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Market Live: Midcap index outperforms

by Juan D. Vanpelt

Mindtree Open Offer Fully Subscribed

The open offer launched by L&T for midcap IT company Mindtree has been fully subscribed, reports CNBC-TV18 quoting sources.

About 31 percent of shareholders have tendered shares in the open offer, the report said.

The open offer is scheduled to be closed on June 28.

Torrent Power shares rallied 2.55 percent intraday to hit a 52-week high of Rs 279 after Gujarat Electricity Regulatory Commission approved power procurement arrangement.

The company said GERC approved the power procurement arrangement of 278 MW between the company’s UNOSUGEN power plant and its Licensed Distribution Business for cities of Ahmedabad, Gandhinagar and Surat.

The approval, with certain stipulations, is for the balance life of the plant i.e. 19 years, it added. Indian businesses have the second most optimistic outlook after Indonesia, as almost nine in ten (89 percent) Indian firms expect to grow over the next two years, says an HSBC survey.

The survey on more than 2,500 companies across 14 markets in the world showed that businesses in India are very optimistic about their growth prospects, despite subdued macro-economic conditions.

In the last fiscal, the Indian economy grew at a 5-year low pace of 6.8 percent. The survey showed that Indian businesses have the greatest investment appetite across the 14 markets and none mentioned any plans to decrease their level of investment. Source: PTIShares of English-Hindi news television network TV Today jumped 11 percent intraday after HDFC Mutual Fund increased its stake in the company by 2 percent.

Schemes of HDFC Mutual fund, which earlier held 5 percent stake in TV Today Network, bought 12.78 lakh shares, amounting to 2.14 percent shareholding in the company, as per a regulatory filing by the MF house.

Post-transaction, HDFC Mutual Fund’s stake in TV Today now stands at 7.14 percent, increased from 5.004 percent earlier.

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