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Sensex recovers, Nifty above 7450; Hindalco up 5%, BoB down 5%


Moneycontrol Bureau

2:59 pm Market recovers:

Equity benchmarks recovered from day’s low, aided by Reliance Industries, ITC and HDFC.

The Sensex rose 7.84 points to 24654.32 while the Nifty fell 3.55 points to 7481.80.

The market breadth remained negative as about 1352 shares declined against 1220 advancing shares on the BSE.

2:45 pm Environment clearance: As many as 943 projects entailing investments worth Rs 6.72 lakh crore received environmental clearance in the last 20 months, government said today.

Environment Minister Prakash Javadekar informed the Lok Sabha the government has reduced the time taken for giving environmental clearance to around 192 days from 600 days and efforts would be made to reduce it further.

“During the last 20 months, the Ministry has accorded environmental clearance to 943 projects involving an approximate investment of Rs 6,72,422.60 crore,” Javadekar said during Question Hour.

According to him, the average time taken for giving environmental clearances has come down to around 192 days after the launch of the online system for applications.

2:25 pm Dalmia Bharat gets CCI nod: Dalmia Bharat has got fair trade regulator CCI’s approval to acquire 15 percent stake in its subsidiary Dalmia Cement Bharat from private equity giant KKR for over Rs 1,218 crore in a cash and stock deal.

Post the deal, Dalmia Cement Bharat (DCBL) will become a wholly-owned subsidiary of Dalmia Bharat (DBL). Competition Commission of India (CCI) has cleared the proposed deal, as per information on the regulator’s website.

The deal has earned KKR Mauritius Cement Investment a return of 2.4 times on its investment of Rs 500 crore that it made in September 2010.

Also read – FM rolls back Budget proposal to tax EPF

2:00 pm Market Check

Equity benchmarks wiped out gains in afternoon trade, especially after weak opening of European markets. Banks, technology and infra stocks dragged market.

The 30-share BSE Sensex fell 107.73 points to 24538.75 and the Nifty declined 34.20 points to 7451.15. The BSE Midcap also declined half a percent.

The market breadth turned negative as about 1349 share declined against 1164 advancing shares on Bombay Stock Exchange.

Infosys, ICICI Bank, SBI, HUL, TCS, Maruti Suzuki, L&T, Axis Bank, Dr Reddy’s Labs and Hero Motocorp were down 1-3 percent.

European equities were trading lower after a recent rally petered out in Asian markets and China trade data hit European miners hard. France’s CAC, Germany’s DAX and Britain’s FTSE lost a percent each.

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