3:30 pm Market close: The market ended flat with oil &
gas stocks dragging major indices. The Sensex was up 40.95 points at 29135.88
and the Nifty was up 3.85 points at 8809.35. About 1336 shares advanced, 1584
shares declined and 195 shares were unchanged.
ITC gained 3 percent while TCS, Bharti, HUL and HDFC were top gainers in the
Sensex. Among the losers were Sun Pharma, ICICI Bank, Hindalco, Hero and Axis
Bank.
3:10 pm PSU capitalisation: PSU banks will have to raise
funds from the capital market to meet capital requirement norms in absence of
adequate financial support from the government in the forthcoming Budget,
rating agency Moody's said today. For the current fiscal, the government has
earmarked Rs 11,200 crore for capital infusion in state-owned banks. Of that
the government has said it will soon infuse Rs 6,990 crore in nine banks
including SBI, Bank of Baroda (BoB) and Punjab National Bank (PNB).
"Unless the government materially increases the capital allocation to
state-owned banks in the next budget, the only way these banks can improve
their capital ratios is by accessing equity capital markets," Moody's
Investors Service said. The government in the current fiscal has adopted new
criteria in which the banks which are more efficient would be rewarded with
extra capital so that they can further strengthen their position. The capital
infusion has been decided based on the performance of the bank.
3:00 pm Fund raising: Private sector lender Yes Bank
today said it will be raising Rs 500 crore through issuance of "green
infrastructure bonds", which will be deployed to fund renewable energy and
energy efficiency projects.
The bank claimed it is the first such issue in the country and the money
will be used to fund solar power, wind power, biomass, and small hydel
projects. The bond will have a tenor of ten years, it said in a statement,
adding the issue has already been launched.
The city-headquartered lender said it had made a commitment to fund 5,000 MW
of renewable energy projects during the recent summit organised by the
Government and added the proceeds from the issue will be used to fund the same.
2:30 pm New patent: Pharmaceutical firm Suven Life Sciences
has been granted one patent each by Australia, Canada, Japan and New Zealand
for its drug used in treatment of neurodegenerative diseases. "Secured
patents in Australia, Canada, Japan and New Zealand to one of their New
Chemical Entity (NCE) for CNS therapy through new mechanism of action H3
Inverse agonist," the company said in a BSE filing. These patents are
valid until 2030, it added.
Neurodegenerative diseases include Alzheimer's disease, Schizophrenia and
Parkinson's disease. The granted claims of the patent include the class of
selective H3 ligands discovered by Suven and are useful in treatment of
cognitive impairment associated with neurodegenerative disorders, the statement
said.
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The Sensex is up 128.85 points at 29223.78 and the Nifty is up 31.55 points
at 8837.05. About 1287 shares have advanced, 1477 shares declined and 212
shares are unchanged.
M&M, ITC, HDFC, Bharti Airtel and TCS are top gainers in the Sensex.
Among the losers are Sun Pharma, Hero, Reliance, ICICI Bank and Axis Bank.
Oil stocks are down as Finance Minister Arun Jaitley may look at re-imposing
5 percent customs duty on crude oil imports to shore up revenues by USD 3
billion and create a level-playing field for domestic producers.
Presently, the government does not levy any import or customs duty on crude
oil imports. On the other hand, domestically produced crude oil attracts two
percent central sales tax, something which imported oil is exempted from.
Gold extended gains to a third session, bolstered by safe-haven bids amid a
softer dollar and jitters ahead of negotiations regarding Greece's future in
the euro zone.
Traders were eyeing a meeting of euro zone finance ministers in Brussels later on Monday to find common ground with Greece's new government, elected on a pledge to scrap the austerity strictures of Greece's international bailouts.
If the meeting produces no results, there is a concern that Greece will be headed for a credit crunch that would force it out of the euro zone. More information please visit this site www.bigprofitbuzz.com
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