03:30 Market closing
After a day of consolidation, the market ended in red. The Sensex closed
down 104.72 points at 28458.10 and the Nifty slipped 26.10 points at 8538.30.
About 1364 shares have advanced, 1603 shares declined, and 92 shares are
unchanged.
IT, oil and pharma stocks dragged the indices with major losers like Dr
Reddy's Labs, TCS, Sun Pharma, Wipro and Cipla. SAIL closed with 2.4 percent
loss. M&M, ITC, Sesa Sterlite, HDFC and Coal India were top gainers in the
Sensex.
03:10 pm Revival of Dabhol
Reiterating that revival of the beleaguered Dabhol was on the cards, NTPC
today said all possible options are being explored for the same.
"Dabhol will be revived. How can we afford in a country like ours to
leave one project to get killed by itself. Many options are being considered
and it has to be revived," NTPC Chairman and Managing Director Arup Roy
Choudhury told reporters.
The Dabhol or Ratnagiri Gas and Power Ltd (RGPPL), is currently not
generating electricity.
02:55pm HCC in News
Hindustan Construction Company climbed more than 6 percent on selling
annuity road project in Andhra Pradesh by its subsidiary HCC Concessions.
HCC Concessions (the infrastructure development arm of the HCC Group), today
announced the sale of Nirmal BOT to Highway Concession One Private Limited, an
entity majorly held by IDFC Alternatives managed India Infrastructure Fund,
said the company in its filing.
HCC Concessions will receive total consideration of Rs 64 crore for the
transaction, it added.
Highway Concessions One will acquire 74 percent equity stake upfront, while
the balance 26 percent equity stake will be acquired upon receipt of an
approval from NHAI. Additionally, Nirmal has also received an arbitration award
in its favour for Rs 16.67 crore, which will be payable to HCC, upon receipt.
Nirmal was the first NHAI BOT project of the HCC Group and was completed in
July 2009. The project, awarded by NHAI for a concession period of 20 years,
has been operational for 5 years now. The project was developed with a total
capital cost of Rs 315 crore.
02:30pm SAIL OFS
State-run SAIL's offer for sale issue fully subscribed today. The issue
received bids for 27.09 crore shares, which was 1.3 times over the total issue
size of 20.6 crore shares.
Indicative price came in at Rs 83.49 a share as against floor price of Rs 83
apiece decided by the company yesterday.
The government will divest its 5 percent stake in SAIL. It means the shareholding
of the government will be reduced to 75 percent from current 80 percent.
Through this, the government hopes to rake in Rs 1500-1700 crore.
Retail investors will get shares at a discount of 5 percent.
The stock fell nearly 2 percent to Rs 83.85 on the Bombay Stock Exchange.
02:00pm Market Check
The market remained flat as the 50-share NSE Nifty hovered around the 8550
mark while midcaps exhibited mild outperformance. Meanwhile for the week the
benchmark indices are likely to be flat and the NSE Midcap Index is headed to
close with 3 percent gains.
The Sensex declined 4.33 points to 28558.49 and the Nifty rose 1.10 points
to 8565.50. About 1498 shares have advanced, 1292 shares declined, and 107
shares are unchanged.
Nirmal Jain of IIFL told CNBC-TV18 that the Budget is expected to be a good
one and the underlying trend for this market is strong. He does not expect to
see any correction atleast until the Budget in February.
Sesa Sterlite topped the buying list in the Sensex, up 2.66 percent followed
by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC
Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent. However, shares of
TCS, Infosys, Dr Reddy's Labs, Sun Pharma, ONGC and Wipro declined 1-2 percent.
In important stock action, India's largest lender SBI cut interest rates of
three retail term deposits by 25 basis points. The management told CNBC-TV18
that the bank expects a positive impact on margins, liquidity in the system is
adequate and that base rates will be cut in CY15.
The rupee recovered marginally to 61.86 a dollar compared to a close of
61.92 in previous session on increased selling of the dollar by exporters and
banks amid persistent foreign capital flows.
Global markets remained upbeat with consistent outperformance from the
Shanghai index. For the week, Shanghai rallied 10 percent. For today, European
markets also traded in the green with a gain of 0.5 percent. More information
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