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Sensex firm, midcap shines; ICICI Bank, LT most active

12:00

The News International Team

12:55pm Arvind forays into E-commerce

Arvind forayed into E-commerce with custom clothing brand Creyate. “Arvind Internet is ready to revolutionise fashion and retail across India this year with its online custom clothing brand,” said the company in its filing.

Kulin Lalbhai, executive director of Arvind, is driving the E-commerce initiative at the company. He said, “We are all set to be a leading consumer lifestyle player in the digital space by engaging in several business models that can scale globally. We aim to be a Rs 1000 crore plus business in three years.”

12:40pm JSW Steel in News

JSW Steel said it has entered into a definitive agreement with Welspun Enterprises (WEL), pursuant to which the company will acquire the entire equity shares held by WEL in Welspun Maxsteel (WMSL) for an enterprise value of Rs 1,000 crore and net current assets as of an agreed date of August 31.

The company has installed capacity of 14.3 million tonne per annum and has a strategic goal to enhance its steel production to 40 MTPA in the next decade. WMSL has an installed capacity of 0.9 MTPA gas based DRI plant, with a captive jetty and a captive railway siding.

12:20pm FII View

In an interview to CNBC-TV18, discussing the Indian markets , Richard Gibbs, Global Head of Macquarie Securities, said they have been buying Indian equities recently, but feels monsoon would remain a problem for the markets.

Though he does not see rate cuts from RBI anytime soon, he has “big expectations” on structural reforms from the Narendra Modi government.

Gibbs feels things would be tough on deficit front for India in the short-term.

12:00pm Equity benchmarks as well as broader markets remained in positive terrain in noon trade. The Sensex rose 22.99 points to 26413.95 and the Nifty advanced 15.75 points to 7890.

The BSE Midcap and Smallcap indices outperformed benchmarks, up 0.9 percent each. About 1397 shares have advanced, 1153 shares declined, and 135 shares are unchanged.

Tata Motors, ICICI Bank, Larsen and Toubro, ONGC, YES Bank, Wockhardt and Bharti Airtel are most active shares on exchanges.

Shares of Tata Motors, ICICI Bank, Larsen and Toubro, Sesa Sterlite, Mahindra and Mahindra, Axis Bank, Dr Reddy’s Labs, Maruti Suzuki, Hero Motocorp and BHEL gained 1-2.6 percent. However, Hindustan Unilever, TCS and HDFC fell 1-2 percent. ITC, HDFC Bank, Sun Pharma, ONGC and Reliance Industries declined 0.2-0.7 percent.

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