Stocks to watch: DLF; Great Offshore, Sun Pharma ;Andhra Bank, UCO Bank, Novartis
Oil price rose above $57 per barrel Friday on hopes that demand would pick-up after signs that the global economy has bottomed out. US light crude for June delivery was up $57.15 per barrel.
By ET Bureau |
MUMBAI: Oil price rose above $57 per barrel Friday on hopes that demand would pick-up after signs that the global economy has bottomed out. US light crude for June delivery was up $57.15 per barrel.
The Indian rupee was lower at 49.37/39 per dollar, from its previous close of 49.28/29, on mixed cues from regional stocks.
Billionaire KP Singh and family, the promoters of India���s largest real estate company DLF, are close to finalising a deal with some
foreign and domestic institutional investors which might fetch them around Rs 3,000 crore. Based on Thursday���s closing price of Rs 245, this would mean promoters offloading a little over 7% stake.
In a move seen as a precursor to the takeover of Great Offshore, ship builder Bharati Shipyard, which had stepped in to help the former's
promoters tide over a financial crisis in December, has acquired a little less than 15% stake in the company. About five months ago, Great Offshore VC and MD Vijay Sheth pledged 14.89% stake with two Bharati Shipyard group companies for a Rs 200-crore loan to clear some of his dues.
The Ruias-owned Essar group is considering monetizing its holding in Indus Towers, the world's largest telecom tower company. This
holding is estimated at 14% and the money from any stake sale is expected to be utilised for the rollout of its wireless services through Loop Telecom, which has the licence to provide cellular services on a pan-India basis.
Sun Pharmaceutical has received the US FDA approval for alfuzosin hydrochloride tablets used to treat enlarged prostate condition.
Results today: Andhra Bank, UCO Bank, GE Shipping, Peninsula Land, Alembic and Novartis.
The Indian rupee was lower at 49.37/39 per dollar, from its previous close of 49.28/29, on mixed cues from regional stocks.
Billionaire KP Singh and family, the promoters of India���s largest real estate company DLF, are close to finalising a deal with some
foreign and domestic institutional investors which might fetch them around Rs 3,000 crore. Based on Thursday���s closing price of Rs 245, this would mean promoters offloading a little over 7% stake.
In a move seen as a precursor to the takeover of Great Offshore, ship builder Bharati Shipyard, which had stepped in to help the former's
promoters tide over a financial crisis in December, has acquired a little less than 15% stake in the company. About five months ago, Great Offshore VC and MD Vijay Sheth pledged 14.89% stake with two Bharati Shipyard group companies for a Rs 200-crore loan to clear some of his dues.
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The Ruias-owned Essar group is considering monetizing its holding in Indus Towers, the world's largest telecom tower company. This
holding is estimated at 14% and the money from any stake sale is expected to be utilised for the rollout of its wireless services through Loop Telecom, which has the licence to provide cellular services on a pan-India basis.
Sun Pharmaceutical has received the US FDA approval for alfuzosin hydrochloride tablets used to treat enlarged prostate condition.
Results today: Andhra Bank, UCO Bank, GE Shipping, Peninsula Land, Alembic and Novartis.
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