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Global Markets Including Sensex Plunges et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 23, 2018 1:36 PM 2 min read
Editorial

End of Day Wrap-up (Friday / March 23, 2018) #China #US #TataSteel #Bhushan #ArcelorMittal #Senate #Essar #imports #UnionBankofIndia #UBI #Transfin

Editor's comment: Global Markets including Sensex plunges adversely, plunging 500 points and Nifty tanking under 10,000, as China declares potential USD3 bn tariff on US imports in reply to US’ USD60 bn tariff imposition on China.

 

Shares of state owned Union Bank of India crashes to 11y low of 86.05 NSE post INR1,394 cr loan fraud by Hyderabad-based Totem Infrastructure.

 

Tata Steel wins bid to acquire debt-laden Bhushan Steel through an all-cash deal worth INR35,v000 cr. Tata Steel won bidding against JSW steel and has accepted the Letter of Intent for Bhushan Steel.

 

Government sets INR5,000 cr as the minimum net worth to bid for Air India revising it from INR1,000 cr. Further, to allow participation from domestic airlines, govt. decided to allow them to bid provided they form a consortium that has a net worth of over INR5,000 cr.

 

ArcelorMittal confirms rebidding for Essar Steel after failing legal test in the prior bid. “We have not yet received any formal notification from resolution professional. But we can confirm it is our intention to participate in a rebid," read a statement from ArcelorMittal.

 

US Senate passes a USD1.3 tn federal spending bill to avoid government's third shutdown in 2018. Lawmakers stared down a self-imposed deadline, when federal funding was set to expire, and passed the mammoth package by a vote of 65-32 within the deadline.