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Market Snippet
Markets tumbeled after the new development in PNB fraud case as the bank clarified on the amount of scam that it could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. Global cues remained bullish though. Nifty ended at 10564.05.

FMCG and IT stocks were the major gianers of the day while PSU bank shares were the major losers of the day.

Global Markets Update
European markets traded higher after Comcast made a surprise counterbid for pay-TV group Sky, sending its shares soaring.The pan-European STOXX 600 index was up 0.1%, while the UK’s FTSE rose 0.3%.
Germany’s second-largest lender DZ Bank said it was considering all options for DVB after the ship and aircraft financing unit saw its 2017 pretax loss triple to 774 million euros.

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Stock Snippets

ACC has shelved plans to merge the company with holding company Ambuja Cement, LafargeHolcim owns a majority stake in ACC through Ambuja Cement and had proposed to consolidate its holding in the two companies by merging both the listed companies.

Reliance Infrastructure has won an arbitration award of 292 crore against the Goa Government for supply of electricity by Reliance Infrastructure from its 48 MW Goa Power Plant in Sancoale.

Shares of Punjab National Bank lost around 14% as investors reacted to a clarification on the amount of scam.The state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore.

Chennai Petroleum Corporation goes under upgradation project with the amount of 3110 cr.It has refineries at Manali near Chennai, Panangudi near Nagapattinam with an integrated refining capacity of 11.5 million tonne per annum.

Simbhaoli Sugars Limited surged more than 8% after the company said it is committed to clear its outstanding dues to Oriental Bank of Commerce in “due course of time” in consultation with all the lenders.

Global Markets

Philippines stocks were higher after the close on Tuesday, as gains in the Industrials, Holding Firms and Banking & Financials sectors led shares higher. At the close in Philippines, the PSEi Composite rose 1.09%.

Japan stocks were higher after the close on Tuesday, as gains in the Pharmaceutical Industry, Gas & Water and Precision Instruments sectors led shares higher.At the close in Tokyo, and the Nikkei 225 added 1.04%.

Taiwan stocks were lower after the close on Tuesday, as losses in the, Paper & Pulp and Trading & Consumer Goods sectors led shares lower. At the close the Taiwan Weighted declined 0.20%

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