Nifty listless; DCB up 10%, Idea shares near record high

Moneycontrol Bureau
Live Market Commentary

02:55pm Development Credit Bank rallied 10 percent after a big block deal on the Bombay Stock Exchange.

About 73.91 lakh equity shares changed hands at Rs 46 a piece. CNBC-TV18 reports that Al Bateen Investment Company is likely to have exited DCB.

Al Bateen Investment Company held 73.9 lakh shares in DCB as on March 2013.

02:40pm Telecom operators Bharti Airtel and Idea Cellular are likely to match Vodafone 2G data tariff cuts, reports CNBC-TV18 quoting sources.

CNBC-TV18 reports that 2G data tariffs cuts are likely between 60-80 percent and cuts are likely in non-metro circles.

On Monday, Vodafone India slashed 2G data tariffs by 80 percent in four circles namely Madhya Pradesh, Karnataka, Chhattisgarh and Uttar Pradesh West.

Idea Cellular shares touched more than 4.5 years high of Rs 150.65, rising over 5 percent today. Bharti Airtel gained nearly 2 percent.

02:10pm Indian equity benchmarks are completely listless as investors are eagarly waiting for the outcome of two-day US Federal Reserve's policy meeting that will end on Wednesday.

The BSE Sensex is up 8.24 points at 19231.52, and the Nifty is up 4 points at 5817.60.

KSK Energy Ventures shares rose nearly 8 percent as the company is looking to raise around Rs 1,000 crore via external commercial borrowing (ECB), reports CNBC-TV18 quoting sources.

CNBC-TV18 reports that the company will raise funds for Wardha and Mahanadi power projects. Debt for Wardha and Mahanadi power projects is around Rs 15,500 crore.

KSK Energy has not responded to CNBC-TV18’s query.

Infinite Computer Solutions shares rallied 5 percent to Rs 84.15 amid hefty volumes as the company is commencing buyback offer on June 20. The buyback offer price is unlikely to exceed Rs 120 per share. The buyback offer is of up to 30 lakh equity shares.