Business news live: Tarsons Products shares list with nearly 6% gain

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Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate on valuation concerns. The Asian Development Bank (ADB) has approved a $1.5 billion loan for the Indian government to purchase COVID-19 vaccines.

11:10 A.M.

Tarsons Products shares list with nearly 6% gain

Shares of life sciences company Tarsons Products listed with a premium of nearly 6% against its issue price of ₹662.

The stock listed at ₹700, a 5.74% gain against the issue price on BSE and further jumped 22.05% to ₹808. On NSE, it listed with a premium of 3.02% at ₹682.

The ₹1,023.84-crore IPO initial public offer of Tarsons Products Limited received 77.49 times subscription earlier this month. It had a price range of ₹635-662 per share.

10:50 A.M.

Rupee slips to 74.68 against US dollar

The Indian rupee fell16 paise to 74.68 against the US dollar in opening trade on negative domestic equity market and a firm American dollar.

The rupee opened on a weak note at 74.60 and lost further ground to touch 74.68 against the American dollar. On Thursday, the rupee had closed at 74.52.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.05% to 96.72.

10:15 A.M.

Godrej to develop 1.5 million sq ft housing project in Bengaluru

Realty firm Godrej Properties has bought a 16-acre land parcel in Bengaluru to develop about 1.5 million square feet saleable area comprimising primarily residential properties as it looks to expand business in major cities.

While the company did not disclose the deal value or the name of the seller, it said the 16 acres land is located at micro-market of Sarjapur.

9:30 A.M.

Markets update | Sensex, Nifty open lower

Indian equity benchmark indices, Sensex and Nifty opened on a negative note amid weak Asian markets. At 9:16 IST, the Sensex was down 722.43 points or 1.23% at 58,072.66 and the Nifty was down 233.90 points or 1.28% at 17,312.40.

Asian stocks fell the most in two months as detection of a new and possibly vaccine-resistant coronavirus variant sent investors rushing towards safe havens.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, and  Japan’s Nikkei plunged 2.5%. U.S. crude oil futures fell nearly 2% as well amid fresh demand fears.

Scientists said the variant, detected in South Africa, may be able to evade immune responses and according to the British authorities, it is the most significant variant to date which could even resist vaccines.

9:15 A.M.

Oil falls on concerns of rising surplus

Oil prices fell more than 1% on concerns that a global supply surplus could swell in the first quarter after a coordinated release of crude reserves by major consumers.  

Brent crude futures plunged 1.2% to $81.26 a barrel and U.S. West Texas Intermediate (WTI) crude was down 1.7%, to $77.04 a barrel.

The U.S.’s plan to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations is likely to swell supplies in coming months, according to an OPEC source. 

 

—-  Edited by John Xavier

 

(With inputs from Reuters, PTI and other news agencies.)

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