Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 28.50 points at the opening bell.
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, foreign portfolio investors (FPIs) sold shares worth a net Rs 1957.04 crore yesterday, 16 November 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2344.31 crore yesterday, 16 November 2016, as per provisional data.
Among corporate news, ITC 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 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.
Key benchmark indices witnessed divergent trends yesterday, 16 November 2016. The Sensex had fallen 5.94 points or 0.02% to settle at 26,298.69, its lowest closing level since 25 May 2016.
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