The News International Team
The Department of Industrial Policy & Promotion (DIPP) has granted industrial licences to several defence companies. In tune with the Modi government’s ‘Make in India’ push, the DIPP has cleared most of the 34 industrial licence proposals stuck since 2012.
Speaking to CNBC-TV18 about the same, MV Kotwal, Whole-time Director & President (Heavy Engineering), L&T said that the company sees strong orders coming from defence sector.
He added that the company has been present in this sector for almost 25 years and has expertise in building key warships and submarines.
Kotwal sees award opportunity of USD 18-20 billion in army and navy each.
12:45pm SBI in News
India’s largest public sector lender State Bank of India (SBI) has cut interest rates of three retail term deposits below Rs 1 crore by 25 basis points with effect from December 8.
Term deposits for 1-3 years and 3-5 years has been lowered to 8.5 percent from existing 8.75 percent, while for 5 years and above it has been reduced to 8.25 percent from current 8.50 percent.
The above rates will also be applicable to NRE deposits for tenors of one year and above.
12:30pm Iron ore imports in FY15
India’s iron ore imports rose to a record 6.76 million tonnes in the first seven months of its fiscal year as sliding global prices and limited supply at home pushed steel producers to buy the raw material overseas, industry data showed today.
Formerly the world’s No. 3 supplier of iron ore, India has been importing over the last two years due to court-imposed restrictions aimed at curbing illegal mining in the key producing states of Karnataka and Goa.
The shortage deepened this year as some mines in Odisha and Jharkhand were ordered closed after the expiry of licences.
But analysts say India is unlikely to absorb a big chunk of the global surplus that has halved iron ore prices this year.
Global seaborne iron ore supply will grow by around 330 million tonnes over the next three years, far outpacing demand that will rise by just 194 million tonnes in the same period, Morgan Stanley said in October.
JSW Steel, India’s third largest steel producer, imported 4.6 million tonnes of iron ore in April-November, followed by Tata Steel with nearly 1 million tonnes, according to data from industry consultancy SteelMint, which tracked shipments at 12 ports, reports Reuters.
12:00pm Market Check
The market remained lacklustre in trade with the 30-share BSE Sensex hovering around 28500 level. The index declined 32.22 points to 28530.60 and the 50-share NSE Nifty fell 4.70 points to 8559.70.
About 1434 shares have advanced, 1158 shares declined, and 115 shares are unchanged on the Bombay Stock Exchange.
Deven Choksey of KR Choksey Shares and Securities feels the market would remain in consolidation phase ranging from 8,400 to 8,800 in December series.
TCS, Wipro, ONGC, Dr Reddy’s Labs, Infosys, Tech Mahindra and BPCL topped the selling list, falling 1-2 percent whereas Sesa Sterlite, ITC, Bharti Airtel, Larsen & Toubro, Mahindra & Mahindra, DLF, Ambuja Cements and ACC gained 1-2 percent.
SAIL traded with 1.5 percent losses. The Government of India is going to sell 20.6 crore shares via the offer for sale route at a floor price of Rs 83 per share today. Brokerages are not impressed as Macquarie says risk reward is unfavourable while Ambit recommends avoiding the issue.
Mangalore Chemical, Zuari Industries and Deepak Fertilizers traded higher today as the fight for Mangalore Chemicals intensified. The Zuari group made a fresh open offer for 25.90 percent stake in Mangalore Chemicals at Rs 91.92 per share.
Asian markets traded mixed. Nikkei hit a fresh multi-year high while the Shanghai also reversed early losses. All eyes are now on the US jobs data expected later today.