Monday, 2 July 2018

Sensex Falls 200 Pts Major Asian Stocks Trip 1% Amid Trade Concerns

Posted by suhani varma on Monday, July 02, 2018 with No comments

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The market extended losses in morning with the Sensex falling more than 200 points. Asian stocks are under pressure with China's Shanghai losing over a percent ahead of a looming deadline when tariffs from both Washington and Beijing are expected to take effect.


The Nifty Midcap index traded in line with frontliners, falling more than half a percent.


The 30-share BSE Sensex fell 223.65 points to 35,199.83 and the 50-share NSE Nifty slipped 74.80 points to 10,639.50. About 1,133 shares declined against 874 advancing shares on the BSE.


Mobile tower firm Bharti Infratel today said it has received approval of the fair trade regulator CCI for its proposed merger with Indus Towers Ltd.

In April this year Bharti Airtel, Idea Cellular and Vodafone Group had announced an agreement for merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China with over 163,000 towers across 22 telecom service areas.

"...approval of Competition Commission of India (CCI) has been received for the proposed merger of Bharti Infratel Ltd and Indus Towers Ltd," the mobile tower firm said in a regulatory filing.

The combined company will own 100 percent of Indus Towers. Indus Towers is currently jointly owned by Bharti Infratel (42 percent holding), Vodafone (42 percent), Idea Group (11.15 percent) and Providence (4.85 percent).

Post the deal, Bharti Airtel and Vodafone will jointly control the combined company, and the transaction is expected to close before the end of 2018-19, subject to statutory approvals.

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