Sensex rose 278 points higher at 37,393 (Reuters)
Sensex rose 278 points higher at 37,393 (Reuters)

Sensex rises over 250 points; Tata Chemicals, Tata Global surge

  • Banking, metal, IT and energy stocks led gains today
  • Bajaj Finance, Tata Motors, Infosys and Vedanta were among the top gainers in the Sensex pack

Indian equities rebounded despite weak global markets, with Sensex settling 278 points higher at 37,393. Nifty climbed back above 11,250, ending the session at 11,257, up 0.90%. Among different sectors, banking, metal, IT and energy stocks led the gains today. Bajaj Finance notched its second straight day of strong gains, with shares rising 4%, following 4% advance on Wednesday. Tata Motors, Infosys and Vedanta were among the top gainers in the Sensex pack. Among banks, ICICI Bank, Axis Bank, SBI and Axis Bank also ended higher.


Tata Chemicals and Tata Global shares were in the limelight after their deal announcement under which Tata Global Beverages Ltd is acquiring all the branded food businesses from Tata Chemicals Ltd in an all-stock transaction. As part of the deal, shareholders of Tata Chemicals will get 1.14 new shares of Tata Global for every share held. Tata Chemicals shares surged 8% while Tata Global gained 11%.


"Markets managed to post decent gains and settled around the day’s high amid mixed cues. The first half was dull as widening trade deficit data and possible delay in monsoon was weighting on the sentiment. However, tone changed in latter half with sharp recovery in select index majors which aided the benchmark to end around the day’s high," says Jayant Manglik, president of retail distribution at Religare Broking.


"Markets are volatile, awaiting the outcome of general elections and tracking mixed global cues. Nifty has immediate hurdle at 11,300 and its breakout would trigger further recovery else decline may resume," he added.


Shares of InterGlobe Aviation fell 9% on reports of alleged disagreements between the airline's two promoters - Rahul Bhatia and Rakesh Gangwal.

16 May 2019, 12:51:34 PM IST

InterGlobe Aviation shares tank nearly 8%

16 May 2019, 12:49:46 PM IST

Lupin shares tank 6% after observations from USFDA for Aurangabad plant

16 May 2019, 12:32:28 PM IST

Essar Steel alleges ArcelorMittal of filing false affidavit on NPAs

Lawyer Haren Raval counsel for Essar Steel Asia Holdings Ltd has alleged that ArcelorMittal India had knowingly filed a false affidavit pertaining to NPAs on October 18, 2018.

Raval made these allegations during the National Company Law Appellate Tribunal (NCLAT) hearing of the Essar Steel bankruptcy proceedings on Wednesday.

16 May 2019, 12:32:00 PM IST

Tata Chemicals, Tata Global shares surge

Shares of both Tata Chemicals and Tata Global Beverages today surged after the Street gave a thumbs-up to their deal announcement. Under the deal, announced on Wednesday, Tata Global Beverages Ltd is acquiring all the branded food businesses from Tata Chemicals Ltd in an all-stock transaction. As part of the deal, shareholders of Tata Chemicals will get 1.14 new shares of Tata Global for every share held. Shares of Tata Global surged as much as 10% to 220 while Tata Chemicals jumped 8% to 604 on BSE, both outperforming the flat broader markets. Read more here.

16 May 2019, 10:23:10 AM IST

Edelweiss revises target price higher on Manappuram Finance

Edelweiss has increased its target price higher on Manappuram Finance to 139, from 112 earlier, while maintaining "buy". "Manappuram Finance’s better-than-expected Q4FY19 performance was primarily a reflection of significant scale up of non-gold businesses (now one-third of AUM). Liquidity challenges did not disrupt MGFL’s business metrics in FY19. The company’s investment in opening branches and sustained diversification will help it report more 20% AUM growth and generate superior RoE," the brokerage said in a note. Manappuram Finance shares were trading 0.71% higher at 121.30.

16 May 2019, 09:38:24 AM IST

Lupin shares extend losses after Wednesday's fall

Shares of Lupin Ltd fell 4% today, extending their 4% plunge on Wednesday after the company’s March quarter results trailed estimates. Stabilization in the US generic drug business and the launch of limited competition drugs had led to the expectation that the company will clock double-digit revenue growth in March quarter. In contrast, sales increased by a rather sober 8.7% from the year-ago period. (Read: Lupin’s sober March quarter brings reality check to recovery narrative)

16 May 2019, 09:38:24 AM IST

Asian shares fall after U.S. blacklists China's Huawei

Asian shares fell today after the US hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain China-US trade ties. MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.2%, hovering not far off its lowest since late January. Japan's Nikkei dropped 0.6%, with banks hurt by weak earnings, while South Korean shares also lost 0.6% and Chinese blue chips were down 0.2%.

Close