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Wednesday, 10 December 2014

Sensex sees marginal gains; Midcap up 1%, sugar stocks jump

02:45pm Reliance Capital in Focus

Looking to cash in on e-commerce boom, Reliance Capital is all set to sell its 16 percent stake in leading travel portal for an estimated Rs 500 crore and is in talks with 2-3 international investors.

The deal would mark an over 12-times appreciation for this investment by Reliance Capital, the financial services arm of Anil Ambani-led business conglomerate Reliance Group, which had acquired a 16 percent stake in the online travel company for Rs 40 crore in 2006.

Sources said that Reliance Cap is in talks with 2-3 leading international investors to sell this 16 per cent stake for an estimated USD 80 million (about Rs 500 crore). The identity of the interested buyers could not be ascertained, reports PTI.

When contacted, a Reliance Capital spokesperson said: "We continuously evaluate opportunities to unlock the value of our minority investments to enhance shareholders value."

02:30pm Jewellery stocks in News

Shares in gold companies are trading higher. India will announce changes as early as this week to a rule mandating star trading houses export 100 percent of gold imports, sources told Reuters.

The proposed changes will give companies more flexibility amid global price fluctuations - traders say.

Titan Company gained 2.5 percent, Gitanjali Gems surged 7.98 percent and Tribhovandas Bhimji Zaveri is up 4.1 percent.

02:00pm Market Check

The market remained choppy in afternoon trade today, exhibiting resilience as the Nifty maintained its head above 8350 despite global volatility while the broader markets outperformed.

The BSE Sensex rose 89.08 points to 27886.09 and the Nifty climbed 26.40 points to 8367.10 while the BSE Midcap and Smallcap indices gained 1 percent each. About 1615 shares have advanced while 1121 shares declined on the Bombay Stock Exchange.

Jim Walker of Asianomics says the Chinese economy is slowing down rapidly and is growing at 5-6 percent, which is nowhere close to 7 percent forecasted earlier. He expects the growth to slowdown to 3-4 percent in 2015.

Talking about China, the Shanghai closed in the green, bouncing back in late trade after falling initially. The economic data continued to be weak as China November consumer inflation eased to 5-year low of 1.4 percent stoking expectations that Beijing will move more aggressively to head off the risk of deflation in a slowing economy.

Sugar stocks like Bajaj Hindusthan, Shree Renuka Sugars, Balrampur Chini, Triveni Engineering, Dhampur Sugar and Sakthi Sugars saw huge buying interest, jumping 4-9 percent.

Tata Power topped the buying list, up 2.6 percent after the company decided to acquire Ideal Energy Projects in Maharashtra. Ideal Energy owns 540 MW thermal power project in Nagpur; hence Tata Power said its generating capacity will increase to 8,885 MW.

The select panel on insurance recommended a composite cap of 49 percent on all forms of FDI and FPI, saying term 'control' must be defined in the Insurance Act in the report tabled in the Rajya Sabha today.

The rupee weakened for the third straight session today, trading at 62 to the dollar versus a close of 61.88 yesterday tracking weak Aasian and local equities. More information please visit this site

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