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Sensex, Nifty flat; Hero, ICICI Bank, Infosys drag 1-2%

Feb 16, 2015, 01.52 PM IST | Source: Moneycontrol.com

M&M, Bharti Airtel, ITC, HUL and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ICICI Bank, Axis Bank and Infosys.

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Sensex, Nifty flat; Hero, ICICI Bank, Infosys drag 1-2%

M&M, Bharti Airtel, ITC, HUL and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ICICI Bank, Axis Bank and Infosys.

13:16

The News International Team

1:50 pm Buzzing: Shares of Suzlon Energy surged over 18 percent intraday despite increasing loss in December quarter. What is driving the stock is a deal with Sun Pharmaceutical founder Dilip Shanghvi. Shanghvi has agreed to buy a 23 percent stake in Indian wind turbine maker Suzlon Energy for about USD 290 million.

The India’s second-richest man will pay Rs 1800 crore through Dilip Shanghvi Family and Associates (DSA) for 1 billion new shares in Suzlon, issued by way of a preferential allotment. Shanghvi’s investment firm and Suzlon will also form a wind farm joint venture for the development of 450 megawatt (MW) of wind farms, a company statement said.

1:30 pm Custom duty on crude oil imports? Finance Minister Arun Jaitley may look at reimposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers. Presently, the government does not levy any import or customs duty on crude oil imports. On the other hand, domestically produced crude oil attracts two per cent central sales tax, something which imported oil is exempted from.

Given that there is no customs duty on imported crude oil, the CST levy places domestic producers at a significant disadvantage vis-‘-vis imported crude, government sources said. Thus, 20 per cent of India’s crude oil consumption that comes from domestic oil fields is taxed, whereas 80 per cent of imported oil goes untaxed. Jaitley, in his first full-year Budget on February 28, may seek to address the anomaly, they said.

Don’t miss: Sun Pharma slips 3% on Q3 miss but Credit Suisse bets on it

The market has gone flat as the Sensex is up 89.42 points at 29184.35. The Nifty is up 23.10 points at 8828.60. About 1257 shares have advanced, 1386 shares declined, and 199 shares are unchanged.

M&M, Bharti Airtel, ITC, HUL and Tata Steel are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ICICI Bank, Axis Bank and Infosys.

Wholesale prices declined an annual 0.39 percent in January, their second fall in three months, on the back of a sharp correction in oil prices, government data showed. The reading for November wholesale price inflation was revised to -0.17 percent from 0.0 percent earlier.
Oil prices steadied as Japan’s economy emerged from recession and as strong demand for refined products translated into healthy orders for crude.

Japan’s economy rebounded from recession in the final quarter of last year, supporting oil prices, even though the data was weaker than expected. Analysts said that healthy demand for refined products was also buoying crude markets.

 

12:11

Nifty below 8850, Jan WPI inflation at -0.39%; ITC up 2%

HUL, Bharti, Tata Motors, ITC and Dr Reddy’s Labs are top gainers while Sun Pharma, Hero, Axis Bank and ICICI Bank are losers.

Read More »

11:00

Sensex, Nifty extend gains; auto, bank, FMCG lend supportRead More »

HUL, Tata Motors, Bharti Airtel, Sesa Sterlite and Dr Reddy’s Labs are top gainers in the Sensex. Among the losers are Sun Pharma, BHEL, Hero Motocorp, L&T and GAIL.

Read More »

10:00

Sensex gains over 200 pts; HUL, Tata Motors jump 2-3%Read More »

Tata Motors, Bharti Airtel, Sesa Sterlite, HUL and Coal India are top gainers in the Senssex. Among the losers are Sun Pharma, BHEL, L&T, NTPC and Infosys.

Read More »

09:15

Nifty hits 8850; Hindalco & SBI gain, Sun Pharma falls 2%Read More »

Hindalco is up 3 percent while Sesa Sterlite, HDFC Bank, SBI and ICICI Bank are top gainers in the Sensex. Among the losers are Sun Pharma, Hero Motocorp, ONGC, Bharti Airtel and HUL.

Read More »

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