03:30 pm Market close
Due to thin trade volume in festive season, the market has
once again ended flat. The Sensex was up 7.81 points at 27403.54, and the Nifty
ended up 1.95 points at 8248.25. About
1456 shares advanced, 1414 shares declined, and 130 shares were unchanged.
BHEL, Dr Reddy's Labs, Axis Bank, NTPC and SBI were gainers
while Hero, Tata Steel, Reliance, ONGC and Bajaj Auto.
03:00 Woes fpr
SpiceJet
The state-run airport operator has asked troubled budget
carrier SpiceJet to deposit Rs 200 crore by December 31, failing which the
airline could be put in the so-called cash-and-carry mode, a senior government
official said.
SpiceJet has so far given a bank guarantee of Rs 82.5 crore
of the total due, the official, who declined to be named, told reporters in New
Delhi. He said the aviation ministry would decide the next course of action in
case the airline didn't pay by the deadline.
Cash-strapped SpiceJet needs urgent funding to continue
operations smoothly. It was forced to briefly ground its aircraft this month as
suppliers refused to fuel them.
Co-founder Ajay Singh is leading a rescue plan for the
airline and could team up with private-equity players to infuse funds,
government officials have said previously.
02:30pm Aban gains
further
P Sudhakar, additional general manager, CARE Rating said the
firm upgraded credit rating of Aban Offshore from a ‘D’ rating to ‘BB-’
Sudhakar says there have been numerous positives in the
industry as well as the company that has led to this upgrade.
What seems to have worked for the company is the steps it
has taken to improve its balancesheet by raising equity and its refinancing of
overseas liabilities of USD 2 billion. The stock rallied 4 percent today in
addition to 17 percent upside in previous session.
02:00pm Market Check
Equity benchmarks remained choppy in afternoon trade amid
low volumes while the broader markets outperformed. The Sensex dipped 14.08
points to 27381.65 and the Nifty slipped 5.20 points to 8241.10.
The BSE Midcap and Smallcap indices gained 0.4 percent and
0.2 percent, respectively. About 1320 shares have advanced, 1344 shares
declined, and 118 shares are unchanged on the Bombay Stock Exchange.
Sanjay Dutt, director, Quantum Securities does not foresee a
Budget-rally and neither does he think there will be new highs for the Indian
equity market in 2015 because the macro issues for India still persists.
He thinks 2015 could be a struggle for the market and a year
of consolidation contrary to street expectations. However, individual stock
opportunities do exist.
Reliance Industries, ONGC, Hero Motocorp and Sesa Sterlite
were top losers on the Sensex, down 1-2 percent. Tata Steel dropped 1.4 percent
as the company warned of a hit to its profitability in the third quarter
because of the closure of its captive iron-ore mines in Jharkhand and Odisha.
The closure of mines forced the company to operate below capacity for more than
a month during the quarter.
Cairn India was down 1.7 percent as Brent crude hit fresh 5
and a half-year low of USD 57, down 1.12 percent to USD 57.23 a barrel and US
crude declined 1 percent to USD 53.10 a barrel as persistent worries about a
global supply glut offset concerns about output disruptions in Libya.
However, Dr Reddy's Labs, BHEL and NTPC gained 1 percent
each followed by SBI, ICICI Bank, Infosys, Axis Bank, L&T and M&M with
marginal gains. More information please visit this site www.bigprofitbuzz.com
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