10:40am Rohit Ferro
Tech shares in demand
"The board of directors of the company on Monday
approved the proposal to sell, transfer or otherwise dispose of the Jaipur
manufacturing unit of the company located at Kalinganagar industrial Complex,
District: Jajpur, Orissa as going concern by way of slump sale or otherwise,
subject to the such approvals and permission as may be required for such
sale," said the company in its filing to the exchange.
Rohit Patni, managing director and Suresh Kumar Patni,
director of the company has been authorized to negotiate the proposed deal with
the prospective acceptable purchasers.
10:20am Market Expert
Sanjeev Prasad, Kotak Institutional Equities says the Street
has largely focused on economic reforms, pace of economy recovery linked to
economic reforms and decline in interest rates as the most important drivers
for the Indian market for 2015.
“We broadly agree with the drivers and our Model Portfolio
largely reflects the same. Our large positions in banks and automobiles reflect
our positive views on economic recovery and lower interest rates,” he adds.
“We have taken the opportunity to remove Idea Cellular from
the portfolio and add 100 basis points each to Infosys and Tech Mahindra. We
have also removed GAIL from the Model Portfolio and allocated the 200 basis
points weight to Reliance Industries,” says Prasad.
10:00am Market Check
Equity benchmarks remained in a consolidation mode due to
lack of volumes at institutional desk. The Sensex rose 3.28 points to 27399.01
and the Nifty advanced 1.65 points to 8247.95. Technology and healthcare stocks
gained while metals, oil & gas and select banks stocks were under pressure.
The broader markets outperformed benchmarks with the BSE
Midcap and Smallcap indices rising 0.5 percent each. About 1018 shares have
advanced, 686 shares declined, and 57 shares are unchanged on the Bombay Stock
Exchange.
Larsen and Toubro gained 1 percent as the government
approved ordinance to amend the Land Acquisition Act to remove barriers in a
range of sectors like power, housing, defense to kick start stalled projects,
there by making the procedure to acquire land faster. Subsidiary L&T
Construction bagged orders worth Rs 2,521 crore in December.
Container Corporation is expected to be a big beneficiary of
Land Acquisition Amendment, as the implementation of Dedicated Freight
Corridor/Industrial Corridor would get a boost. Company is planning to develop
several multimodal logistics parks/private freight terminals (PFT) across India
and along the DFC. The stock gained 0.6 percent.
Tata Steel fell 0.6 percent as reports suggest that the
company has warned of a hit to its profitability in the third quarter of the
current fiscal year because of the closure of its captive iron-ore mines in
Jharkhand and Odisha, which forced the company to operate below capacity for
more than a month during the quarter.
Jindal Stainless climbed 3.6 percent as company will demerge
business into three verticals namely ferro-alloys, coke oven & stainless
steel businesses via slump sale route. Shareholders of Jindal Stainless will
get shares by the resulting de-merged company, Jindal Stainless (Hisar), under
the ratio of 1:1.
IDBI Bank surged 2 percent. The bank told that the timing
seems right to monetise stake in CARE, and will look to monetise a part of or
whole stake in CARE. The bank believes it could receive between Rs 600-700
crore for entire shareholding at current market price. It also indicated it is
looking to sell stake in NSE at right price with right buyer.
Blue Star jumped 3 percent as the company forayed into
in-built water purifier segment by collaborating with Eureka forbes. Rohit
Ferro-Tech surged 19 percent as the board approved proposal to sell, transfer
Jaipur manufacturing unit. More information please visit this site www.bigprofitbuzz.com
No comments:
Post a Comment