Equities may open lower on Friday tracking the weakness in global markets. However, the market is likely to recover lost ground as the day progresses on easing inflation concerns on the domestic front. Declining crude oil prices may also offer some solace.
Oil prices cooled down a bit Friday on concerns of decline in demand. New York's main contract, light sweet crude for delivery in October, was at $ 107.71 per barrel from its previous close of $ 107.89.
Rupee was lower Friday as traders expected outflow of funds due to weak global markets. The partially convertible rupee was at 44.46 against previous close of 44.35/36 per dollar.
Investors will also look forward to the verdict on the NSG meet to consider whether India should be allowed to resume civil nuclear trade with the international community.
A clutch of private equity players are interested in acquiring UK telecom major British Telecom’s stake in Tech Mahindra. British Telecom currently holds over 31 per cent in the venture and is learnt to be keen on retaining 10 per cent in the venture, post-transaction, given that it has committed $2 billion in business to Tech Mahindra, company sources told ET. A part sale of 21 per cent in the company would value the transaction at over Rs 1,850 crore at Thursday’s closing price of Rs 771.40 on BSE.
Realty stocks are likely to move higher after the Supreme Court upheld the Maharashtra government’s development control rule 33(7) (or, DCR) that allowed builders to avail of three to seven times the Floor Space Index while re-developing old, cess buildings in the city. The FSI fixes the extent to which an open space can be developed.
Tata Power has bought an 11.4 per cent equity stake in Australia’s Geodynamics, a geothermal energy company, for A$ 44.1 million (about Rs 165 crore). The transaction, which will see Tata Power buy 29.4 million equity shares for A$1.50 a share, will bolster the Mumbai-based power company’s presence in renewable energy space.
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