cent from public shareholders of Lotus. The per-share value represents a discount of 3.5 per cent to Thursday's closing price of Rs 117.10. The stock hit an upper circuit for a fifth straight session on Friday, having gained 27.5 per cent so far this week. Reliance Industries, led by Indian billionaire Mukesh Ambani, has diversified from its mainstay oil-to-chemical business with a strong focus on retail and telecom. Reliance Retail, currently India's biggest retailer, had this ye
Post a Comment
Read more

Lotus Chocolate Shares Rise 5% After Reliance's Majority Stake Buy News

Shares of Lotus Chocolate Co rose 5 per cent on Friday, a day after a unit of Reliance Retail Ventures agreed to buy a majority stake in the Indian chocolate maker for 740 million rupees ($8.94 million). Reliance Consumer Products Limited (RCPL), the fast-moving consumer goods arm of Reliance Retail, will acquire a 51 per cent stake from promoters at Rs 113 a share and will also subscribe to some non-noncumulative redeemable preference shares. RCPL would also make an open offer to acquire 26 per cent from public shareholders of Lotus. The per-share value represents a discount of 3.5 per cent to Thursday's closing price of Rs 117.10. The stock hit an upper circuit for a fifth straight session on Friday, having gained 27.5 per cent so far this week. Reliance Industries, led by Indian billionaire Mukesh Ambani, has diversified from its mainstay oil-to-chemical business with a strong focus on retail and telecom. Reliance Retail, currently India's biggest retailer, had this ye
Post a Comment
Read more

Rupee Gains 3 Paise To 82.78 Per Dollar, But Was On Track For Yearly Fall

The rupee gained slightly against a steady dollar on the the last day of the year, quarter and month on hopes that oil companies, who have been continuously been buying dollars, would relent.  Bloomberg showed the rupee was at 82.7750 per dollar in early trade on the last interbank foreign exchange trading day of 2022, compared to its previous close of 82.8087 on Thursday. "A tug-of-war between the bulls and bears is on in the USDINR amid low volatility and a lack of major cues due to year-end. The pair has strong support around 82.50 levels as we could see dollar demand from PSU banks on behalf of oil marketing companies. However, near 82.90 levels supply pressure exists, on the back of suspected RBI intervention and FII flows, which is keeping the USDINR in the narrow range," said Amit Pabari, Managing Director of CR Forex Advisors.  "Overall, the view remains the same. The pair is likely to top out near the 83.00 to 83.20 zone. Any rise in the spot market is a good
Post a Comment
Read more

Rupee Gains 3 Paise To 82.78 Per Dollar, But Was On Track For Yearly Fall

The rupee gained slightly against a steady dollar on the the last day of the year, quarter and month on hopes that oil companies, who have been continuously been buying dollars, would relent.  Bloomberg showed the rupee was at 82.7750 per dollar in early trade on the last interbank foreign exchange trading day of 2022, compared to its previous close of 82.8087 on Thursday. "A tug-of-war between the bulls and bears is on in the USDINR amid low volatility and a lack of major cues due to year-end. The pair has strong support around 82.50 levels as we could see dollar demand from PSU banks on behalf of oil marketing companies. However, near 82.90 levels supply pressure exists, on the back of suspected RBI intervention and FII flows, which is keeping the USDINR in the narrow range," said Amit Pabari, Managing Director of CR Forex Advisors.  "Overall, the view remains the same. The pair is likely to top out near the 83.00 to 83.20 zone. Any rise in the spot market is a good
Post a Comment
Read more

Sensex Falls Over 300 Points, Extending Losses For Second Straight Day

Indian equity benchmarks extended losses for the second straight session on Thursday as rising Covid cases in China alarmed investors who had anticipated the world's second-largest economy to pick up steam following the easing of strict restrictions.  After closing marginally lower in the previous session, the BSE Sensex index fell 300.33 points to 60,609.95 in early trade on Thursday, and the broader NSE Nifty index opened in the red, reflecting a fall in wider Asian share markets along with oil prices. As traders try to settle their futures and options (F&)) contracts for the December derivatives, the last series of 2022, the expiry on Thursday could cause a spike in volatility. "Markets are likely to see a bearish opening on Thursday in view of weak global cues after US markets slumped overnight amidst rising bond yields over fears that inflation could pick up on China's reopening," said Prashanth Tapse, Senior Vice President For Research at Mehta Equities.
Post a Comment
Read more

Rupee Steady At Around 82.84 Per Dollar Even As Risk Sentiment Sours

The rupee was steady against the dollar on Thursday as optimism over China reopening turned to caution after a rapid surge in cases, but was offset by a fall in crude prices. Bloomberg showed the rupee was last changing hands at 82.8387 per dollar, compared to its previous close of 82.8663 on Wednesday. PTI reported that the domestic currency rose 3 paise to 82.77 against the US dollar in early trade.  In the previous session, the rupee closed nearly flat, supported by the Reserve Bank of India after it fell to a one-month low of 82.9225 on Wednesday.  The currency moved in a narrow 10-paisa range in the previous session, with the 82.80-82.90 acting as a strong support zone as it has done over the past two weeks. "USDINR to open flat at around 82.84 after Dow Jones fell by 365 points overnight and Nasdaq neared its yearly lows as rising China Covid cases brought back economic concerns. Asian currencies were down against the dollar," said Anil Kumar Bhansali, Head of Trea
Post a Comment
Read more

Rupee Steady At Around 82.84 Per Dollar Even As Risk Sentiment Sours

The rupee was steady against the dollar on Thursday as optimism over China reopening turned to caution after a rapid surge in cases, but was offset by a fall in crude prices. Bloomberg showed the rupee was last changing hands at 82.8387 per dollar, compared to its previous close of 82.8663 on Wednesday. PTI reported that the domestic currency rose 3 paise to 82.77 against the US dollar in early trade.  In the previous session, the rupee closed nearly flat, supported by the Reserve Bank of India after it fell to a one-month low of 82.9225 on Wednesday.  The currency moved in a narrow 10-paisa range in the previous session, with the 82.80-82.90 acting as a strong support zone as it has done over the past two weeks. "USDINR to open flat at around 82.84 after Dow Jones fell by 365 points overnight and Nasdaq neared its yearly lows as rising China Covid cases brought back economic concerns. Asian currencies were down against the dollar," said Anil Kumar Bhansali, Head of Trea
Post a Comment
Read more