The move creates a 'growth runway' for both Infibeam and Rediff, said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues.
Bears wreaked havoc on Dalal Street on Friday as the Nifty and Sensex shut shop at 2-month lows amid intense selling pressure. The Nifty ended below the 17,850 mark while the Sensex closed below the crucial 60,000 mark. Both the indices ended lower for a fourth straight session. The pain was even more severe in the broader markets where the BSE Midcap and SmallCap indices fell 3 and 4 per cent, respectively. PSU bank index was the biggest laggard as it slumped by about 6%. Should we brace for more selloff this week? We discuss the market setup for the day and also talk about Tata Motors, Siemens, Infibeam and a lot of other stocks in news with KR Choksey Securities’ Hemen Kapadia
European markets recoup early losses to end near the flat line. ECB hikes rates by another 75 basis points on expected lines… also signals a slower pace of rate hikes going forward.. Meanwhile, Credit Suisse plunges over 18% through the day after the bank announced a large third-quarter loss. On the show today – Nykaa has dropped below its issue price. Will it see more selloff after pre-IPO lock in ends on the 10th of November? And Stocks in the spotlight today are Maruti, Dr Reddy’s, Infibeam and Tata Chemicals.
Other players who have received the RBI's in-principal approval for the licence include Razorpay, Pine Labs, Innoviti, Easebuzz, Stripe, MSwipe, NTT Data Payment Services, and 1Pay Mobileware
On the sectoral front, except IT, FMCG, pharma and energy other indices ended in the green. BSE Midcap and Smallcap indices rose 0.5 percent each.
Selling in some small & mid-cap stocks started in the beginning of 2018 also —thanks to high valuations, but the pressure increased further post August
Equity markets around the globe have been under pressure on account of trade war fears, interest rate hike and valuation concerns
A cheap stock could remain cheap forever if the value is destroyed. Stocks like Gitanjali Gems never recovered from that cheap zone as the business was completely wiped out post the Nirav Modi crisis
The message reportedly led to large sell-off in shares, a 71 percent fall in price to Rs 57.90, the steepest single-day fall in share price of any company since Satyam Computer Services shares crashed 83 percent on January 7, 2009.
The shares of Infibeam Avenues nosedived a day ahead of its Annual General Meeting.
The company is also mulling to explore business opportunity in manufacturing of IT hardware.
"...Infibeam Global EMEA FZ-LLC, has acquired 100 per cent shareholding of Vavian International Ltd, one of the fast growing digital payment processing company in Middle East region, for AED 4.32 million," Infibeam said in a statement.
"Infibeam will issue optionally convertible debentures on preferential basis to Jasper Infotech valued up to Rs 120 cr, subject to shareholders’ approval."
Prakash Gaba of prakashgaba.com is of the view that Infibeam can climb to Rs 165 while PC Jeweller may slide to Rs 520.
Stocks like Infibeam slipped up to 39 percent in the trade before recouping some of the losses while, India Cements slipped 5 percent, Indo Count Industries dropped 6 percent in mid-morning trade.
Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy NIIT Technologies, NMDC and Ashok Leyland and sell Infibeam.
In India if you acquire a customer in e-commerce by making a loss once then it is very hard to make profit from the same customer, says Infibeam CEO Vishal Mehta
Rajat Bose of rajatkbose.com is of the view that one can buy NIIT Technologies and Hero MotoCorp and sell Infibeam.
Sandeep Wagle of powermywealth.com is of the view that one can buy Ceat and can sell Infibeam.
Rajat Bose of rajatkbose.com suggests buying Dhampur Sugar, Balaji Telefilms and Infibeam.
Mitessh Thakkar of miteshthacker.com recommends selling Infibeam and Steel Authority of India.
In an interview with CNBC-TV18, Vishal Mehta, MD of Infibeam Incorporation spoke about the investment so far and future plans with respect to buying more stake.
Ashwani Gujral of ashwanigujral.com recommends buying Marico, Eicher Motors and Bombay Burmah.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy GAIL India, HDFC, Voltas and Reliance Industries and sell Bharti Airtel.
In an interview to CNBC-TV18's Anuj Singhal and Reema Tendulkar, SP Tulsian of sptulsian.com shared his readings and outlook on the market and specific stocks.