Stock market today sensex, nifty gain for 3rd day; pharma, it stocks lead – livemint data recovery pro

11.47 am IST Bharti Airtel, Idea shares fall after Reliance Jio offers more data Shares of India’s telecom operators Bharti Airtel Ltd and Idea Cellular Ltd declined after rival Reliance Jio started offering more data and proposed discount offers on recharges. Bharti Airtel shares fell as much as 1.9% to Rs373.3, while Idea Cellular shares were down more than 5% to Rs61.95. The BSE Telecom Index was down 0.87%. Reliance Jio, a unit of Reliance Industries Ltd, will now provide additional 1.5GB data per day to all users who recharge with any daily-recurring data pack, countering Airtel’s offer of additional data of 1.5GB on certain price points for limited users. Reliance Jio has also proposed discount of Rs100 on all recharges of Rs300 and above and 20% on recharges below the Rs300 price point, subject to certain conditions.

Reliance Jio’s market share jumped to 19% in the March 2018 quarter, surging past that of rival Idea’s 16%, Jefferies analysts said in a note, citing the latest data from telecom regulator. ( Reuters)

9.05 am IST Rupee to rebound against US dollar but path rife with pitfalls The Indian rupee will erase some of this year’s losses against the US dollar over the coming 12 months, but high volatility in the run up to general elections in 2019 could send it off-piste, a Reuters poll found. A selloff in emerging markets and a widening fiscal deficit, exacerbated by rising oil prices—India’s biggest import bill—has hurt the rupee this year. The rupee hit an 18-month low of 68.47 per dollar in May and is down over 5% so far this year, making it one of the worst performers in Asia. But the rupee is forecast to rebound and gain slightly to 66.87 in a year from about 67.45 on Tuesday, according to the poll of about 30 foreign exchange analysts taken after the Reserve Bank of India (RBI) hiked interest rates on 6 June. That median, although slightly weaker than in May, was driven by expectations for Asia’s third largest economy to remain the fastest growing major economy as it did in the first three months of 2018 and on predictions for further interest rate hikes from the RBI. ( Reuters)

8.57 am IST Stocks in focus today TCS eyes $1.36 billion over 10 years from deal with Prudential arm Tata Consultancy Services Ltd (TCS) expects to generate $1.36 billion in revenue over 10 years from its partnership with a unit of British insurer Prudential Plc, reports Mint. Moreover, the board of the company will consider a proposal for buyback of equity shares in a meeting on 15 June. Adani group firm offers Rs6,000 crore for Ruchi Soya Adani’s group company offered about Rs6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, reports PTI. Issues raised by USFDA on Halol resolved: Sun Pharma The quality cloud over the Halol plant of Sun Pharmaceutical Industries Ltd has lifted, with the company stating that all the issues raised by the US Food and Drug Administration (USFDA) have been satisfactorily resolved, reports Mint. Tata Steel’s joint venture with Thyssenkrupp hits delay Tata Steel’s proposed joint venture with German steel major Thyssenkrupp is likely to be hit by delays as workers and investors questioned the viability of the current business plan, reports PTI. Govt mulls selling 100% stake in Air India Lastly, the government is considering revising the terms of sale for Air India, including offering a 100% stake, after its latest attempt to sell 76% failed to draw even a single bid, reports Business Standard. (R. Sree Ram/Mint)