The News International Team
12:55pm Market Update
The Sensex rose 55.84 points to 27427.68 and the Nifty advanced 16.50 points to 8241.70. About 1296 shares have advanced, 1300 shares declined, and 116 shares are unchanged.
Narendra Kothari, CMD, NMDC believes domestic prices are a function of domestic demand and not international prices. Moreover, domestic demand is still intact, he says in an interview to CNBC-TV18.
The state-controlled mineral producing company is set to export 2 mt out of total 30 mt in FY15. Kothari is confident of making up for production loss on account of cyclone Hudhud in Q4.
Going ahead, he does not expect an additional price cut.
12:40pm BHEL bags order
BHEL has bagged a contract for rehabilitation of 3 units of electrostatic precipitators for the 430 MW Tuncbilek Thermal Power Project in Turkey on EPC basis, said the state-run power equipment maker in its filing to the exchange.
The order, which is valued at euro 16.96 million, envisages dismantling, supply, civil works and erection & commissioning of the electrostatic precipitators.
EUAS is electricity generation company owned by the Turkish government. “Turkey has embarked on a renovation and modernisation programme of its old thermal power projects and the present contract is aimed at reducing the emission levels drastically,” said the company.
12:20pm Jindal Stainless in News
Jindal Stainless said a meeting of the board of directors of the company will be held on December 29 to consider and approve a scheme on “asset monetization and business reorganization plan” (AMP) of the company.
As per company’s insider trading policy for Prevention of Insider Trading, the trading window for dealing in securities of the company will remain closed for all the directors and designated employees of the company from December 23, 2014 till December 30, 2014 (both days inclusive).
12:00pm Market Check
Equity benchmarks gained for third consecutive session today while the broader markets outperformed with the BSE Midcap and Smallcap indices rising more than half a percent. FMCG, power, auto and HDFC twins supported the market while technology and metals stocks were under pressure.
The Sensex rose 52.36 points to 27424.20 and the Nifty climbed 16.35 points to 8241.55. Advancing shares outnumbered declining ones by a ratio of 1286 to 1145 on the Bombay Stock Exchange.
Jindal Steel and Power gained more than 4.5 percent after the company announced that it’s arm, Jindal Power alloted NCDs worth Rs 500 to Kotak Mahindra Bank. JSPL already raised Rs 1,000 crore via the non convertible debentures alloted to Kotak Mahindra Bank last week.
Tyre stocks such as JK Tyre and Apollo Tyres fell 1-5 percent. Media reports indicated that major tyre companies have agreed to procure natural rubber from the domestic market at a 25 percent rate higher than the international price.
Videocon Industries gained more than 5 percent as the company will issue 1.57 crore GDRs worth USD 45.22 million to LLIC Sarl on a private placement basis.
Crompton Greaves, Infosys, BF Utilities, SBI, NCC, ITC, ICICI Bank and Coal India were most active shares on exchanges.
Globally, Asian markets traded mostly higher taking positive cues from US markets on last Friday. Sentiment also improved on a bounce back in oil prices. Brent crude oil prices traded above USD 62 a barrel.