F&O: Bulls have a tight grip on this market; Nifty eyes 11,150
The Nifty50 index continued its upward move for the fifth consecutive session and made a new lifetime high of 11,092 on Tuesday. It has been making higher highs and higher lows since last four trading sessions, and supports have gradually shifted higher. It formed a bullish candle with a runaway gap on the daily scale, and the bulls had a tight grip beyond the psychologically important 11,000 mark.
From pharma to finance, dealmakers off to hottest start of year since 2000
From pharma to finance, deal making in 2018 is on fire around the globe. Just three weeks into the year, the value of mergers announced totals $152.5 billion. That’s the highest since the $374 billion racked up in the same period during the technology deal frenzy in 2000, according to data compiled by Bloomberg. While clouds loom, bankers say the US corporate tax cut, robust economies and rising stock markets are giving executives confidence to sign off on billion-dollar transactions — and in some cases, to pay rich prices.
ArcelorMittal opts out of Bhushan Power & Steel race
ArcelorMittal, the world’s largest steel producer, has withdrawn from bidding for bankrupt Bhushan Power & Steel after it conducted due diligence on the Indian company. ArcelorMittal informed the Bhushan Power & Steel committee of creditors of its decision through a letter sent by its financial advisor Goldman Sachs, according to people with knowledge of the matter. Tata Steel, JSW, Vedanta, AION Capital and a Dubai-based billionaire whose identity could not be ascertained remain in the fray for the bankrupt company ahead of the January 29 deadline for final offers.
Sequoia plans largest India fund at $1 billion
Blue chip venture capital firm Sequoia Capital is preparing to raise up to $1 billion for its sixth India-focused fund, according to four people familiar with the development, making it the largest corpus raised for the domestic market. The Silicon Valley-headquartered firm’s plans for a new fund comes two years after it raised $930 million for its previous India-focused fund.
Petrol, diesel prices jump; Oil ministry seeks excise duty cuts
Petrol prices today hit the highest level since the BJP government came to power in 2014, and diesel touched a record high of Rs 63.20 a litre, prompting the oil ministry to seek a cut in excise duty. Petrol price rose to Rs 72.38 per litre in Delhi, highest since March 2014, according to daily fuel price list of state-owned oil firms. Rates have risen by Rs 3.31 per litre since mid-December. In Mumbai, prices have crossed Rs 80-mark – costliest in the country.
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