Business

Post-transaction, Ctrip.com — an existing stakeholder in MMT — will increase its stake in the Indian travel company to 49 per cent.

The company's market valuation fell by Rs 3,035.31 crore to Rs 16,524.69 crore on the Bombay Stock Exchange. It's market valuation fell by Rs 3,035.31 crore to Rs 16,524.69 crore on the BSE.

In the previous session on Monday, the 30-share Sensex settled 52.16 points, or 0.14 per cent, higher at 37,402.49, and the NSE Nifty edged 6.10 points, or 0.06 per cent, up at 11,053.90.

After rallying 369 points during the day amid positive cues from global markets, the 30-share Sensex settled 52.16 points, or 0.14 per cent, higher at 37,402.49. It hit an intra-day high of 37,718.88 and a low of 37,358.49.

Cathay has emerged as the highest-profile corporate target as Beijing looks to quell protests that have gone on for 11 straight weeks in the Chinese-controlled territory.

More than 1,200 restaurants in several major Indian cities have reportedly de-listed themselves from the dine-in programmes of services like Zomato over the 'unsustainable' deep discounts offered by the aggregators.

At 10:27 am, Sun Pharma shares were trading at Rs 415.05, down 5.5%, after hitting an intra-day low of Rs 412. The stock had risen over 4% in the previous session.

To help the sector come out of the stress, Finance Minister Nirmala Sitharaman in the Budget announced support for fundamentally sound NBFCs in getting continued funding from banks.

Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said the partnership will cover all of RIL's Refining and Petrochemicals assets, including 51 per cent of the Petroleum Retail joint venture.

Consumption of fuel, a proxy for oil demand, totaled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Saturday.

At 10:57 am, the NBCC stock was trading at Rs 35.60, down 10.4%, on BSE after hitting an intra-day low of Rs 34.05, its 52-week low. The stock has corrected nearly 50% in the last one year.

The S&P BSE Sensex jumped 637 points to 37,327 points, while the Nifty reclaimed the 11,000 mark, rising 177 points, or 1.6%, to 11,032.45. Here are the three key reasons behind the run-up in equity markets today:

The govt’s Sovereign Gold Bond Scheme 2019-20 Series III looks attractive to investors as it is still offering gold units at an issue price of Rs 3,499 per gram.

The RBI repo rate cut to 5.4% also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

This comes against the backdrop of Chairman Damodaran's response to a letter by co-promoter Rakesh Gangwal to the board wherein the latter has said there are 'serious unresolved issues' and opposed expanding the board to have 10 members.

The RBI also lowered the GDP growth target for 2019-20 to 6.9%, as against the earlier estimate of 7%.