Equity benchmarks fell for the fifth consecutive session, dragged by banks, oil and pharma stocks.
The 30-share BSE Sensex was down 66.72 points at 26307.98 and the 50-share NSE Nifty declined 21.95 points to 8082.40. About two shares declined for every share rising on the BSE.
The US-subsidiary of 8K Miles has entered into a definitive agreement to acquire Cornerstone Advisors Group LLC for USD 10.25 miilion inclusive of earn-out payments as a combination of cash and stock.
Suresh Venkatachari, Chairman & CEO, 8K Miles said Cornerstone's margins are close to 20 percent and he hopes that the company meets the expectation of 34-35 percent margins after combining with 8K Miles.
Cornerstone Advisors Group is an executive level healthcare company which advises large hospitals in terms of entire information technology planning which is in the healthcare space or electronic medical record (EMR) selection or even the overall planning of the healthcare direction.
Venkatachari added that Cornerstone's earnings per share (EPS) will be positive from the first year itself.
Shares of Visa Steel gained 13.5 percent intraday as it has resumed operations at its DRI plant in Odisha.
The company has resumed operations at its DRI plant for production of sponge iron and two sub-merged arc furnaces of ferro alloy plant for production of ferro chrome after getting necessary clearances from in State Pollution Control Board, Odisha. With the improvement in raw material availability, the operational performance at Visa Steel had significantly improved during Q2 of FY2016-17.
The production of ferro chrome has increased from 17,008 MT to 24,274 MT in Q2FY2017, a year-on-year growth of 43 percent, as per company release.
The 30-share BSE Sensex was down 66.72 points at 26307.98 and the 50-share NSE Nifty declined 21.95 points to 8082.40. About two shares declined for every share rising on the BSE.
The US-subsidiary of 8K Miles has entered into a definitive agreement to acquire Cornerstone Advisors Group LLC for USD 10.25 miilion inclusive of earn-out payments as a combination of cash and stock.
Suresh Venkatachari, Chairman & CEO, 8K Miles said Cornerstone's margins are close to 20 percent and he hopes that the company meets the expectation of 34-35 percent margins after combining with 8K Miles.
Cornerstone Advisors Group is an executive level healthcare company which advises large hospitals in terms of entire information technology planning which is in the healthcare space or electronic medical record (EMR) selection or even the overall planning of the healthcare direction.
Venkatachari added that Cornerstone's earnings per share (EPS) will be positive from the first year itself.
Shares of Visa Steel gained 13.5 percent intraday as it has resumed operations at its DRI plant in Odisha.
The company has resumed operations at its DRI plant for production of sponge iron and two sub-merged arc furnaces of ferro alloy plant for production of ferro chrome after getting necessary clearances from in State Pollution Control Board, Odisha. With the improvement in raw material availability, the operational performance at Visa Steel had significantly improved during Q2 of FY2016-17.
The production of ferro chrome has increased from 17,008 MT to 24,274 MT in Q2FY2017, a year-on-year growth of 43 percent, as per company release.
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