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Sensex Nifty erase some gains; banks, FMCG, cement slip

14:29

The News International Team

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 maitained gains over 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.

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