11:00am
JSW Steel in Focus
International iron ore and coking
coal prices have seen a fall in recent times and JSW Steel is expected to
benefit from the same. But Seshagiri Rao, joint MD and group CFO, JSW Steel
says the same trend is not seen in India due to shortage of iron ore. He
believes domestic iron ore production is likely to see a deficit of 30 million
tonne this year.
He feels the company will have to
increase iron ore import from 6 million tonne to 10 million tonne.
JSW Steel has a sales volume target
at 12.4 MT for FY15.
Rao says the company is following a
strategy of backward and forward integration and keeps scouting the market for
such opportunities. Luchini is one such opportunity and JSW Steel has bid for
its rolling plant.
10:40am
Market Expert
The Sensex declined 79.49 points to
27127.25 and the Nifty fell 24.15 points to 8122.15.
Kunj Bansal of Centrum Wealth Management does
not expect the market to correct sharply. He says a lot of negatives that could
have had an impact on the market have cooled off – inflation is correcting, oil
prices globally have fallen and the fear of less-than-needed monsoon has also
abated. The three combine can result in WPI and CPI cooling. According to him,
maximum there can be a 4-odd-percent correction in indices.
10:25am
Realty stocks under pressure
Shares of real estate stocks are under
pressure as property prices in Delhi are set to rise. The Delhi government
hiked circle rates- the minimum valuation at which properties have to be
registered - by up to 20 percent with an aim to check black money component in
sale and purchase transactions. The new rates will come into effect from today.
As per the decision approved by Lt
Governor Najeeb Jung, the circle rate has been increased to Rs 7.74 lakh per
square metre of land from Rs 6.45 lakh in category A residential colonies like
Greater Kailash, Defence Colony, Gulmohar Park, Panchsheel Enclave, Anandlok,
Green Park, Golf Links and Hauz Khas.
This means nobody would be allowed
to buy land and immovable properties in these colonies for less than Rs 6.45
lakh per sq metre. The circle rates in the city was last revised in November
2012. The rates were then hiked by a whopping 200 percent.
DLF and Unitech were down more than 2 percent.
10:00am Equity benchmarks as well as broader markets
continued to consolidate with the Sensex declining 28.63 points to 27178.11 and
the Nifty falling 11.90 points to 8134.40.
About 1160 shares have advanced, 991 shares
declined, and 108 shares are unchanged.
The Indian market may correct around 2-4
percent but there are plenty of positive triggers in the near-term that must
allow it to head in a positive terrain, believes Mehraboon Irani of Nirmal Bang
Securities.
According to Irani, Prime Minister
Narendra Modi’s US visit, divestment news, achieving fiscal deficit target and
state polls will optimism in the market for at least next 2-4 months.
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