Metals, power, infra, auto and FMCG stocks saw strong buying action. SesaSterlite, NTPC, Hindalco, Sun Pharma and BHEL were top gainers in the Sensex. Losers include Dr Reddy's Labs, M&M, Coal India, Bajaj Auto and HUL.
03:20 pm Buzzing: Shares of SpiceJet surged 14 percent intraday as it has increased payment for the services to AAI after the airline received Rs 500 crore equity infusion from the new owner. The budget carrier owes nearly Rs 300 crore to the national airports operator for landing, parking and other charges,
The airline is now paying Rs 75 lakh per day to the airports operator for availing the services as against its per day billing of about Rs 70 lakh, official sources said. SpiceJet was earlier paying Rs 50 lakh per day to AAI for the landing, parking and other charges.
However, the airline has now started paying Rs 75 lakh to it against its daily billing of about Rs 70 lakh," they said. Its total outstanding towards Airports Authority of India (AAI) at present stands at Rs 297 crore, they said, adding, "We are expecting a partial payment of these dues from the airline shortly".
03:10 pm Pharma ministry: The government may establish a separate Ministry for the pharmaceuticals sector, which would comprise all departments that deal with issues related to the industry.
"For the benefit of end user, the customer and considering the size of industry... there should be a separate Pharma Ministry.
"Therefore, I, along with Minister of State Hansraj Ahir, will approach Prime Minister and request him to look into this matter," Fertiliser Minister Ananth Kumar said.
At present, Central Drugs Standard Control Organisation (CDSCO) and Drug Controller General of India (DGCI), which deal in regulatory control over the import of drugs, approval of new drugs and clinical trials, are governed by Health Ministry.
02:50 pm Interview: India's trade ministry has recommended anti-dumping duty of USD 309 per tonne on Chinese import, USD 316 per tonne on Malaysian import and USD 180 per tonne on Korean import. Import from these three countries is 30 percent of India’s domestic demand.
ERC Shekar, director, Sunflag Iron & Steel says if prices go up by 8-10 percent because of this, then overall it will help improve bottomline. 15percent of the company’s total sales comes from the stainless steel division. The company is functioning at sub-optimum levels in stainless steel business.
02:30pm Reliance Capital in focus: Sumitomo Mitsui Trust Bank, Limited of Japan has completed acquisition of 2.77 percent strategic stake in Reliance Capital, a part of Anil Ambani led Reliance Group.
The entire proceeds of Rs 371 crore (USD 58.4 million) for the 2.77 percent stake has been duly received from Sumitomo Mitsui Trust Bank, Limited.
The investment has been made at Rs 530 per share representing a premium ofover 11 percent to the stock price of relevant date of Reliance Capital.
“We welcome Sumitomo Mitsui Trust as our strategic partner in Reliance Capital. We are confident of accelerating our growth and tap new opportunities with the help of SMTB’s long standing experience and support” said Mr. Sam Ghosh, CEO, Reliance Capital.
As part of the agreement, Reliance Capital intends to establish a new Bank in India, with support of Sumitomo Mitsui Trust Bank as strategic partner, as and when RBI’s policies permit formation of the same.
02:00pm Market Check: The market maintained its strong uptrend with the Sensex rising 206.56 points to 28865.73 and the Nifty climbing 57.45 points to 8757.40, supported by metals, capital goods and telecom stocks.
About 1576 shares have advanced, 1175 shares declined, and 200 shares are unchanged on the BSE.
Shares of ITC, Tata Motors, NTPC, Bharti Airtel, Hindalco Industries and Tata Steel rallied 2-4 percent. ICICI Bank, Infosys, Sesa Sterlite, BHEL, Hero Motocorp and GAIL climbed over a percent.
However, HDFC Bank, HUL, Dr Reddy's Labs, M&M, Bajaj Auto, Wipro and Coal India fell 0.4-1.4 percent.
Sun Pharma Advanced, Nirlon, Reliance Capital, M&M Financial, Tata Elxsi, ITC, Bharti Airtel, HDFC, NTPC and ICICI Bank were most active shares onexchanges.
Sun Pharma has been ready with the leadership team for Ranbaxy merger with self. The team included Aalok Shanghvi, who will lead business of both companies. He will also head emerging market business while Abhay Gandhi will be head domestic business and Kal Sundaram will head North American business and Taro, reports PTI quoting. Both stocks gained 2 percent each. More information please visit this site www.bigprofitbuzz.com
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