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Nifty hovers around 7800; Aban Offshore, Jindal Drill rally

Sep 02, 2015, 12.19 PM | Source: Moneycontrol.com

Aban Offshore and Jindal Drilling Industries gained 3 percent and 12 percent, respectively after the petroleum minister Dharmendra Pradhan said Cabinet has approved higher participation of private companies in small oil fields. “Cabinet approved auction of 69 oil & gas fields and also approved separate policy for these fields,” he added.

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Nifty hovers around 7800; Aban Offshore, Jindal Drill rally

Aban Offshore and Jindal Drilling Industries gained 3 percent and 12 percent, respectively after the petroleum minister Dharmendra Pradhan said Cabinet has approved higher participation of private companies in small oil fields. “Cabinet approved auction of 69 oil & gas fields and also approved separate policy for these fields,” he added.

12:00

TheNewsInternational Team

12:15 pm SIAM on GST:

Calling for removing high rates of taxation, auto industry body SIAM on Wednesday said it has been “disheartened” by the lack of political consensus on implementation of Goods and Services Tax.

The Society of Indian Automobile Manufacturers (SIAM) said the industry has been slowly turning around after witnessing a prolonged slowdown but “there are speed breakers” in the form of government policies as the country prepares for future emission norms and safety standards.

“The auto industry is highly taxed with multiple excise duty rates from 12.5 percent to 30 percent,” SIAM President Vikram Kirloskar said at the inaugural session of the auto industry body’s general meeting.

He further said after additional state taxes, the overall cascading effect goes up to 84 percent on vehicles. “SIAM has been seeking for reduced taxation and was looking forward to GST but we are disheartened at the lack of political consensus on it…,” Kirloskar added.

12:00 pm Market Check

The market continued to be volatile in noon trade following sharp fall in previous session. The Sensex gained 30.93 points at 25727.37 and the Nifty rose 14.50 points to 7800.35.

The broader markets were marginally in positive terrain as about 1205 shares have advanced against 1070 shares declined on the Bombay Stock Exchange.

Aban Offshore and Jindal Drilling Industries gained 3 percent and 12 percent, respectively after the petroleum minister Dharmendra Pradhan said Cabinet has approved higher participation of private companies in small oil fields. “Cabinet approved auction of 69 oil & gas fields and also approved separate policy for these fields,” he added.

11:00

Sensex, Nifty remain sluggish; SBI, BHEL, NTPC drag 2%

TCS, ITC, Lupin, Reliance and Infosys are top gainers. Among the losers are BHEL, NTPC, Axis Bank, Hero and SBI are losers in the Sensex.

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10:00

Sensex, Nifty rangebound; Reliance, TCS, Lupin supportRead More »

ITC, Reliance Industries, TCS and Lupin topped the buying list on Sensex, up 1.5-2 percent. However, SBI, Tata Motors, Hero Motocorp, ONGC, Cipla, NTPC, BHEL, GAIL and Tata Steel dropped 1-2.5 percent.

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09:15

Nifty above 7800, Sensex slightly up; ITC, Sun Pharma gainRead More »

Lupin, Axis Bank, ICICI Bank, Sun Pharma and Hindalco are top gainers in the Sensex.

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