The News International Team
10:55am Thermax in News
Shares of Thermax hit a record high of Rs 1,131.80 on bagging order in Africa to build and commission a captive power plant.
The energy and environment major won a repeat order from a leading African industrial major, for supplying a captive power project for one of the conglomerate’s cement plants, said the company in its filing.
The power plant will be commissioned within a time frame of 15-16 months, it added. The scope of work includes system design, manufacture, supply and supervision of erection and commissioning of the plant.
10:30am Market Expert
Former Goldman Sachs chairman Jim O’Neill is bullish on India’s economic cycle, and sees acceleration in growth next year.
In an interview to CNBC-TV18, O’Neill says he expects India’s GDP growth to be 6 percent by middle of next year. He says financial conditions for India are extremely favourable and that the environment for investment is fantastic.
He further sees the Reserve Bank cutting interest rate in the first quarter of 2015. He adds that strong rupee, capital flow and steady and low inflation can accelerate the pace of interest rate cut.
10:00am Market Check
Equity benchmarks continued to consolidate with the Sensex falling 38.12 points to 28419.98 and the Nifty slipping 14.30 points to 8524. The broader markets outperformed benchmarks with marginal gains. The BSE Midcap and Smallcap indices gained 0.3 percent each.
The market breadth was positive. About 1125 shares have advanced while 766 shares declined on the Bombay Stock Exchange. The 10-year 8.4 percent 2024 bond traded at life high of Rs 103.18, up 0.11 percent compared to Friday’s closing value.
Shares of Infosys topped the selling list, falling more than 3 percent after block deals wherein founders may have sold shares worth USD 1.1 billion. Sesa Sterlite fell 1 percent as brokerage house Bank of America Merrill Lynch has cut its earnings estimates for the metal and mining major, and also the price target, citing falling crude and iron ore prices.
Among others, TCS lost 1.7 percent followed by Dr Reddy’s Labs, L&T, M&M, HDFC Bank, Hero Motocorp, SBI and Hindalco were down 0.3-1 percent.
However, Coal India gained 2 percent. Media report suggested that the coal mining company asked government to return 2 cancelled Odisha blocks. Shares of ITC, HDFC, Sun Pharma, ONGC, Bharti Airtel, Axis Bank, Maruti Suzuki and Tata Power advanced 0.5-1 percent.