The News International Team
1:50 pm Interview: Shriram City Union Finance is targeting a 20 percent growth in its two-wheeler loan book this fiscal books, says NBFC’s executive irector, Subhasri Sriram. In an interview with CNBC-TV18, Sriram says the company is expecting consisting growth in the enterprise and two-wheeler segments. She says loans against gold have declined and that has affected the overall loan book. Still she is hopeful of a 20 percent increase in overall disbursements this year.
1:30 pm Buzzing: Shares of Larsen and Toubro jumped 1 percent intraday after it bagged an order. Its subsidiary L&T Hydrocarbon Engineering has won a contract worth Rs 894 crore from ONGC for additional development in Vasai East project.
The contract, won against international competitive bidding, includes total Engineering, Procurement, Construction and Installation (EPCI) of two wellhead platforms, subsea pipelines and modification of existing facilities in Heera-Panna-Bassein Block of Mumbai Offshore.
Commenting on the order win, Morgan Stanley says that there needs to be a significant step-up in announcements over the next fortnight to avoid disappointment to market expectations, especially after the strong domestic led inflows in F2Q15.
Don’t miss: UB Holdings up 16%, HC says Kingfisher not wilful defaulter
The market is maintaining its uptrend with support from metals and auto stocks. The Sensex is up 155.21 points or 0.6 percent at 27396.99 and the Nifty is up 44.45 points or 0.5 percent at 8245.15. About 1651 shares have advanced, 980 shares declined, and 103 shares are unchanged.
Sesa Sterlite, Hindalco, Tata Steel, Coal India and Tata Motors are top gainers in the Sensex while Axis Bank, SBI and M&M are in red.
Inflows of foreign direct investment into India rose by about 25 percent to USD 17.35 billion in the April-October period of the current fiscal, Commerce and Industry Minister Nirmala Sitharaman said.
Improvement in the macroeconomic situation and investor sentiment on account of a series of steps taken by the new government helped attract higher FDI, she said. In April-October 2013, the country had received USD 13.82 billion foreign inflows.