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MARKET SUMMARY OF 08 JUN
2018:
BSE
Sensex closed lower by 19.41 points, or 0.05%, to 35,443.67, while the Nifty 50
ended unchanged 10,767.65, down 0.70 points, 0.01%. Meanwhile, BSE MidCap and
SmallCap rose 0.42% and 0.58%, respectively.Among the sectoral indices on BSE,
healthcare gained most at 3.62%, IT 0.77%, energy 0.75% and teck 0.73%.
Tata Steel has placed an aggressive bid of 6,000 crore to acquire Kolkata-based Usha
Martin, a specialty steel producer with a production capacity of 1 million
tonnes in Jamshedpur. The promoters of Usha Martin are selling the steel
business to pare the Group’s debt.
“Tata Steel had
a meeting with Usha Martin officials in Kolkata on Wednesday and in all
probability they will outbid JSW Steel, which has placed a bid of 5,500 crore,” said sources close to the
development.
Usha Martin is
one of the largest wire-rope manufacturers in the world and leading specialty
steel manufacturer in India. The company set up its first long product plant in
1974 near Jamshedpur.
So continue to hold Tatasteel call given in last post
for the target.
MAJOR LOSERS: Power
Grid, HDFC, Axis Bank and ITC
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