Engineering and construction company Jaiprakash Associates has deferred a planned sale of shares in its unit, Jaypee Infratech, after share prices of the subsidiary fell 8.5% on Wednesday, the parent company said. “In view of an unusual fall in the share price of Jaypee Infratech... Jaiprakash Associates has decided to defer the offer for sale,” the company said. Jaiprakash Infratech planned to sell 98.5 million shares to raise up to $94 million to meet Sebi’s guidelines on minimum public shareholding.
ITC now most influential stock in Sensex pack
Diversified group ITC on Thursday surpassed Reliance Industries as the most influential stock on the Sensex, following a spurt in the stock price. At the end of trade, ITC commanded 9.69% weight in the BSE 30-share index, Sensex, while RIL had 9.61% weight, followed by Infosys (8.06%).
Goldman upgrades DLF to ‘buy’ on upcoming plans
Goldman Sachs upgraded its rating for DLF to ‘buy’ from ‘neutral’, citing upcoming residential project launches worth R13,000 crore over the next three quarters. Goldman said DLF would also benefit from expected cuts in interest rates and continued debt reduction. The investment bank raised its 12-month target price on DLF shares to R295 from R224.
BofAML upgrades ONGC, Oil India to ‘buy’
Bank of America Merrill Lynch upgraded its ratings on state-run producers Oil and Natural Gas Corp (ONGC) and Oil India to ‘buy’ from ‘neutral’, citing the prospect of imminent hikes in state-administered gas prices. The oil ministry will soon send
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