Indian benchmark indices BSE Sensex and NSE Nifty 50 are expected to open higher on Thursday, hinted SGX Nifty. Ahead of the session, Nifty futures were trading 86 pts or 0.5% higher at 17900 on the Singapore Exchange. While the global markets are still not portraying any clear trend, the recent buying in heavyweights especially from the banking pack has lifted the sentiment. We may see some consolidation in the index ahead but the tone is likely to remain positive. The focus should remain on identifying stocks from the sectors which are participating in the move, without losing focus on risk management citing volatile global markets and prevailing earnings season,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 27 October, Thursday
Dabur India: The FMCG major on Wednesday said it will acquire a 51% stake in Badshah Masala Pvt Ltd, the owners of the Badshah Masala brand which is engaged in the business of manufacturing, marketing and export of ground spices, blended spices and seasonings. Announcing that it has signed definitive transaction agreements, Dabur said the acquisition is in line with its strategic intent to expand its foods business to Rs 500 crore in three years and into new adjacent categories. As part of the agreement, Dabur will acquire the balance 49% shareholding after five years.
Also Read: Dabur acquires 51% stake in Badshah Masala for Rs 587.52 crore
Zee: The proposed merger between Zee Entertainment Enterprises (ZEEL) and Sony Pictures Networks India (SPNI) is inching to a closure, with the firms agreeing to sell three Hindi channels to mitigate regulatory concerns. The firms have voluntarily agreed to divest its Hindi general entertainment channel Big Magic, and Hindi film channels Zee Action and Zee Classic, according to the proposal filed with Competition Commission of India (CCI). All three channels proposed to be sold off are owned by ZEEL.
Power Finance Corporation: HDFC Mutual Fund through its several schemes sold a 2.07% stake in the company through open market transactions on 21 October. With this, its shareholding in PFC reduced to 6.94%, down from 9.01%.
Route Mobile: The company said its board has approved providing corporate guarantee in favour of Standard Chartered Bank for a term loan facility proposed to be taken by subsidiary Route Mobile (UK) of up to $15 million. The corporate guarantee will be treated as a contingent liability for the company.
Crompton Greaves Consumer Electricals: The company on Wednesday reported a 17.69% decline in its consolidated net profit to Rs 130.71 crore for the second quarter ended September 30, mainly due to weak consumer demand. The company had posted a net profit of Rs 158.81 crore in the July-September quarter a year ago. However, its revenue from operations increased 22.7% to Rs 1,699.50 crore during the quarter under review against Rs 1,385.12 crore in the year-ago period.
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Q2 Results today: Indus Towers, Aditya Birla Sun Life AMC