03:30 pm Market close
The market ended December F&O series expiry with some
heavy losses. The Nifty was down 92.90 points or 1 percent at 8174.10. The
Sensex sunk 297.85 points or 1 percent at 27208.61. About 1364 shares have
advanced, 1473 shares declined, and 108 shares are unchanged.
GAIL, ONGC, Dr Reddy's Labs, Coal India and Infosys were top
losers in the Sensex. Among the gainers were Sesa Sterlite, Tata Steel, Tata
Power, ICICI Bank and Axis Bank.
03:15pm Rubber price
Several rubber farmers have put away their tapping knives
and switched to planting other crops, as ample global supplies and sinking
benchmark prices of the tyre-making raw material squeeze their profit margins.
But this means local rubber farmers are likely to miss out
on an expected boom in tyre demand from rising car use in India, paving the way
for cheaper imports and supporting Asian prices that have dropped almost 26
percent this year.
"For most Indian farmers it is not viable to continue
tapping at current levels," said George Valy, president of the Indian
Rubber Dealers' Federation. India could need to ship in more than 1 million
tonnes of rubber by 2020, equivalent to Vietnam's total output, versus
estimated imports of 400,000 tonnes this year, he added.
03:00pm Market Update
Profit booking extended in last hour of trade with the
Sensex losing 284.06 points or 1.03 percent to 27222.40 and the Nifty falling
80.45 points or 0.97 percent to 8186.55.
About 1265 shares have advanced, 1470 shares declined, and
132 shares are unchanged.
02:40pm Interview
Amitabh Chaudhry, managing director and chief executive
officer, HDFC Life, says the company is still far away from being listed on any
bourse.
In an interview to CNBC-TV18, Chaudhry says the company’s
stake sale is in no way a pre-initial public offer (IPO).
“HDFC Standard Life would like to take the equity in the
company to 30-40 percent,” adds Chaudhry who is happy with the company’s
current growth. HDFC on Monday said Azim
Premji Trust would buy 0.95 percent stake in its life insurance venture, HDFC
Life, for Rs 198.9 crore thereby valuing the company at Rs 19,890 crore.
02:25pm Novartis in
News
Shares of Novartis India gained over 5 percent today after
fair trade regulator CCI approved a multi-billion dollar deal between global
pharma giants GlaxoSmithKline Plc and Novartis.
Novartis India's scrip soared 5.48 per cent to Rs 674 at the
BSE. However, the stock surrendered most of the gains later and was trading
2.12 percent higher at Rs 652.50.
CCI has approved a multi-billion dollar deal between global
pharma giants GlaxoSmithKline Plc and Novartis as it did not find the
transaction to be anti-competitive in India.
The multi-layered deal involves UK-based GlaxoSmithKline
(GSK) acquiring the Swiss major's vaccine business while the latter would
purchase GSK's cancer drugs portfolio, reports PTI.
In a order dated December 12 and made public yesterday, the
Competition Commission of India (CCI) said it is of the opinion that the
"the proposed combination is not likely to
have appreciable adverse effect on competition in
India."
02:00pm Market Check
Equity benchmarks remained under pressure on last day of the
December series. The Nifty fell 30.10 points to 8236.90 while the Sensex
declined 100.92 points to 27405.54.
However, the broader markets outperformed benchmarks with
the BSE Midcap and Smallcap indices rising around 0.4 percent. But the market
breadth was negative. About 1285 shares have advanced while 1358 shares
declined on the Bombay Stock Exchange.
State-run power equipment maker BHEL topped the selling
list, down 2 percent followed by HDFC, TCS, ONGC, HUL, Dr Reddy's Labs, NTPC
and Hindalco Industries with 1-1.8 percent loss. However, ICICI Bank, State
Bank of India, Tata Motors, Sesa Sterlite and Tata Steel bucked the trend, up
0.4-1.4 percent.
Cabinet has approved ordinance on insurance. Insurance
companies like Max India and HDFC Life say foreign investors may be tentative
and ucnertain till ordinance is repalced by a law. Cabinet also cleared
ordinance on coal and approved formula & methodology for floor/reserve
price for coal auction with the first tranche of bid documents to be released
on December 27.
UltraTech Cement and Jaiprakash Associates gained 4 percent
each on news that Ultratech will buy JP's two cement plants in Madhya Pradesh
for Rs 5,400 crore. Deutsche Bank says it is another sweet deal for Ultratech
Cement allowing it to truly become a pan-India player.
It was a mixed bag for global equities. Japan and Korea
moved higher while China shed weight. The French market was down 0.22 percent.
More information Please visit this site www.bigprofitbuzz.com
No comments:
Post a Comment