The News International Team
1:50 pm Market outlook: Ambit has introduced 15 stocks in its core opportunities portfolio to benefit from the economic revival. These include Bharat Forge , Ramkrishna Forgings , Alstom T&D and PTC India Financial among others. In an interview to CNBC-TV18, Andrew Holland, CEO of Ambit Investment Advisors, said manufacturing sector will play a key role in India’s economy, which this time around will be more ‘domestic-driven’ than outsourcing based, seen in 2003-2006.
Once the government’s kick starts the infrastructure reforms, it will have a multiplier effect on the economy, Holland said. Ambit is upbeat on the companies that are into supply side of this growth story. Ambit sees GDP growth to increase by 1 percent and says the country is likely to see significant FDI in insurance. It expects the road sector to see 8,500-km contract in FY15, and engineering, construction sectors to get big boost.
1:30 pm Buzzing: Shares of IDBI Bank was up 3 percent intraday after its board meeting. In the meeting held on September 26, the board has approved to increase borrowing limit to Rs 15000 crore from Rs 4000 crore.
“The board of directors has approved enhancement in rupee borrowing limit from the present limit of Rs. 4000 crore (approved by the shareholders on September 02, 2014) to Rs 15000 crore subject to compliance with all applicable laws, regulations & guidelines as well as the approval of shareholders to be obtained in terms of Section 42 of the Companies Act, 2013 by postal ballot,” it said in a statement.
Also, the board has approved to infuse additional capital of Rs 58.34 crore by way of equity in its subsidiary compnay IDBI Asset Management to meet its growth requirements.
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The market seems to be tired on first day of week as traders are cautious ahead of RBI policy review. The Sensex is up 23.97 points at 26650.29 and the Nifty is up 2.35 points at 7971.20. About 1851 shares have advanced, 833 shares declined, and 77 shares are unchanged.
Sun Pharma, TCS, BHEL, Infosys and GAIL are top gainers while Hindalco, ITC, HUL, Tata Steel and Bajaj Auto are laggards.
Crude oil futures eased by 0.59 percent to Rs 5,741 per barrel today as speculators reduced their exposures amid a weakening trend in Asian trade. The trading sentiment eased at futures trade after crude oil prices fell in Asian trade today as the US dollar strengthened, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude forNovember delivery dropped 59 cents to USD 92.95, while Brent crude for November fell 25 cents to USD 96.75 a barrel on the New York Mercantile Exchange in mid-morning trade.