01:40pm Bajaj Corp in News
Bajaj Corp said the board of directors of the company today has passed
necessary resolution for increase in the limit of total holding of all
Registered Foreign Portfolio Investors (RFPI) with existing class of investors
namely Foreign Institutional Investors (FIIs) and Qualified Foreign Investors
(QFIs) from existing 24 percent to 49 percent. It is subject to approval by
shareholders by way of special resolution.
The board has also approved convening an extraordinary general meeting of
the shareholders of the company on December 30, 2014 to seek shareholders
approval for the aforesaid increase in limit from existing 24 percent to
49 percent. The stock gained more than 5 percent.
01:25pm Interview
The government on Wednesday hiked the floor area ratio (FAR) to 200 in New
Delhi for all plots sized 750 square metre and above. This means that a builder
can now construct an additional minimum 4,000 square feet.
Anup Mittal, Chairman of National Buildings Construction Corporation (NBCC)
feels the recent hike in FAR will not impact any existing projects, in fact, he
sees it as a beneficial step for the industry.
Currently, NBCC has 50-60 acres of land around Delhi. Although incremental
benefits from hike will be limited for the company, it hopes to develop and
build more in upcoming projects, he says in an interview to CNBC-TV18.
Going ahead, he expects real estate business revenue to surpass Rs 300 crore
in H2FY15 amid higher levels of inventory selling.
01:15pm Nikkei at 2-week high
Japanese stocks rose to a two-week high today as a weaker yen helped
exporters, while falling oil prices benefited airline and railway stocks such
as ANA Holdings Inc and East Japan Railway Co.
The Nikkei benchmark ended 1.2 percent higher to 17,459.85, the highest
closing price since November 14. The benchmark gained 0.6 percent for the week
and jumped 6.4 percent for the month, the biggest monthly gain since last November.
Since October 31, the Nikkei gained because of the Bank of Japan's surprise
easing and the Government Pension Investment Fund's decision to increase its
allocation to Japanese stocks.
Also helping sentiment on Friday was better-than-expected Japanese
industrial output, which unexpectedly rose 0.2 percent in October.
Oil prices plunged on Thursday after OPEC chose not to cut production
despite huge oversupply and prices sliding by one-third since June, reports
Reuters.
01:00pm Market Check
Equity benchmarks continued to see runaway rally on Dalal Street on first
day of the December series, reacting to the further softening in Brent crude
prices that touched USD 71.25 (in previous session) - the lowest since July
2010 after OPEC decided to keep production targets unchanged.
The 50-share NSE Nifty soared 110.70 points or 1.30 percent to 8604.90 and
the 30-share BSE Sensex climbed 339.96 points or 1.20 percent to 28778.87 aided
by banking & financials, oil and auto stocks.
Advance:decline gap narrowed in afternoon trade but the broader markets
maintained strong uptrend. The BSE Midcap and Smallcap indices gained 1.2
percent and 0.8 percent, respectively. About 1581 shares have advanced while
1168 shares declined on the Bombay Stock Exchange.
Shares of ICICI Bank, State Bank of India, Reliance Industries, L&T,
Tata Motors, Axis Bank, M&M, Maruti and Tata Steel rallied 2-4.5 percent
whereas Sesa Sterlite fell 1.5 percent.
Lower crude prices impacted a basket of stocks today. Oil marketing
companies gained between 4-8 percent while Cairn India lost more than 3
percent. Paint and tyre stocks such as Asian Paints and Apollo Tyres also
surged 4 percent as they operationally benefit from lower crude prices.
Aviation stocks got a fillip from Brent falling to new lows. Jet Airways
gained 20 percent and SpiceJet shot up 13 percent. An ICRA upgrade provided
further upside for Jet Airways.
In macro data to watch out today, second quarter GDP may point to a slowdown
in growth rate. CNBC-TV18 poll shows Q2 GDP coming in at 5.2 percent led by
slower manufacturing.
The other clutch of stocks in focus are smaller NBFCs, microfinance
companies such as SKS Microfinance, Manappuram Finance and SE Investments
reacting to the final guidelines on small and payment banks that were released
last evening. Sundaram Finance told CNBC-TV18 that norms are more attractive
for microfinance companies as compared to NBFCs. More information please visit
this site www.bigprofitbuzz.com
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