SREI Infrastructure shares gained 3.5 percent as Bharat Road Network IPO will open from September 6-8.
1:55 pm Management Speak: On Monday, McDonald's India terminated its franchise agreements with Connaught Plaza Restaurants Limited (CPRL), which runs 169 restaurants in north and east India. Also McDonald's has filed an appeal with the National Company Law Appellate Tribunal (NCLT) challenging the reinstatement of Bakshi.
In an interview to CNBC-TV18, Vikram Bakshi, MD of CPRL spoke at length about the agreement.
"We go right back to the judiciary who gave me the right to come back and work in the company and to bring it back to its old glory. McDonald's doesn't want it. So I guess the decision finally have to be made, one way or the other. What you are forgetting is that I did not start this," said Bakshi.
In an interview to CNBC-TV18, Vikram Bakshi, MD of CPRL spoke at length about the agreement.
"We go right back to the judiciary who gave me the right to come back and work in the company and to bring it back to its old glory. McDonald's doesn't want it. So I guess the decision finally have to be made, one way or the other. What you are forgetting is that I did not start this," said Bakshi.
If partners have to part, they have to part on the basis of policy of India, he added.
He further said that according to Indian policy a foreign company wanting to buy out the shareholding of an Indian partner, it can do so on the basis of fair market value.
1:35 pm Appointment: Tata Sons today announced the appointment of Roopa Purushothaman as its Chief Economist and Head of Policy Advocacy.
Purushothaman, who will join Tata Sons with effect from September 1, comes from Everstone Capital, where she was leading the research function.
"In her role, Purushothaman will drive macroeconomic research as well as all policy and advocacy initiatives as relevant to the businesses of the Tata group," Tata Sons said in a statement.
1:18 pm Market Check: Equity benchmarks continued to consolidate in afternoon, with the Nifty hovering around 9,860 level as investors looked for triggers.
The 30-share BSE Sensex was up 45.64 points at 31,613.65 and the 50-share NSE Nifty gained 12.65 points at 9,865.15.
The BSE Midcap and Smallcap indices gained half a percent each. About 1,354 shares advanced against 998 declining shares on the BSE.
Equity market will remain shut on Friday for Ganesh Chaturthi holiday.
1:10 pm Liquor stocks in focus: Investors cheered liquor stocks, as key companies in the sector rose between 2 and 15 percent intraday.
United Spirits (up 6 percent), Globus Spirits (5 percent), Pincon Spirits (8 percent), Radico Khaitan (5 percent) and United Breweries gained around 2 percent.
The development comes after a newspaper reported a clarification issued by the Supreme Court stating that the highway liquor ban does not apply within city limits. This is seen as bringing in a huge relief to these companies.
The publication further laid out what the apex court said in its order. "The purpose of the directions contained in the order dated December 15, 2016 is to deal with the sale of liquor along and in proximity of highways properly understood, which provide connectivity between cities, towns and villages. The order does not prohibit licensed establishments within municipal areas. This clarification shall govern other municipal areas as well. We have considered it appropriate to issue this clarification to set at rest any ambiguity."
He further said that according to Indian policy a foreign company wanting to buy out the shareholding of an Indian partner, it can do so on the basis of fair market value.
1:35 pm Appointment: Tata Sons today announced the appointment of Roopa Purushothaman as its Chief Economist and Head of Policy Advocacy.
Purushothaman, who will join Tata Sons with effect from September 1, comes from Everstone Capital, where she was leading the research function.
"In her role, Purushothaman will drive macroeconomic research as well as all policy and advocacy initiatives as relevant to the businesses of the Tata group," Tata Sons said in a statement.
1:18 pm Market Check: Equity benchmarks continued to consolidate in afternoon, with the Nifty hovering around 9,860 level as investors looked for triggers.
The 30-share BSE Sensex was up 45.64 points at 31,613.65 and the 50-share NSE Nifty gained 12.65 points at 9,865.15.
The BSE Midcap and Smallcap indices gained half a percent each. About 1,354 shares advanced against 998 declining shares on the BSE.
Equity market will remain shut on Friday for Ganesh Chaturthi holiday.
1:10 pm Liquor stocks in focus: Investors cheered liquor stocks, as key companies in the sector rose between 2 and 15 percent intraday.
United Spirits (up 6 percent), Globus Spirits (5 percent), Pincon Spirits (8 percent), Radico Khaitan (5 percent) and United Breweries gained around 2 percent.
The development comes after a newspaper reported a clarification issued by the Supreme Court stating that the highway liquor ban does not apply within city limits. This is seen as bringing in a huge relief to these companies.
The publication further laid out what the apex court said in its order. "The purpose of the directions contained in the order dated December 15, 2016 is to deal with the sale of liquor along and in proximity of highways properly understood, which provide connectivity between cities, towns and villages. The order does not prohibit licensed establishments within municipal areas. This clarification shall govern other municipal areas as well. We have considered it appropriate to issue this clarification to set at rest any ambiguity."
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