The News International Team
12:50pm FII View
“The investment case for India is a strong one at the moment. The combination of declining oil prices and food prices has allowed inflation to come down, along with action taken by the government to deal with more structural long-term risks of inflation in turn that is allowing RBI to start to finally lower rates. I think that is a very positive background, particularly with the slow but gradual improvement in the economy in India,” says Ewen Cameron Watt of BlackRock.
12:30pm Hindalco in News
Aditya Birla group firm Hindalco Industries has won the Gare Palma IV/5 mine in Chhattisgarh by outbidding companies like BALCO, Sesa Sterlite, Ambuja Cements, which were also vying for the same block.
“Gare Palma IV/5 mine was won by Hindaco Industries at Rs 3,502 per tonne today. The mine was put on offer yesterday and the bidding for the block lasted for over 12 hours,” a senior Coal Ministry official said.
Hindalco has bagged two mines out of the 13 put on offer so far. On the second day of auction, Hindalco Industries had won Kathautia mine in Jharkhand.
States, including Chhattisgarh, Jharkhand and West Bengal, are set to get over Rs 50,000 crore from the coal blocks sold in the ongoing auction, sources said.
The total number of blocks sold so far is 13 with Essar Power MP Ltd bagging the Tokisud North mine in Jharkhand on the fifth day of the coal auction yesterday, reports PTI.
12:00pm Market Check
The market remained under pressure in noon trade due to profit booking in banking, power, FMCG, oil and select auto stocks. The Sensex fell 73.93 points to 29246.33 and the Nifty declined 36.30 points to 8832.80.
The broader markets also lost ground, down 0.2 percent. Declining shares outnumbered advancing ones by a ratio of 1435 to 1104 on the BSE.
Tata Power, ICICI Bank, ITC, NTPC, Wipro, Reliance Industries, Axis Bank, Bajaj Auto and SBI were down 1-2 percent while Tata Steel, M&M, Infosys, HDFC, Maruti, Cipla and TCS gained 1-2 percent.
Bharat Forge gained more than 3 percent after the Kalyani Group announced a defense tie up with Dassault Rafale. Baba Kalyani told CNBC-TV18 that defence and aerospace are a strategic part of the company’s growth programme.
Tata Motors DVR, Jain Irrigation DVR and Future Retail DVR rallied 5-7 percent after S&P BSE indices announced rules for considering DRVs in all BSE indices. They will consider including DVRs in Sensex, BSE 100, BSE 200, BSE 500 when indices are rebalanced in June.