03:30pm Market Closing
The market
closed marginally lower amid consolidation with the Sensex falling 25.18 points
to 26246.79 and the Nifty losing 9.70 points to 7842.70.
02:55pm Interview
Maxwell
Industries has been in the limelight on the news that the company, which is
engaged in manufacturing and marketing of innerware, has decided to sell their
non-operative unit in Navi Mumbai. The stock succumbed to some profit booking
today post a stellar rally on Tuesday.
In an
interview to CNBC-TV18, R Venkatraman, CFO & COO, Maxwell Industries, said
the deal is for Rs 9 crore and the company is in the process of liquidating all
its non-core businesses. He said the company will now be focusing more on the
garmenting business and brand-building.
From this
fund, the debt will get released, said Venkatraman adding that the company does
not have any long-term debt on books, except the working capital borrowing. He
expects to book profit of Rs 7 crore from the deal.
02:25pm Stake sale
India
plans to raise around Rs 5,000 (USD 813.4 million) this fiscal year by selling
stakes in companies including ITC, Larsen & Toubro and Axis Bank, a senior
official with knowledge of policymakers' discussions said.
The sales
could be made through an exchange traded fund that could be launched before the
end of March, the official told Reuters, requesting anonymity as he is not authorised
to speak to the media.
The ETF
would be made up of the government's stakeholdings in up to ten companies,
including stakes in companies held through an offshoot of the Unit Trust of
India known as SUUTI.
The
government holds 11.27 percent in ITC, 8.18 percent in L&T and 11.66
percent in Axis Bank through SUUTI.
SUUTI,
which stands for Specified Undertaking of The Unit Trust of India, said in a
statement that it has invited bids from asset management companies to help it
set up the ETF.
02:00pm Market Check
The market remained marginally under pressure
amid volatility. The Sensex fell 51.11 points to 26220.86 and the Nifty
declined 15.95 points to 7836.45.
The
broader markets declined too with the BSE Midcap and Smallcap indices losing
0.2-0.4 percent.
Declining shares outnumbered advancing ones by a ratio of 1505
to 1233 on the Bombay Stock Exchange.
India looks extremely favourable moving into
FY15, says Adrian Mowat of JPMorgan. He expects India to outperform even in
FY16, saying India is likely to get disproportionate flows this year and next.
The rupee
traded marginally higher as sentiment improved after positive growth forecast
from the IMF. However, weakness in equities limited the upmove.
Oil marketing stocks like BPCL, HPCL and IOC
surged 3-5% on hopes that diesel profitability will rise as Brent crude prices
are almost 20 percent lower from their 2014 highs. Analysts say that every rise
of 50 paise per litre in the diesel margin for the full year will improve FY15
earnings per share for OMCs between 19 to 43 percent.
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