The market on Monday ended with minor gains but the Nifty managed to close above 8800.
The index traded was up 28.55 points or 0.3 percent at 8808.40, while the Sensex traded up 35.47 points or 0.1 percent at 28634.50.
Shares such as TCS, ICICI Bank, Adani Ports, ONGC and Asian Paints were amongst top gainers, while Maruti, Bajaj Auto, Hero MotoCorp, Axis Bank and HDFC Bank were in the losers category.
State-owned Indian Oil Corporation's (IOC) Rs. 1.8 lakh-crore capital investment plan over the next six years will not affect the company's credit profile, Fitch Ratings said today.
In a company statement, IOC said, "The large investment plans announced by IOC are in line with the agency's expectations that are incorporated in the assessment of its standalone credit profile of 'BB+'. Fitch equalizes IOC's rating with that of its largest shareholder, the state of India, due to their strong operational and strategic linkages."
"On September 15, had said its capex would be Rs. 1.7-1.8 lakh crore over the next six years, including around Rs 15,000 crore in the current fiscal and around Rs 25,000 crore each in 2017-18 and 2018-19," added the release.
On the other hand, the state-owned term lender IFCI will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (ACRE) to Axis Bank for Rs. 22.72 crore.
In a BSE filing, IFCI said that it has signed a share purchase agreement with Axis Bank for divesting its entire stake in ACRE (13.67 percent) resulting in total cash consideration of Rs. 22.72 crore.
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