10:55 am Market Update:
Equity benchmarks extended losses with the Nifty breaking 7800 level on profit booking.
The Sensex fell 151.57 points or 0.59 percent to 25652.21 and the Nifty declined 44.55 points or 0.57 percent to 7799.80.
10:45 am Buzzing: Shares of Jyoti surged 19 percent intraday on bagging order for metallic volute pumps in the state of Karnataka.
“Jyoti has won order for Rs 139 crore from DRN Infrastructure, Hubli, Karnataka for design, manufacturing, supply, erection, testing and commissioning of 5 numbers metallic volute pumps,” says electrical and hydraulic engineering equipment maker in its filing.
The above order is along with allied mechanical, electrical and instrumentation equipment, 220 KV sub-station, tools-tackles, spares for TubchiBableshwar lift irrigation scheme under Karnataka Neeravari Nigam.
10:35 am Vedanta in focus: Mining conglomerate Vedanta said its arm Sesa Goa may suspend iron ore mining in Goa due to the ongoing dispute between the firm and truck operators.
“A section of truck owners’ association is demanding a rate of Rs 17.63 per km while the mining firms, already reeling under the impact of a meltdown in iron ore prices and plethora of taxes, have offered to pay Rs 8 per km,” the firm said in a statement.
If mining is suspended, this will be a huge set back to the mining operations in the state that had resumed only in August this year after Supreme Court lifted its 2012 ban, the statement added.
10:20 am Strides Shasun’s fund raising: Indian pharmaceutical company Strides Shasun has launched a share sale to raise funds up to Rs 1500 crore (USD 225.7 million), IFR reported today, citing a source close to the transaction.
Strides is selling shares at Rs 1,278 apiece in the transaction, which comprises a base deal for Rs 1000 crore with an upsize option of Rs 500 crore, IFR, a Thomson Reuters publication, said.
Axis and Jefferies are the bookrunners for the deal, it said.
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10:00 am Market Check
The market continued to see selling pressure in morning trade with the Sensex falling 92.62 points to 25711.16 and the Nifty down 29.10 points to 7815.25. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising marginally.
The market breadth was marginally positive as about 1081 shares advanced against 901 declining shares on the BSE.
Infosys and TCS fell more than 1 percent as the United States will double special fee on H1B and L1 visa fee. Indian IT industry could be hit by as much as USD 400 million, say analysts.
HUL, L&T, NTPC, Axis Bank, Sun Pharma and Cipla gained 0.3-1.3 percent.