Moneycontrol Bureau10:59 am Market Update: Equity benchmarks remained under pressure with the Sensex falling 130.36 points to 28048.72 and the Nifty down 33.65 points at 8675.30.10:40 am FII investment limit: Foreign investors have been allowed to raise their stake in Aditya Birla Nuvo to up to 30 percent.
"Foreign Institutional Investors/Registered Foreign Portfolios Investors can under the portfolio investment scheme (PIS) now invest up to 30 percent of the paid up capital of Aditya Birla Nuvo," RBI said in a notification.
The earlier limit was up to 24 percent.
The raise in foreign investment limit follows company's passage of a resolution by the Board of Directors and its shareholders' a special resolution agreeing for enhancing the limit for the purchase of its equity shares by the foreign investors.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.10:20 am Poll: Bharti Airtel, the country's largest telecom operator in terms of subscribers, is expected to report a 28 percent degrowth in July-September quarter profit at Rs 1,050 crore QoQ on forex loss due to Naira devaluation & interest expenses.
Revenue is seen falling 0.2 percent quarter-on-quarter to Rs 25,495 crore in Q2.
It is traditionally a weak quarter for telecom companies. Hence, analysts say India Volumes may decline due to seasonality, though some pricing pressure may offset the volume decline.
Lower voice volume & voice revenue per minute may impact wireless EBITDA margin.
Also read - Earnings growth to be in mid-teens: Birla Sun Life AMC10:00 am Market Check
Equity benchmarks extended losses in morning trade with the Nifty falling below the 8700 level due to profit booking.
The 30-share BSE Sensex was down 127.57 points at 28051.51 and the 50-share NSE Nifty fell 34.65 points to 8674.30. The broader markets too remained under pressure on weak breadth. About 1169 shares declined against 862 advancing shares on the BSE.
HDFC, HDFC Bank, HUL, Bharti Airtel, NTPC and GAIL were down more than 1 percent whereas ICICI Bank, Axis Bank, Sun Pharma and Maruti were gainers in morning.
Tata Group stocks remained under pressure after Tata Sons sacked Cyrus Mistry as chairman on Monday. Tata Steel, TCS and Tata Motors were down 1-2 percent.
Sanjay Mookim of Bank of America Merrill Lynch says change of leadership at the Tata Group was unexpected. He feels increased uncertainty at the top could affect stock prices of listed companies in the near term.
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