Indian markets drifted lower in the afternoon session. The markets opened positive on Tuesday with support from energy and FMCG stocks. The market breadth was positive in the afternoon with 1250 advances and nearly 1200 declines.
BSE Sensex was up by just 50 points at 2.30 pm and NSE Nifty was in the green at 6706. Among major gainers in today's trade were ITC, Reliance, ONGC, Tata Steel and ICICI Bank. Among losers were Tata Power, Power Grid, Ambuja Cements and Hindalco.
Software services exporter Infosys on Monday reported better-than-expected rise in margins and profit for the quarter ended March 31, 2014.
The second largest software services exporter of India announced that its net profit of Rs 2,992 crore for the January to March quarter of FY2014, up 25 per cent from the corresponding quarter of the previous year. Quarter-on-quarter growth in net profit stood at 4 per cent.
Analysts had projected a net profit of Rs 2,835 crore for the company's fourth fiscal quarter.
Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.
Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.
Global financial giant, Citigroup Inc has announced its decision to cut 200 to 300 jobs in its division handling stock and bond trades in order to cut costs.
The third largest banking firm in the United States is aiming to cut its costs in order to be able to revive its business. The latest cut in jobs will result in about 2 per cent cut in its total workforce of the bank's global markets business, according to the people closer to the matter. The banking giant had a total staff of 251,000 people as of December of the previous year.
India's second largest smartphone marker, Micromax Informatics Ltd has indicated that it is looking to acquire a stake in South Korean counterpart, Pantech Co Ltd in a move to exapnd its presence in the international market.
The low cost handset maker is planning to expand its presence in the upmarket segment of the global smartphone market. Pantech, which is South Korea's third largest smartphone maker, is under a debt-restructuring programme following continued losses due to increasing competition from rivals.
India's civil aviation regulator, the Directorate General of Civil Aviation (DGCA) has grounded an aircraft belonging to Orbit Aviation Private Limited after noticing "serious" safety violations.
The regulator is conducting a safety audit to ensure safety of flights during this election season. The aircraft with the registration VT-PSB is owned by Orbit Aviation, which is partially owned by Punjab Sukhbir Singh Badal. Officials have said that the aircraft will only be allowed to fly after the operator meets all safety requirements.
According to a new report, Srichand and Gopichand Hinduja have emerged as the UK's richest Asians in 2014 with total worth of £13.5 billion pounds.
The bothers saw their worth rise one billion pounds over the previous year allowing them to remain above Steel tycoon Lakshmi Mittal, who was the second richest Asian in the country. Mittal's net worth also recorded an increase of about £1 billion to a total of £12 billion.
India's industrial sector suffered a contraction of around 2 per cent in February, dampening down hopes of economic revival and underlining the need for the more government measures to boost the economic activity.
The Index of Industrial Production (IIP), a measure of industrial output, slipped 1.9 per cent year-on-year in the month of February, against a growth of 0.8 per cent in January this year.
Sun Pharma, which recently proposed a $4-billion deal to merge Ranbaxy Labs with itself, will also make an open offer to acquire around 28 per cent stake in Zenotech Laboratories Ltd.
In a regulatory filing, Sun Pharma said it could buy nearly 96 lakh shares of Hyderabad-based Zenotech, amounting to 28.1 per cent stake, for Rs 18.42 crore or Rs 19 per share. Ranbaxy owns 46.79 per cent stake in Zenotech.
The pharma giant added that the merger of Ranbaxy into it would result in Sun Pharma's indirectly acquiring Ranbaxy's 46.79 per cent voting rights over Zenotech.
Piramal Enterprises Ltd's sale of 11 per cent stake in Vodafone India to its British parent Vodafone Group plc is consistent with the company's objective of making investments that generate attractive long-term returns, Ajay Piramal said.
U.K.-based telecom services provider Group plc has agreed to buy Piramal's 11 per cent stake in its India subsidiary for Rs 8,900 crore. Following the transaction, the British telecom giant will gain full control of the Indian unit.