Sensex Ends Volatile Day In Green; Realty, Energy Stocks Lead Gains -

Sensex Ends Volatile Day In Green; Realty, Energy Stocks Lead Gains

Oct 24, 2018Jeremy ParkinsonFinance, No picture0

After opening the day in the red, share markets in India witnessed volatile trading activity throughout the day and ended the day in above the dotted line. Sectoral indices traded mixed, with stocks in the energy sector and stocks in the banking sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 187 points (up 0.6%) and the NSE Nifty closed up by 78 points (up 0.8%). The BSE Mid Cap index ended the day up 1%, while the BSE Small Cap index ended the day up by 0.7%.

The rupee was trading at Rs 73.21 against the US$ in the afternoon session. Oil prices were trading at US$ 75.81 at the time of writing.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was down by 0.3% and the Shanghai Composite was up by 0.3%. The Nikkei 225 was up by 0.4%. Meanwhile, European markets too were trading on a mixed note. The FTSE 100 was down by 0.4%. The DAX, was down by 0.7% while the CAC 40 was down by 0.6%.

In news from stocks in the FMCG and pharma sector, Zydus Wellness share price was in focus today after it was reported that the company is planning to acquire Heinz India.

Zydus Welness, a part of the Ahmedabad-headquartered Zydus group, announced plans to acquire Heinz India, known for its brands like Complan, Glucon D, Nycil and Sampriti Ghee.

The company said it had entered into a definitive agreement to acquire the subsidiary of Kraft Heinz, Heinz India Private Limited, jointly with Cadila Healthcare Ltd., at a valuation of Rs 45.9 billion.

Apart from the four iconic brands, Heinz India’s business comprises two large manufacturing facilities in Aligarh and Sitarganj and teams devoted to operations, research, sales, marketing and support. Heinz India also has a strong network of over 800 distributors and more than 20,000 wholesalers covering 29 states. This valuation includes net working capital of Rs 400 million, cash of Rs 150 million and assumes no debt. The transaction was expected to close in the fourth quarter of 2018-19, subject to regulatory approvals, Zydus Wellness said in a media statement.