Key indices edged higher in early trade amid mixed Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, advanced 61.02 points or 0.18% at 33,649.10. The Nifty 50 index rose 18.90 points or 0.18% at 10,367.65. Auto stocks gained.
The S&P BSE Mid-Cap index rose 0.33%. The S&P BSE Small-Cap index advanced 0.37%. Both these indices outperformed the Sensex.
The breadth, indicating the overall health of the market, was strong. On BSE, 976 shares rose and 448 shares declined. A total of 50 shares were unchanged.
Bajaj Auto (up 1.6%), ITC (up 0.79%) and Tata Motors (up 0.66%) gained.
Reliance Industries gained 0.89% after Reliance Marcellus II, LLC, a subsidiary of Reliance Holding USA, Inc., and Reliance Industries announced the closing of recently announced sale of its interest in certain upstream assets; which were operated by Carrizo Oil & Gas, Inc to BKV Chelsea LLC, an affiliate of Kalnin Ventures.
In a transaction announced on 6 October 2017, Reliance agreed to sell its entire working interest in these upstream assets to BKV Chelsea for purchase consideration of $126 million with an effective date of 1 April 2017. Additionally, under the definitive documents, a contingent amount of up to $11.25 million may be paid to Reliance between years 2018 to 2020 based on certain gas price thresholds being achieved.
The transaction closed on 21 November 2017 and Reliance received the purchase consideration subject to usual and customary purchase price adjustments. The announcement was made before market hours today, 24 November 2017.
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On the macro front, the Government of India promulgated yesterday, 23 November 2017, the ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the ordinance to amend the code.
The ordinance aims at putting in place safeguards to prevent unscrupulous, undesirable persons from misusing or vitiating the provisions of the code. The amendments aim to keep-out such persons who have wilfully defaulted, are associated with non-performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company.
In addition to putting in place restrictions for such persons to participate in the resolution or liquidation process, the amendment also provides such check by specifying that the committee of creditors ensure the viability and feasibility of the resolution plan before approving it. The Insolvency and Bankruptcy Board of India (IBBI) has also been given additional powers.
Overseas, Asian stocks were mixed while investors viewed Chinese shares with caution after their big fall the previous day. Japanese manufacturing activity expanded at the fastest pace in more than three years in November, a preliminary survey showed. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) rose to 53.8 in November on a seasonally adjusted basis from a final reading of 52.8 in October.
US stock markets remained closed yesterday, 23 November 2017 on account of Thanksgiving holiday.
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