The News International Team
03:30pm Market Check
The market saw another record closing high on Wednesday with the Sensex rising 120.55 points to 27139.94 and the Nifty advancing 31.55 points to 8114.60.
Coal India, Infosys, Bharti Airtel, Wipro and TCS were prominent gainers in trade today, up 2-4 percent while GAIL, ONGC, ITC, Bajaj Auto, BHEL and Cipla were losers, down 1-2 percent.
03:15pm L&T on buyers’ radar
Competition Commission has cleared the proposed acquisition of Larsen & Toubro Infrastructure Development Projects’ securities by foreign venture capital investor CPP Investment Board Singaporean Holdings 1.
According to the fair trade regulator, the proposed deal “is not likely to have an appreciable adverse effect on competition in India”.
Under the deal, CPP Investment Board, part of Canada Pension Plan Investment Board, would subscribe to compulsorily convertible preference shares and nominal equity shares of Larsen & Toubro Infrastructure Development Projects Ltd (L&T IDPL).
The subscription would entitle CPP Investment Board to acquire a stake not exceeding 49 percent in L&T IDPL, post conversion of the securities, reports PTI.
02:55pm Himatsingka to double revenues in two years
The Himatsingka group operates over 10 brands globally in the home textile space. Its brand portfolio includes marquee brands like Calvin Klein Home, Barbara Barry, Esprit, Bellora and Atmosphere, among others. During FY14, the group generated revenues of over Rs 600 crore from brands.
Looking forward, the group is exploring various initiatives to augment its brand portfolio and deepen the distribution network of these brands. These initiatives should potentially steer revenues from brands to approximately Rs 1200 crore over the next two years.
02:45pm Coal shortage
The number of thermal power plants with less than seven days of coal stocks has risen to 56 this week from 52 last week, government data showed on Wednesday.
India’s 100 thermal power plants had enough coal overall to last six days on September 1, unchanged on week, the Central Electricity Authority said.
The stock levels are the lowest since mid-2012, when hundreds of millions of people were cut off in one of the world’s worst blackouts, reports Reuters.
02:30pm Equity benchmarks erased more than half of gains in last 15 minutes of trade due to fall in banks, FMCG and metals stocks. The Sensex had rallied more than 200 points after reports indicated that Ukraine’s president Petro Poroshenko has reached an agreement with Russian president Vladimir Putin on a permanent cease fire in Eastern Ukraine but immediately erased same of these gains as reports quoting Russian official said Putin didn’t agree to ceasefire with Ukraine.
European markets like FTSE, CAC and DAX trimmed gains from 1-2 percent to 0.8-1.3 percent but Russia and Ukraine markets maintained gains over 4 percent..
The Sensex rose 84.61 points to 27104 and the Nifty climbed 24.60 points to 8107.65 supported by technology stocks while the BSE Midcap and Smallcap gained 0.7-1 percent.
In commodities, Brent crude prices dropped to 16-month lows of USD 100 a barrel on account of the strength in the dollar and demand concerns emanating out of China.
Manish Gunwani of ICICI Prudential said the energy sector will benefit hugely from the fall in crude prices and that oil marketing companies are still trading at cheap valuations.
The rupee snapped its four-day losing streak, rising to 60.36 a dollar as against a close of 60.68 yesterday amidst sustained overseas capital inflows.