The News International Team
02:55pm Market Update: The Sensex rose 157.18 points to 29036.56 and the Nifty gained 50.60 points at 8830.95. About 1702 shares have advanced, 1051 shares declined, and 189 shares are unchanged on the BSE.
Shares of L&T, Reliance Industries, HDFC, ITC, Sun Pharma, Bharti Airtel, HUL, BHEL, Cipla and Coal India gained 1-3 percent while M&M, Tata Motors, GAIL, Sesa Sterlite and Hindalco fell 1-2 percent.
02:45pm Escorts in News: Escorts has entered into a joint venture with Rajot-based Amul Group for manufacturing specialised tractors.
Escorts had joined hands with Amul Industries in 2012 for development and distribution of Steeltrac, a highly successful speciality tractor.
“The Escorts-Amul joint venture is an excellent strategic fit, presenting a unique opportunity to leverage the complementary strengths of our robust product portfolio,” said Rajan Nanda, chairman and managing director of the company.
According to him, there has been an exponential growth in the specialised tractors market.
Steeltrac is a specialised tractor, which is complimentary to general purpose tractors which can efficiently facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower.
02:30pm Divestment Buzz: Giving a push to its divestment drive, the government is seeking to dilute stake in PSUs like NBCC, Bharat Electronics, MMTC among other companies in this fiscal, sources told CNBC-TV18.
According to sources, the government’s divestment proposals include diluting 5 percent stake in Bharat Electronics, which is likely to raise Rs 1,500 crore. A 15 percent stake sale in Hindustan Copper would fetch Rs 1,000 crore, and a 15 percent sale in ITDC, would raise Rs 163 crore.
Similarly, 15 percent stake sale in MMTC is expected to raise Rs 800 crore, 15 percent in STC will fetch Rs 150 crore. A 10 percent in National Fertiliser is likely to raise Rs 200 crore, 5 percent in RCF (Rs 160 crore), 15 percent in Neyveli Lignite (Rs 2,000 crore), 5 percent in NTPC (Rs 6,000 crore), 10 percent in Engineers India (Rs 800 crore), 10 percent in Indian Oil Corp (Rs 8,200 crore), 10 percent in NMDC (Rs 6,000 crore), 5 percent BHEL (Rs 3,500 crore), 10 percent NALCO (Rs 1,400 crore), 15 percent NBCC (Rs 1,500 crore).
It remains to be seen how many of these companies get the necessary approvals to go ahead with the divestment plan.
02:00pm Market Check
The market remained firm amid consolidation in afternoon trade with the Nifty hovering around 8800 level. The Sensex rose 94.47 points to 28973.85 and the Nifty climbed 29.20 points to 8809.55.
About 1634 shares have advanced, 1078 shares declined, and 189 shares are unchanged on the BSE.
Overall sentiment remained positive as markets across the region gained as weak Chinese trade data intensified expectations for more economic stimulus measures from Beijing. According to analysts, corporate earnings will be the next medium-term trigger for the markets, analysts said.
Bharti Airtel, BHEL, L&T, Coal India and HUL are top gainers in the Sensex. Among the losers are GAIL, M&M, Hindalco, Sesa Sterlite and Tata Motors. Meanwhile, the total market capitalisation of nine of the top-10 Sensex firms advanced by Rs 1,02,729 crore last week, with RIL and TCS stealing the show with maximum rise in valuation.
In the ranking of top-10 firms, TCS continued to retain its numero-uno position followed by RIL, ITC, ONGC, HDFC Bank, Infosys, CIL, Sun Pharma, SBI and HDFC.