Key benchmark indices witnessed divergent trend in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex was up 33.85 points or 0.13% at 26,332.54. The Nifty 50 index was currently down 2.30 points or 0.03% at 8,109.30.
In overseas stock markets, Asian stocks witnessed mixed trend. US stocks closed mostly lower yesterday, 16 November 2016, as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 581 shares rose and 344 shares declined. A total of 34 shares were unchanged. The BSE Mid-Cap index was currently up 0.35%. The BSE Small-Cap index was currently up 0.17%. Both these indices outperformed the Sensex.
ITC was up 0.39%. The company after market hours yesterday, 16 November 2016 announced that King Maker Marketing, Inc., USA has ceased to be a subsidiary of the company with immediate effect. It may be recalled that ITC had announced on 9 October 2016, regarding divestment of the company's entire shareholding in its wholly owned subsidiary King Maker Marketing, Inc., USA.
Bharti Airtel rose 1.11% after the company announced the completion of the merger of its subsidiary Airtel Bangladesh with Robi Axiata, a unit ofAxiata Group Berhad. The merger was completed following the fulfilment of the condition precedents to the agreement and filing of the merger order with the registrar of joint stock companies and firms of Bangladesh Court. Post the merger, Axiata will hold 68.7% stake in the combined entity, while Airtel will hold 25%. The remaining 6.3% stake will be held by NTT DoCoMo. The announcement was made after market hours yersterday, 16 November 2016.
The combined entity will be the second largest mobile operator in Bangladesh with approximately 32.2 million customers and will operate under the Robi Axiata brand. It is well positioned to deliver an unparalleled portfolio of innovative mobile and broadband offerings at affordable rates with deep network coverage.
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The joint strengths of Robi and Airtel sets the stage for the company to deliver the widest mobile network coverage across Bangladesh, enhancing its stronghold in the mobile Internet segment as well as consolidating its position as the second largest operator in the country.
Axis Bank rose 1.37% after the bank announced redemption and cancellation to holders of $46,000,000 - 7.167% Callable Hybrid Tier I Notes (notes) issued pursuant to Axis Bank, acting through its Singapore Branch (formerly known as UTI Bank, acting through its Singapore Branch). The issuer has fully redeemed all the outstanding notes in an aggregate principal amount of $46,000,000 and an aggregate accrued amount of interest of $1,648,410 for a total sum of $47,648,410. Following the full redemption of all the outstanding notes on the redemption date, the notes have been cancelled in accordance with the conditions and there are no outstanding notes. The announcement was made after market hours yesterday, 16 November 2016.
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