2:58 pm Market Update
: Equity benchmarks maintained short covering-led rally in late trade. The Sensex rose 168.72 points or 0.67 percent to 25204.77 and the Nifty went up 51.75 points or 0.68 percent to 7664.25.
About 1727 shares have advanced, 845 shares declined, and 185 shares are unchanged on the BSE.
2:45 pm Shipbuilding reforms: Cabinet cleared a Rs 4,000 crore aimed at boosting shipbuilding and ship repair industry in the country.
As per the policy, incentives like ‘Right of First Refusal’ for Indian shipyards for government purchases, tax benefits and infrastructure status will help the shipyard industry.
Speaking to CNBC-TV18, Nikhil Gandhi, Chairman of Pipavav Defence says the reforms are a pleasant surprise and will be ‘game changer’ for the whole industry. The two main benefits, he says, will be the infrastructure grant at competitive prices and more contracts for the shipyard industry.
The move will also help in generating employment and make companies globally competitive, he adds.
2:30 pm Buzzing: Shares of Mandhana Industries jumped 12 percent intraday after Salman Khan has been acquitted of all charges in the 2002 hit-and-run case. The accident that took place on September 28, 2002 allegedly left one pavement dweller dead and four others injured.
The Mumbai-based textile and apparel manufacturing company, is into an exclusive license agreement with Being Human-The Salman Khan Foundation for designing, marketing and distributing Being Human Clothing Products. The company has exclusive rights to promote and use the Being Human brand name worldwide for its Clothing Products for the next 9 years and 3 months with Salman Khan as the brand ambassador.
2:20 pm India-Japan rail contract: India’s cabinet has cleared a USD 14.7 billion Japanese proposal to build the country’s first bullet train line, a government minister and an official said today, one of the biggest foreign investments in Indian infrastructure.
The decision ahead of Japanese Prime Minister Shinzo Abe’s visit beginning on Friday gives Tokyo an early lead over China, which is also bidding to construct high-speed train lines along large parts of India’s largely British-era rail system.
“It’s been done,” a government minister who attended the cabinet meeting headed by Modi on Wednesday night told Reuters.
2:10 pm Havells in News: Havells is the most active stock on exchanges after stake sale.
Havells India , the lighting and electrical products manufacturer, today said it has decided to sell 80 stake in Havells Sylvania Malta BV owned by its subsidiary Havells Holdings (HHL) and Havells Exim to Chinese company. It is subject to shareholders approvals.
“Havells Holdings, the wholly owned subsidiary of Havells India, has proposed to enter into definitive agreement with Shanghai Feilo Acoustics (Feilo) to divest 80 percent stake in Havells Sylvania Malta BV (excluding its subsidiaries based in United States, Brazil, Chile and Thailand),” the company said in its filing to the exchange.
Feilo, which has business of manufacturing and distributing lighting equipment, is the first listed company in China with key shareholding held by Inesa Limited, a state owned enterprise (SoE) of Shanghai Government.
Also read – Fed hike a given; commentary crucial: JP Morgan AMC
2:00 pm Market Check
Equity benchmarks extended uptrend in afternoon trade with the Nifty scaling above 7650 level, driven by index heavyweights Reliance Industries (up 3.3 percent) and HDFC (up 2 percent).
The 30-share BSE Sensex rose 139.41 points or 0.56 percent to 25175.46 and the 50-share NSE Nifty was up 43.05 points or 0.57 percent to 7655.55. The market breadth turned strong as about two shares advanced for every share declining on the Bombay Stock Exchange.