Domestic stocks logged modest gains in a steady session of trade on buying demand in index pivotals. The barometer index, the S&P BSE Sensex, rose 135.73 points or 0.36% at 37,691.89. The Nifty 50 index rose 26.30 points or 0.23% at 11,387.10.
Domestic stocks saw a gap-up opening on positive Asian stocks. Stocks trimmed gains soon after hitting fresh intraday high in morning trade. The Sensex and the Nifty, both, scaled record high in morning trade. Key benchmark indices once again regained strength in mid-morning trade. Stocks trimmed gains in early afternoon trade. Indices hovered in narrow range in afternoon trade. Firmness prevailed on the bourses in mid-afternoon and late trade.
The S&P BSE Mid-Cap index rose 0.26%, underperforming the Sensex. The S&P BSE Small-Cap index rose 0.39%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,603 shares rose and 1,125 shares fell. A total of 193 shares were unchanged.
Hindustan Unilever (HUL) fell 1.67%. HUL announced that it has signed an agreement with Vijaykant Dairy and Food Products (VDFPL) and its group company to acquire its ice cream and frozen desserts business consisting of its flagship brand Adityaa Milk and front-end distribution network across geographies. The announcement was made during market hours today, 6 August 2018.
The proposed acquisition is in line with HUL's strategic intent to strengthen its position in the rapidly growing Ice Cream and Frozen Dessert market in India. VDFPL will manage the business until the transaction is completed, and will also continue to manufacture for HUL for an agreed period of time.
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Sanjiv Mehta, Chairman and Managing Director of HUL, said the acquisition will complement existing portfolio of Kwality Wall's.
Bharti Airtel advanced 2.75%. Bharti Airtel (Airtel) and Telecom Egypt, Egypt's first integrated telecom operator, announced a strategic partnership, wherein, Airtel will get IRUs (Indefeasible Right of Use) on Middle East North Africa Submarine Cable (MENA Cable) and TE North Cable Systems. In addition, Airtel will also take large capacities on a long-term basis on two new state-of-the-art Cable Systems (SMW5 & AAE1). The transactions aim to be concluded after the fulfillment of all conditions precedents. The announcement was made during trading hours today, 6 August 2018.
The partnership grants Airtel the right to use fiber pairs of MENA Cable from Egypt to India with access to Saudi Arabia and Oman, and other fiber pairs from Egypt towards Italy. It also extends beyond MENA Cable, where Airtel will get the right to use a fiber pair from Egypt to France on TE North along with capacities on SMW5 and AAE1 cable systems.
With this, Airtel will be able to further diversify its global network to serve the massive growth in demand for data services, particularly in emerging markets across South Asia, Africa and Middle East, while also benefitting from the favorable economics of Telecom Egypt's existing wide cable systems network. Telecom Egypt is the first total telecom operator in Egypt providing all telecom services to its customers including fixed and mobile voice and data services.
TCS shed 0.07%. TCS announced that it fixed 18 August 2018 as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback offer of the company. The announcement was made on Saturday, 4 August 2018.
In June 2018, TCS' board approved buyback of upto 7.61 crore equity shares, aggregating upto 1.99% of the fully paid-up equity share capital of the company, at Rs 2,100 per share, for an aggregate amount not exceeding Rs 16000 crore.
L&T was unchanged at Rs 1,291.40. L&T during market hours today, 6 August 2018 said that its construction arm L&T Construction has won order valued Rs 1296 crore across various business segments.
Overseas, European shares were trading lower Monday amid a backdrop of renewed trade tensions. Asian stocks were mixed as earnings seasons rolls on. Investors continued to monitor the US-Sino trade spat. On Friday, China said it was preparing retaliatory measures against US tariffs targeting $60 billion worth of US goods with import duties.
US stocks closed higher Friday, 3 August 2018, as positive earnings surprises lifted shares. On the data front, the US posted another solid spurt in hiring in July. Some 157,000 new jobs were created last month despite widespread complaints among businesses about a shortage of skilled labor, the Labor Department said Friday. The total number of new jobs created in June and May was upwardly revised by a combined 59,000. Unemployment, meanwhile, slipped below 4% again, to 3.9%, as more people found work. The jobless rate is at a nearly two-decade low.
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