The Indian market is rising modestly in early trading on Monday, shrugging off China's interest rate hike over the weekend. However, trading remains range bound ahead the expiry of near-month derivative contracts on Thursday.
The benchmark 30-share Sensex is currently up 74 points or 0.37% and the 50-share Nifty is rising by 22 points or 0.36%. The BSE mid-cap and small-cap indexes are gaining 0.61% and 0.72%, respectively. Sector-wise, capital goods, consumer durables, realty, healthcare and IT stocks are in demand.
Reliance Communication is down nearly 3% after Mukesh Ambani's Reliance Industries denied market talk that it would take control of the telecom company controlled by his younger brother Anil Ambani.
Patni Computer Systems is gaining half a percent on the buzz that iGate Corp could acquire a majority stake in the company for around $1 billion. NMDC is up 1.79% on reports that it will hike iron ore prices from January.
Tata Steel is declining 0.63% after it reportedly appointed lead managers to raise up to $1 billion through the sale of shares with different voting rights. Ravi Kumar Distilleries is trading at Rs.83.75 on its debut, up nearly 31% compared to its initial public offering price of Rs.64 per share.
GMR Infrastructure is rising 1.57% after its unit GMR SEZ & Port Holdings Private signed a share subscription and shareholders agreement to buy a 51% stake in Kakinada SEZ. Timken India is up 0.76% after it received board approval to expand its tapered roller bearing manufacturing capacity in India.
BF Utilities is climbing 5.39% on receiving board approval for a foreign direct investment of Rs.500 crore in its unit Nandi Infrastructure Corridor Enterprises. Pradeep Metals is down 3% ahead of a board meeting this week to consider issuance of equity shares, warrants or other convertible instruments to its promoters on a preferential basis.
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