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Sensex reclaims 26000; ONGC rises 2%, Tata Steel down 3%


TheNewsInternational Team

3:20 pm Fund raising plan:

Lyka Labs says board of directors has decided to increase authorised capital from existing Rs 26 crore consisting of equity capital of Rs 24 crore and preference capital of Rs 2 crore to Rs 32 crore consisting of equity capital of Rs 30 crore and preference capital of Rs 2 crore.

The board has decided to raise funds upto Rs 100 crore by way of issue of shares on preferential basis/qualified institutional placement (QIP)/convertible debentures and any other securities in one or more combination.

3:05 pm Buzzing: Shares of Mirza International rallied nearly 7 percent intraday on getting court approval for amalgamation of Genesisfootwear.

“Honourable High Court of Judicature at Allahabad has approved scheme of amalgamation of Genesis Footwear Enterprises Private Limited with Mirza International,” said the leather footwear manufacturer in its filing to exchange.

The scheme of amalgamation received approval from board of directors on March 11 with share exchange ratio of 92 equity shares of Rs 2 each to be issued by Mirza International for every 100 shares held by shareholders of Genesis Footwear Enterprises.

However, that exchange ratio modified by board members on June 12. The company said 52 equity shares of Rs 2 each to be issued by Mirza International for every 100 shares of Rs 2 each held by Shareholders of Genesis Footwear.

2:55 pm Market Update: Equity benchmarks extended rally with the Sensex rising 219.11 points or 0.85 percent to 26057.82 and the Nifty up 69.95 points or 0.89 percent to 7931.

About 1554 shares have advanced, 1071 shares declined, and 239 shares are unchanged on the BSE.

2:40 pm Jaypee gets green nod: Jaypee Cement has received the green nod for expansion of limestone mining capacity from 3.47 million tonnes per annum to 6 MTPA in Andhra Pradesh, entailing an investment of Rs 95 crore.

It has commissioned a cement plant with 5 MTPA capacity and captive limestone mine of 3.47 MTPA to meet partial requirement of limestone of the cement plant at Budhawada village, in Krishna district.

The expansion of Budhawada mine capacity will meet the complete limestone requirement of its plant.

“Environment Ministry has examined the proposal and given the green clearance for expansion of mining capacity of Budhawada limestone mine by Jaypee Cement,” a senior Environment Ministry official said.

2:20 pm Suzlon in news: Another Fed hike in March won’t be good for mkts: Rabobank

2:00 pm Market Check

The market remained stable in trade today with the Nifty comfortably above 7900 while the Sensex cruised past 26000-mark. The market breadth was also positive as about 1556 shares advanced against 1019 declining shares on the BSE.

The 30-share BSE Sensex climbed 160.16 points or 0.62 percent to 25998.87 and the 50-share NSE Nifty rose 49.70 points or 0.63 percent to 7910.75.

Tushar Pradhan of HSBC Asset Management says urban consumption is picking up. According to him, auto sector is expected to do well in 2016.

ICICI Bank, Tata Motors, Dr Reddy’s Labs, ONGC and NTPC rallied 2-3 percent while Tata Steel fell over 3 percent.

European equities were mixed on the first day of the final trading week of 2015 with trading volumes expected to be thin today. France’s CAC 40 index was lower by around 0.46 percent with the German DAX flat. London’s FTSE index was closed for a public holiday in the UK.

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