Trading of CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses today, 26 December 2016.
Overseas, Asian stocks were trading on a mixed note. US stocks ended a thinly traded session on Friday, 23 December 2016 with slight gains as the Santa rally that has taken indexes to repeated records lost steam in the final trading days before the holidays. The market has been in rally mode since the US election, with investors betting that President-elect Donald Trump will advocate for policies including massive corporate tax cuts and deregulation that will accelerate growth. US markets will remain closed today, 26 December 2016 in observance of Christmas holiday.
Back home, trading for the week ended on a positive note as key benchmark indices snapped a seven-day losing streak and settled with small gains after what was a volatile session of trade on Friday, 23 December 2016. The Sensex gained 61.10 points or 0.24% to settle at 26,040.70, its highest closing level since 21 December 2016.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1462.65 crore on Friday, 23 December 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1614.94 crore on Friday, 23 December 2016, as per provisional data.
Among corporate news, ONGC announced that its board on Friday, 23 December 2016, considered the proposal and approved acquisition of the entire 80% participating interest (PI) of Gujarat State Petroleum Corporation (GSPC) along with operatorship rights,at a purchase consideration of $995.26 million for Deen Dayai West Field in Krishna Godavari (KG) Basin offshore. The announcement was made after market hours on Friday, 23 December 2016.
ONGC and GSPC were engaged in discussions on a potential transaction for purchase by ONGC of GSPC's stake and operatorship in NELPIII block in KG Basin offshore.
ONGC shall also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayai West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plans by DGH/Management Committee of the block.
The transaction would be documented by signing a farm-in agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of production sharing contract of the block.
Yes Bank announced that it has placed Rs 3000 crore of Basel III compliant Additional Tier-1 (AT1) bonds through private placement against the base issue size of Rs 2100 crore. The bonds will be listed on the BSE and its proceeds will qualify for Basel III Tier-I capital. The bonds carry a coupon rate of 9.5% per annum. The bonds have been rated as CARE AA (Stable Outlook) by CARE Ratings and IND AA (Stable Outlook) by India Ratings & Research (A Fitch Group Company). The announcement was made on Saturday, 24 December 2016.
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