Sensex, Nifty trade flat after opening higher; Bharti twins gain

Integrated travel and travel related financial services player Thomas Cook India said its board approved a fund raising plan of Rs 600 crore by divesting 5.42 percent stake in its subsidiary Quess Corp.

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The company said the stake sale will be carried out through an offer-for-sale route. It has fixed a floor price of Rs 800 per share.

The company said the move is to meet Sebi regulations that require promoters to bring down their stake to 75 percent. Post-dilution, the combined promoter shareholding in Quess Corp (of Thomas Cook India and Ajit Isaac, CMD & CEO, Quess Corp) would be 75.38 percent.

Technical textiles manufacturer Garware-Wall Ropes (GWRL) posted 6.9 percent growth in profit after tax at Rs 28.2 crore for the quarter ended September 30, compared to the same period last year.

The company's PAT stood at Rs 26.3 crore in the corresponding period of FY17, GWRL said in a release issued here.

Net sales, however, declined by 8.9 percent to Rs 206 crore in the second quarter of FY18, compared to Rs 226.1 crore in the same period of FY17.

"In the second quarter, domestic fisheries contributed to a large proportion of the overall sales. As has been informed in previous months, we have been seeing a short-term disruption in our domestic business on account of GST implementation, more particularly in the fisheries sector," GWRL CMD Vayu Garware said.

9:15 am Market Check: Equity benchmarks opened mildly higher on Thursday but immediately erased those gains to trade flat. Investors closely watch crude oil prices movement and other global cues due to lack of domestic cues.

The 30-share BSE Sensex was down 23.63 points at 33,537.92 and the 50-share NSE Nifty fell 4.80 points to 10,337.50.

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About 719 shares advanced against 409 declining shares on the BSE.

Bharti Airtel, Bosch, Bharti Infratel, Infosys and Power Grid were early gainers.

Dr Reddy's Labs, UltraTech Cement, Asian Paints, Zee Entertainment and Axis Bank were early losers.

ICICI Prudential Life, HDFC Standard Life and SBI Life were under pressure, falling 2-4 percent.

Quess Corp plunged 6 percent as Thomas Cook (up 4.5 percent) is selling some stake in the company.

PC Jeweller, VIP Industries and ACE gained 2-4 percent.

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