MUMBAI: Equities are seen opening flat-to-negative on Tuesday amid quiet global cues. Crude oil’s record high spike to the $127 mark will weigh on sentiment.
Essar Oil’s refinery expansion project at Vadinar may turn out to be the only such upcoming project to be denied a 100% tax holiday available to refinery projects. This follows the finance ministry’s decision which allows refinery projects to enjoy the tax holiday only if they have a joint venture with a public sector company that holds a 49 per cent stake. Shares of Essar Oil ended at Rs 257.75 on the BSE.
Italy is fast turning into a hunting ground for Indian auto companies and more so for Mahindra & Mahindra. The tractor and utility vehicle maker is learnt to have set sights on Italian motorcycle marque brands — Cagiva and MV Agusta — famed for designing high-end, high-performance superbikes that are a rage on the speed motorcycle circuit. Mahindra & Mahindra shares closed at Rs 662 on the BSE.
Parsvnath Developers may bag the development rights for one of India’s biggest infrastructure projects, the Rs 1,850-crore Nanocity to come up in Panchkula near Chandigarh. The project, spread over 11,138 acres, being jointly promoted by Hotmail founder Sabeer Bhatia and the Haryana State Industrial and Infrastructure Development Corporation is modelled on the Silicon Valley and will come up in two phases. Shares of Parsvnath Developers ended at Rs 222.35 on the BSE.
Tech Mahindra has paid British Telecom $110 million as ‘exclusivity fee’ for an impending mega-deal with the UK-based telco. The company is in exclusive negotiations with BT along with a consortium partner that is a large global IT player for a significantly large deal. Tech Mahindra scrip gained 2.42 per cent to Rs 956.05 on the BSE.
Champagne Indage took over assets of UK-based wine supplier, Darlington Wines for an undisclosed amount. This is company’s fourth overseas acquisition and a part of its strategy to strengthen its overseas presence. The stock ended at Rs 530 on the BSE.
BSEL Infrastructure Realty will develop about 70 million square feet in the Iskandar region in southern Malaysia. The company will be investing Rs 18,000 crore over 12 years to develop residential and commercial property in the area. The stock ended at Rs 50.55 on the BSE.
Tata Coffee is eyeing a distribution company in Russia which owns a couple of well-known coffee brands, reports DNA Money. Shares of Tata Coffee climbed 1.35 per cent to end at Rs 228.20.
Peninsula Land and Arrow Webtex will form a joint venture to enter hospitality business. A special purpose vehicle will be created which will be held 50-50 by both the partners to build business hotels. In the first phase, an equity infusion of about Rs 100 crore is envisaged by both the joint venture partners in equal proportion.
Bombay Dyeing is considering demerging its real estate business into a separate company, reports DNA Money. The hiveoff will be followed by an initial public offering. The stock gained 5.35 per cent to close at Rs 973.15 on the BSE.
Stock specific action is likely with a slew of corporate results from the likes of Suzlon Energy, Bharat Forge, GMR Infrastructure and Tata Teleservices Maharashtra.