Thursday, 17 November 2016

Nifty breaks 8100 amid consolidation; Bajaj Auto, Hero Moto slip


The Indian Alternative asset manager Blackstone Group and Canadian investor Brookfield are vying with each other to pick up around 40 percent stake in Bharti Infratel. While Brookfield is bidding on its own, Blackstone is throwing its hat in the ring with private equity fund KKR & Co and Canada Pension Plan Investment Board , according to a media report quoting unnamed sources. A 40 percent stake sale in Bharti Infratel will cost around Rs 27,000 crore as per Wednesday's closing price. Bharti Airtel owns 72 percent in Infratel, wihle the remaining is vested with public shareholders. The government’s demonetisation move impacted paints demand by nearly 40-50 percent initially, said Abhijit Roy, MD & CEO of Berger Paints. However, Roy clarifies that the primary sale to dealers is not impacted but the demand from customers to dealers has reduced on back of concerns over availability of cash.

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