Sensex Trades Flat; Sun Pharma & Tata Motors Top Gainers

Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the telecom sectormetal sector and healthcare sector witnessing buying interest while energy stocks and IT stocks are witnessing selling pressure.

The BSE Sensex is trading down by 37 points (down 0.1%), while the NSE Nifty is trading down by 10 points. The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.1.

The rupee is trading at Rs 71.08 against the US$.

Market participants are tracking HDFCAxis BankBajaj FinanceHCL Technologies as they announce their December quarter results today.

You can also read our recently released Q3FY19 results: Reliance IndustriesFederal BankInfosysTCSTridentHDFC bankMaruti SuzukiDHFLGruh Finance.

In the news from the aviation spaceJet airways share price is witnessing buying interest today amid reports that the airline is seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorized share capital of the company to enable the issue of fresh preference shares.

The move comes as the airline's founder-chairman Naresh Goyal is negotiating a debt restructuring and fundraising plan.

According to reports, a proposal to bring down Goyal's stake to less than 20% from 51% was being discussed.

The airline has proposed to raise authorized share capital to Rs 22 billion. This would comprise Rs 6.8 billion of equity capital and Rs 15.2 billion of preference share capital.

The airline has a debt of over Rs 82 billion and a consortium of banks led by State Bank of India is working on a resolution plan after it defaulted on its principal and interest payments for the December-end quarter.

Last month, Jet had said it was working on a comprehensive resolution plan, including options on the debt-equity mix, equity infusion by various stakeholders and consequent change in the composition of the board.

1 2 3
View single page >> |

Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.