Power Stocks Lead Losses

Thu, 21 Jul 01:30 pm

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Indian indices slipped into the negative territory during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the oil & gas and realty leading the gains while banking and power stocks trading in the red.

The BSE Sensex is trading lower by 168 points (down 0.6%) and the NSE Nifty is trading lower by 39 points (down 0.5%). The BSE Mid Cap index is trading higher by 0.2% while the BSE Small Cap index is trading higher by 0.2%. Gold prices, per 10 grams, are trading at Rs 30,756 levels. Silver price, per kilogram, is trading at Rs 45,849 levels. Crude oil is trading at Rs 3,104 per barrel. The rupee is trading at 67.21 to the US$.

As per an article in Livemint, Wipro has signed a contract with Canadian airports authority to provide information technology (IT) and business transformation services over a seven-year period.

The agreement between the Greater Toronto Airports Authority (GTAA) and Wipro include transformation of airport operations for GTAA and deployment of emerging technologies.

GTAA operates Toronto Pearson International Airport, the largest airport in Canada and the second largest in North America in terms of international traffic.

Reportedly, this partnership will transform airport operations, create opportunities for joint innovation and aid Toronto Pearson develop a leading digital airport globally.

The announcement comes a day after Wipro declared its first quarter results of FY17. The company has reported a 0.3% QoQ decrease in sales while net profits were down 8.3% QoQ. (Subscription Required)

Moving on to the news from cement sector. According to a leading financial daily, the Cabinet Committee on Economic Affairs (CCEA) authorized Ambuja Cements Ltd.'s planned acquisition of a 24% stake in its holding company Holcim India Pvt. Ltd.

Under this deal, Ambuja Cements will acquire 24% share in Holcim India for Rs 35 billion. Following this deal, Holcim India will merge with Ambuja Cements.

Reportedly, this will be followed by a stock merger between Holcim India and Ambuja. Further, Ambuja Cements will issue 58.4 million shares to Holcim India. This proposal has also been permitted by CCEA. Radhika Pandit, Managing Editor of ValuePro has offered bits on how amendment in laws would transform the landscape of cement industry (Subscription Required) in one of the premium editions of The 5 Minute Wrap Up.

Post completion of the deal, LafargeHolcim will hold roughly 60 million tonnes of cement capacity through the two units-ACC and Ambuja Cements.

Both Ambuja Cements and ACC are subsidiaries of world's largest cement maker Lafarge Holcim. Further, these dealings would enable Lafarge Holcim to create a linear corporate structure and strengthen its footprint in India, the reports stated.

Ambuja Cements was trading up by 1.4% at the time of writing.

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