Stocks
Nifty, Sensex will make a laboured rise – Monday closing report
Nifty is headed higher subject to small dips
 
We had mentioned in Friday’s closing report that Nifty, Sensex may rally a bit and that Nifty may rise upto 8,100 subject to dips. A severe setback for BJP in Bihar state selections led to a sharp decline at the open today but investors bought into the decline and the indices ended with loss of around 0.5%. The trends of the indices during the day’s trading are given in the table below:
 
 
Investor sentiments were subdued on Monday, a day after the BJP-led coalition suffered a rout in the Bihar assembly polls. Notwithstanding the slide, both the bellwether indices recovered their lost ground on the back of recent reform measures announced for the power and banking sectors. Bargain hunting too brought back investors. 
 
Reliance Power on Monday declared its maiden interim dividend of 10 percent, amounting to a total outgo of Rs.281 crore. The company said that its board in a meeting held on Monday declared the maiden dividend which comes to about Re.1 per equity share of Rs10 each. The interim dividend was announced after the company reported a 36.57% jump in its net profit to Rs345.63 crore for the quarter ended on September 30, on higher electricity generation. The total income of the company increased by 51.58% to Rs.2,856.01 crore in the second quarter of current fiscal as against Rs1,884.18 crore in the same quarter last year. The shares of the company closed at Rs49.40, up 1.96% on the BSE.
 
Airline major Jet Airways on Monday confirmed its largest-ever fleet order for 75 Boeing 737 'Max' aircraft. The order, which includes options and purchase rights for an additional 50 aircraft, was signed at the Dubai Airshow. The company said that the transaction will be completely financed and managed through a sale and lease back arrangement, which will be signed, when Jet Airways takes delivery of the aircraft from 2018.  
 
Nestle India on Monday said it has begun the roll-out of Maggi noodles in 100 cities, terming the five-month ban as "one of the biggest crises" it has faced in the 32-year history of the brand in the country. It also announced a pact with Snapdeal for online sales. "The return of Maggi Noodles on the auspicious eve of Deepawali and on the day of Dhanteras is a moment of celebration for all of us," Nestle India chairman and managing director Suresh Nayaranan said, announcing the re-launch, after it was taken off the shelves on June 5. "The crisis we went through is a big one for Nestle India. But we were always confident about the quality and safety of Maggi noodles. It is an important brand for the company," Narayanan told a round-table with journalists to announce the re-launch. The first to hit the shelves will be the masala variant and others will follow later, he said. The shares of the company closed at Rs6,136.70, down 0.57% on the BSE.
 
The top gainers and top losers of the indices are given in the table below:
 
 
 
 
The closing values of the major Asian indices are given in the table below:
 
 
 

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Adani to acquire L&T's Kattupalli port near Chennai
Gujarat-based Adani Group has signed an agreement with Larsen & Toubro Ltd. to acquire the latter's Kattupalli port near here for an undisclosed sum, the two parties said on Monday.
 
In a regulatory filing with the Bombay Stock Exchange (BSE), Larsen & Toubro (L&T) said it has entered into an in-principle agreement with Adani Kattupalli Ports Private Ltd. for a strategic sale of Kattupalli port.
 
Adani Kattupalli Ports is a subsidiary of Adani Ports and Special Economic Zone.
 
The Kattupalli port is under L&T Shipbuilding Ltd., a subsidiary of L&T.
 
According to L&T, it has entered into an arrangement with Adani Kattupalli Ports to hand over the port operations while awaiting regulatory approvals for the formal transfer.
 
L&T also said the port operations will be demerged from its subsidiary L&T Shipbuilding.
 
The Kattupalli port is a deep water, all- weather port with an international container terminal.
 
The port with two berths started operations in 2013.
 
The berths are equipped with six quay cranes and designed to handle container, dry bulk and break-bulk cargo. There is an environmental approval for further expansion.
 
"The Kattupalli agreement is yet another step by us to continue to enable the development of the port infrastructure that is critical for our country. The Kattupalli port is a strategic complement to our Ennore Container terminal which is getting commissioned next year," Adani Group chairman Gautam Adani was quoted as saying in a statement.
 
The Adani Group owns and operates seven ports and terminals - Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa and Visakhapatnam in Andhra Pradesh.
 
Adani is developing a terminal at Ennore in Tamil Nadu and Vizhinjam International Deepwater Seaport in Kerala.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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