Mumbai: The divestment ministry is planning to sell 10% stake in Coal India Ltd and Indian Oil Corp. Ltd as well as 11.36% stake in NHPC Ltd, next fiscal after the success of its recent offer for sale, reported Economic Times.
US markets ended lower on Monday on the back of lower volumes and losses in energy and retail shares as investors reassessed this year’s 6% rally, reported MarketWatch. The Dow Industrial Average was down 0.2%, while the S&P 500 and Nasdaq Composite slipped 0.1% each.
Elsewhere in Asia, Japan’s Nikkei Stock Average soared in a holiday-thinned trading session on Tuesday after the yen touched multi-year lows. Markets in China and Hong Kong remained closed for the second consecutive day on account of Chinese New Year.
In India, car sales are set to fall for the first time in a decade, after the Society of Indian Automobile Manufacturers said that the growth forecast of 0-1% for this year will not be met as weak growth, high interest rates and rising fuel prices continue to dent demand.
TVS Motors Co. Ltd may see some action after the management said that it plans to gain market share with new launches, reported Mint. TVS plans to launch one more executive-class bike and two scooters over the next three quarters.
Hospitality companies are trying out various ways to pare debt by holding up expansion plans after some firms had to restructure loans, reported Mint. Royal Orchid Hotels Ltd is the latest company to have applied for corporate debt restructuring to reduce debt of around Rs.150 crore.
MCX shares may see some action following reports that NYSE Euronext is planning to sell its 4.79% stake worth Rs.325 crore to deliver its commitment to optimize the business portfolio. Also the first session of equities trading on MCX Stock Exchange on Monday saw subdued response, with a turnover of only Rs.12.5 crore.
Eros International Media Ltd will be in the limelight after it inked a 50:50 content deal with Endemol India, to share investments of Rs.100 crore, reported Economic Times. Endemol is producer of reality shows such as Bigg Boss and Eros International Plc has produced films such as English Vinglish and Vicky Donor.
ONGC Ltd shares will be under pressure as December quarter results revealed its subsidy sharing woes continued to persist. Subsidy at Rs.12,432 crore in Q3 was lower than in the same period last year. ONGC posted a 17.5% drop in its October to December quarter earnings.
Cipla Ltd shares will be on the buzzer after it got some relief in its patent battle with Pfizer Inc., reported Business Standard. The patent office ruled in favour of Cipla and said that Pfizer’s claimed patent for Sutent, a cancer drug, did not involve any inventive step.
Tata Consultancy Services Ltd may see some action after Nielsen Holdings increased the size of its contract with the company to $2.5 billion from $1 billion and also extended the date till 2020.
Lastly, Pope Benedict XVI became the first pontiff to step down and relinquish the role voluntarily in nearly 600 years citing that he no longer had the mental and physical strength to cope with his ministry.