Key benchmark indices witnessed small movement in opening trade amid initial volatility. At 9:18 IST, the barometer index, the S&P BSE Sensex rose 35.69 points or 0.11% at 32,632.23. The Nifty 50 index dropped 9.85 points or 0.1% at 9,988.20.
The S&P BSE Mid-Cap index rose 0.37%. The S&P BSE Small-Cap index advanced 0.42%. Both these indices outperformed the Sensex.
Overseas, Asian stocks edged lower amid fears that rising tensions between the United States and China could lead to a full-blown trade war. US stocks fell sharply on Friday, 23 March 2018 as investors assessed the possibility of a trade war brewing between the US and China.
Closer home, the breadth, indicating the overall health of the market, was strong. On the BSE, 740 shares advanced and 455 shares declined. A total of 70 shares were unchanged.
Reliance Industries (RIL) was up 0.68% after the company on 23 March 2018 executed definitive agreements for combination of Saavn, a leading global music OTT platform, with its digital music service, JioMusic. The combined entity is valued at over US$1 billion, with JioMusic's implied valuation at US$ 670 million. The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums.
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Reliance will also invest upto Rupee equivalent of US$100 million, out of which Rupee equivalent of US$20 million will be invested upfront, for growth and expansion of the platform into one of the largest streaming services in the world. The company will continue to operate the over-the-top media platform available on all app stores. The three co-founders of Saavn, Rishi Malhotra, Paramdeep Singh and Vinodh Bhat, will continue in their leadership roles and will drive growth of the combined entity.
In addition, Reliance is acquiring partial stake from the existing shareholders of Saavn for US$104 million, while these shareholders retain their balance stake. The shareholder base of Saavn includes Tiger Global Management, Liberty Media and Bertelsmann among others. The announcement was made after market hours on Friday, 23 March 2018.
Cipla rose 0.74% after the company announced the launch of an authorized generic version of Aloxi in the United States under applicable agreements with Helsinn Healthcare SA, in response to the at-risk launch by Teva. It is indicated for prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy and for prevention of acute nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy. The product is available for shipping immediately, Cipla said in a statement. The announcement was made before market hours today, 26 March 2018.
HCL Technologies was down 0.07%. The company said it has transferred its entire shareholding in HCL Training and Staffing Services, a wholly-owned subsidiary of the company, to HCL Comnet, another wholly-owned subsidiary of the company. The announcement was made after market hours on Friday, 23 March 2018.
Tata Power Company rose 1.44%. The company announced that it has signed a share purchase agreement (SPA) with Tata Sons for sale of 59.08 crore shares in Panatone Finvest (Panatone), representing 39.985% in Panatone. Tata Power also signed a SPA with Panatone for sale of 1.33 crore shares in Tata Communications (TCom), representing 4.7% in TCom. The announcement was made after market hours on Friday, 23 March 2018.
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