Nestle India Sees More Than Rs 320 Crore Hit From Maggi Ban

MUMBAI(Sharemasterindia.com): Food giant Nestle's Indian unit said it would take a hit of more than Rs 320 crore ($45 million) from the continuing withdrawal and destruction of its Maggi instant noodles.

Nestle has been battling its worst-ever branding crisis in India since a regulator in the northern state of Uttar Pradesh found monosodium glutamate (MSG) and excess lead in a sample of its hugely popular noodles.

The company on Friday challenged those findings in court but has to continue with the withdrawal until a verdict is reached.

Biocon Rises 3% After Research Arm Gets Nod for IPO

 Sharemasterindia.com: Shares of Biocon rose as much as 3 per cent on Tuesday after the research arm of the biotechnology major received the capital markets regulator's approval to launch an initial public offer (IPO).

Biocon owns an 85.54 per cent stake in Syngene, India's largest provider of contract research services to the pharmaceutical industry.

As per the draft papers, the company plans to sell 22 million equity shares, including reservation of up to 2 million shares for Biocon shareholders, through an offer for sale.

M&M Gains on Aerospace Deal With Airbus

Sharemasterindia.com: Shares of Mahindra & Mahindra (M&M) gained on Tuesday after its subsidiary clinched a contract from aircraft manufacturer Airbus at the Paris Air Show.

Mahindra Group subsidiary Mahindra Aerospace bagged a multi-year contract to manufacture aero-components. The value of the contract was not disclosed. The Mahindra group had set up its utility aircraft and aerostructure manufacturing operation with Mahindra Aerospace in 2008.

Live: Sensex Subdued, Nifty Slips Below 8,000

 Sharemasterindia.com 11:40 a.m.: Market expert, Ajay Bagga says that the Indian markets are going down and if problems in Greece aggravate then Nifty can fall to 7,500-7,600 levels.11:32 a.m.: Reports suggest that the government is planning to sell 3 per cent stake in Bharat Petroleum. BPCL stocks were down 0.4 per cent at Rs 830.

11:27 a.m.: Russia's Rosneft is in talks to buy stake in Essar Oil. Share price reacts negatively to this development, down 2.3 per cent at Rs 143.05

Sure Shot Hot Stock Tips (Dated: 16-06-2015)

Sure Shot Hot Stock Tips (Dated: 16-06-2015)

SRTRANSFIN @ 819

Buy SRTRANSFIN above 819 with strict stoploss below 812 for Intraday Targets 824/832.

 

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