BSE to shift 57 scrips, NSE to move 26 stocks to 'T' group

The Bombay Stock Exchange and the National Stock Exchange will transfer the stocks of several companies, including Emami Infrastructure and Shriram EPC, to the restricted trade category from Friday.

The move is part of a surveillance review to safeguard the interest of investors in the capital market.

BSE would shift 57 securities to the trade-to-trade or ‘T’ group, while NSE would transfer 26 stocks to this segment, the two stock exchanges said in separate circulars.

Among other stocks which would be shifted to the ‘T’ group segment on both the bourses include Hindustan Dorr-Oliver Ltd, Hindustan Organic Chemicals, Plethico Pharmaceuticals and Ramco Systems.

Besides, BSE would also be shifting Deccan Chronicle Holdings to the restricted trade segment on its platform.

In the trade-to-trade segment, no speculative trading is allowed and delivery of shares and payment of consideration amount are mandatory.

As per the bourses, the move is part of the “surveillance review, with a view to ensure market safety and safeguard the interest of investors’’.

The stock exchanges have advised the trading members to take “adequate precaution” while trading in these scrips “as the settlement will be done on trade-to-trade basis and no netting off will be allowed’’.

However, they added that the transfer of these securities for trading and settlement on a trade-to-trade basis “is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company’’.

These stocks would attract a price band of 5 per cent which would be the maximum permissible limit within which the share price can move.

Power Grid share sale likely to open on 3 Dec: sources

Company filed for a follow-on offering of 17% stake with market regulators

State-run Power Grid Corp of India's sale of shares, valued at about $1.2 billion, is likely to open on December 3, three sources with direct knowledge of the matter said, in a process that could revive the government's divestment programme.

Power Grid said on Monday that it had filed for a follow-on offering of 787 million shares, or 17% stake, with the market regulators.

The offering includes fresh issue of 601 million shares and disinvestment of 185 million shares, or 4% stake, by the Indian government.

The Power Grid issue is likely to remain open for investors to bid until December 6, said the sources, who declined to be named as they were not authorised to speak to the media before a public announcement.

A Power Grid official said the issue was likely to be launched in December but he was not aware of the launch date. Ravi Mathur, secretary at the Department of Disinvestment, was not immediately available to comment.

Markets remain flat amid range bound trade

Markets flat in noon trades tracking weak Asian cues

Benchmark share indices continued to trade flat in noon trades on Tuesday tracking weak Asian cues with the Nifty find tough resistance above 6,200.

At 1PM, the 30-share Sensex was up 25 points at 20,876 and the 50-share Nifty was up 7 points at 6,190.

The rupee continued to stregthen against the dollar on regional cues while the benchmark 10-year bond yield eased after the announcement of the new 10-year bonds.

At 1PM, the rupee was quoting at 62.14 versus its Monday close of 62.41/42. It is seen in a range of 61.80 to 62.50 for the session, traders said.

Asian markets witnessed profit taking after sharp gains in the Hang Seng and Shanghai Composite on MOnday. The Shanghai COmposite was down 0.3%, Hang Seng slipped 0.1%, the Nikkei and Straits Times eased 0.3% each.

" Markets expected to remain flat today. This is actually likely to transform into a range trading pattern with the Nifty moving between 6000-6300 with futures premium relative to spot declining as settlement comes closer. A breakout above 6350 would be a strong positive signal. Given that, we have congestion zones at roughly 50-pt intervals at 6000, 6050, 6100, 6150 etc. So a trader can use those as support-resistance markers and set stop losses accordingly," Says technical analyst,Devangshu Datta.

The BSE Realty Index continued to remain the top sectoral gainer up 1.1% followed by Capital Goodss, Auto, Bankex, Oil and Gas indices. FMCG Index was the top loser down 0.5% followed by Consumer Durables, Metal, Healthcare and Power indices.

IT major Infosys was up nearly 1% contributing the most to the Sensex gains followed by State Bank of India, L&T and Index heavyweight Reliance Industries.

Bharti Airtel was up 1.4% on reports of sale of its tower business in Africa.

Other Sensex gainers include, ICICI Bank, Maruti Suzuki and HDFC

HDFC Bank, TCS and ITC were among the top Sensex losers.

Among other shares, Shalimar Paints has rallied nearly 15% at Rs 96 on back of heavy volumes on the bourses. The stock opened at Rs 82.70 on BSE and has seen over two-fold jump in trading volumes. Over 1.5 million shares were traded so far on both stock exchanges against an average 500,000 shares that were traded daily in past two weeks on BSE and NSE.

In the broader market, the BSE Mid-cap was up 0.2% and the Small-cap index was marginally up with positive bias.

Market breadth was nearly neutral with 1,087 gainers and 1,058 losers on the BSE.

Rupee strengthens to 61.91 on increased dollar selling

The rupee was trading up by 49 paise at 61.91 against the dollar at 1.35 p.m. local time due to increased selling of the US currency owing to sustained capital inflows into the equity market by foreign funds amid firm equities.

The rupee gained 22 paise to 62.18 per dollar in the opening trade against the previous close of 62.40.

The rupee hovered in the range of 61.91-62.33 levels.

On Monday, the domestic unit had logged its biggest gain in about one-and-a-half month as it strengthened by 71 paise.

The dollar fell to its weakest level in more than a week following comments by Janet Yellen, US Federal Reserve’s next chief, that she will continue the $85 billion-a-month monetary stimulus programme. This boosted all Asian currencies.

Call rates, G-secs

The overnight call money rate, the rate at which banks borrow short-term funds from each other, opened flat against the previous close of 8.75 per cent.

Yield on the 10-year benchmark bond, 7.16 per cent maturing in 2023, hardened to 9.05 per cent against the previous close of 9.02 per cent.

Goyal cuts Jet holding by 7.9% ahead of board meet

Wednesday meeting to finalise Etihad stake sale and CEO appointment

Jet Airways’ board will meet on Wednesday to finalise the preferential allotment of 24 per cent equity to Etihad Airways. The allotment might take place the same day, said a source in the know.

The board will also finalise the appointment of Etihad’s Chief Executive Officer James Hogan and Etihad’s chief financial officer James Rigney on its board, the source added.

Last week, the Competition Commission of India had given its green signal to the deal between the two airlines, paving the way for Etihad’s Rs 2,060-crore investment in the Indian airline.

On Monday, Jet Airways’ promoter Naresh Goyal sold the 7.89 per cent stake he was holding through Tail Winds, a promoter entity of Jet Airways, worth Rs 211 crore. The stake sale of 6.8 million shares, which represent the entire stake of Tail Winds Ltd, was carried out in a series of bulk deals and the equity was purchased by several Indian and foreign institutional investors.

A Jet spokesperson did not respond to an SMS query on the issue.

Goyal still owns 67.1 per cent of shares in the airline.

Among those who picked up Tail Winds’ stake include Merrill Lynch Capital Markets, which purchased 2.9 million shares and Deutsche Securities Mauritius Limited which bought 1.26 million shares.

“Etihad Airways is being treated as a public shareholder and the airline felt there should be sufficient free float post issue of equity to Etihad, so the promoters decided to dilute their shareholding,” said an airline executive. Separately, the Securities and Exchange Board of India, asked Goyal to bring down his stake to 51 per cent in ordinary shareholders’ interest.

After allotment to Etihad, the shareholding pattern of Jet Airways will have Goyal owning 51 per cent, Etihad getting 24 per cent and balance will be public shareholding.

Shares of Jet Airways closed at Rs 310.40 apiece, down 4.39 per cent over the previous close.

BHEL bags order worth Rs 1,300 crore from NBPPL

State-owned heavy equipment maker, Bharat Heavy Electricals (BHEL) has bagged order worth Rs 1,300 crore from NTPC BHEL Power Projects (NBPPL), a joint venture between NTPC and BHEL for the supply and installation of the Steam Generator, Steam Turbine Generator and Electrics Package for the upcoming 500 MW Feroze Gandhi Unchahar Thermal Power Project (TPP).

BHEL’s scope of work in the contract envisages design, engineering, manufacture, supply and erection & commissioning of Steam Generator, Steam Turbine Generator and their auxiliaries; Electrics and Switchyard with associated Civil Works along with state-of-the-art Controls & Instrumentation (C&I). The order reinforces BHEL’s leadership status in the execution of thermal power projects involving supply of state-of-the-art equipment, suited to Indian coal and Indian conditions.

More than 100 numbers of 490-600 MW rating thermal sets have been contracted by BHEL in the country so far, of which 45 sets have been contracted for projects of NTPC and its JVs. On commissioning of the unit, 12 million units of electricity will be added to the grid, every day.

BHEL has been committed to the nation’s power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower. Significantly, the company has established the capability to deliver power plant equipment of 20,000 MW per annum.

IDBI Bank gains on plan to raise Rs 1,200 crore through QIP route

IDBI Bank, the public sector lender is planning to raise up to Rs 1,200 crore through qualified institutional placement (QIP) in FY14. During the current financial year, the bank has required an additional Rs 3,000 crore, of which Rs 1,800 crore will come from the Government and the rest will have to be raised via QIP route.

Recently, the bank has been allotted Rs 1,800 crore in support from the government, as part of the Centre’s Rs 14,000-crore capital infusion programme for banks during this fiscal.

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the bank to offer personalized banking and financial solutions to its clients through its 1,111 branches and 1821 ATMs.

SBI classifies its Rs 250 cr of dues as bad loans

About 12 other lenders with combined exposure of Rs 1,200 cr likely to follow

Close to a dozen banks’ exposure to First Leasing, the financially troubled non-banking finance company, seem to be turning into bad loans. State Bank of India (SBI), the country’s largest lender, has decided to classify its own Rs 250-crore exposure as a non-performing asset.

ICICI, Axis, State Bank of Travancore, State Bank of Mysore, UCO Bank and IDBI are among the others with a combined exposure of Rs 1,200 crore to the Chennai-based company, promoted by industrialist A C Muthiah and Farouk Irani, the latter a pioneer of the leasing business in India.

Bankers are not hopeful that the account can be upgraded. They indicate the entire exposure might have to be written off, if recovery proceedings don’t get
anywhere.

LOANS TURNING BAD
Bankers indicate the entire exposure might have to be written off if recovery proceedings don't get anywhere
Following an inspection of the books of accounts as on March 31, RBI had in September barred the company from transacting business and accepting public deposits
First Laesing is promoted by industrialist A C Muthiah and Farouk Irani, a pioneer of the leasing business in India

Following an inspection of the books of accounts as on March 31, the Reserve Bank of India (RBI) had, in September, barred the company from transacting business, and to not accept public deposits. The company moved the high court at Chennai, challenging the central bank order. Later, both Irani, managing director since 1973, and Muthiah, the chairman, resigned from the board.

Last week, one of its directors, N Ramakrishnan, and Sheetal R, company secretary, had also resigned. Rajeeva Prakash was appointed additional director (independent & non-executive) on its board.


That the company is facing difficult times was indicated in the annual report for 2011-12, when the company’s profit after tax dipped to Rs 31.6 crore in FY12 from Rs 70.9 crore the previous year. Net profit for 2010-11, however, included a one-time gain of Rs 42.8 crore from the sale of shares of rating agency CARE. Its gross revenue in FY12 also fell to Rs 213 crore, from Rs 233 crore the previous year. In 2011-12, interest expenses went up by 40 crore, due to increase in borrowing.

As on March 31, the public deposit dues were close to Rs 49 crore but the annual report said all these had been paid, with interest. In a filing to the stock exchanges in October, the company said RBI had appointed an auditor for a special examination of the book of accounts and transactions, from the year ended March 31, 2010. N C Rajagopal & Co, chartered accountants, had been appointed for this.

The stock price has declined by a little more than 80 per cent after RBI’s order to bar it from business. It closed at Rs 14.85 on Monday, down 0.7 per cent from the previous close.

FDI in pharmaceutical industry increases to $ 1.07 billion during April-August’ 2013

Amid rising concerns over increasing acquisitions of domestic pharma firms by multinationals, Foreign Direct Investment (FDI) in the pharma sector grew by more than doubled to $ 1.07 billion during April-August’ 2013 as compared to $ 487 million during  the same period last year.

The commerce and industry ministry is presently concerned over the rising acquisitions in domestic pharmaceutical industry and is proposing to tighten the FDI policy for the sector by incorporating conditions like mandatory investment in R&D and non-compete clause in the shareholders pact. The government is of the view that continuing acquisitions of Indian pharma firms by foreign companies would pose serious problems in availability of life-saving drugs to consumers in near future. It also wants restrictions on FDI in brown-field or existing pharma companies amid rising fears that such acquisitions could shrink India’s capacity of producing low-cost generic drugs. During the period from April 2012 to April 2013, over 96 percent of the total FDI in the sector has come into brown-field pharma.

Recently, the government has approved a Rs 5,168 crore proposal of US-based pharma firm Mylan Inc's to acquire Indian generic drugs company Agila Specialties. Such acquisition is likely to impact the industry genetic segment, which accounts for the largest chuck of the sector, with a share of around 72 percent in the total industry revenue. The Indian generic drug market grew at a CAGR of around 17 per cent between 2010-11 and 2012-13 mainly on the back of rising exports of generic drug due to their low cost.

Sadbhav Engineering spurts on emerging successful bidder for contract worth Rs 50.96 crore

Delhi Metro Rail Corporation has declared Sadbhav Engineering as the successful bidder for the project/work for contract valued Rs 50.96 crore. The scope of project includes civil works for construction of depot cum workshop, including structural, architectural, plumbing, drainage, external development, culvert and road works etc. for Bahadurgarh Depot at Mundka - Bahadurgarh Corridor, Line - 5 Extn of Phase - III Delhi MRTS.

Sadbhav Engineering (SEL) is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.

Rolta India gains on entering into strategic OEM agreement with SAP

Rolta India and SAP AG have entered into a strategic original equipment manufacturer (OEM) agreement where Rolta will integrate numerous industry solutions with platform technology from SAP. Rolta will provide customers across the world with cutting-edge business analytics and Big Data solutions designed to exploit the power of SAP technology by combining Rolta’s products with the database and technology portfolio offered by SAP. The portfolio which includes the SAP HANA platform, SAP Sybase IQ software, SAP Predictive Analysis software and the SAP Strategy Management application will be embedded in Rolta’s solutions.

The scope of the agreement covers numerous solution suites, including Rolta OneView Suite, Rolta Geospatial Fusion Suite, Rolta iPerspective Suite and Rolta OT-IT Integration Suite. These suites, particularly Rolta OneView, are eminently suited to harness the power of SAP HANA. The sophisticated, field-proven solutions will be integrated with SAP HANA and tailor-made to address an organization’s specific needs, such as business intelligence (BI) and analytics, in industries including oil & gas, chemicals, utilities, manufacturing and transportation. The integrated operational excellence solution based on Rolta OneView, for example, will offer consistent information with actionable intelligence to stakeholders across the enterprise.

Rolta India conducts business in India, and internationally through subsidiaries in various countries. Rolta is a leading provider of innovative IT solutions built around its intellectual property for many vertical segments, including Federal and State Governments, Defence, Homeland Security, Utilities, Process, Power, Financial Services, Manufacturing, Retail, and Healthcare. The increased holding places Rolta in compliance with Indian Defence manufacturing/procurement guidelines that mandate that bidders have more than 50% holding in the hands of Indian promoters.

GMR Group to set up semiconductor fabrication unit worth Rs250bn

Recently, GMR Group said that it is establishing 3x350 MW coal-based thermal power plant at Kamalanga in Dhenkanal district, Odisha.

Infrastructure major GMR Group is considering to construct a semiconductor fabrication unit (fab) costing Rs. 250 billion, according to a media report.

The Bangalore-based company has approached the Department of Electronics and Information Technology (DEIT) for the project. 

At present GMR is looking to partner technology companies interested in setting-up the complex technology project.

The Cabinet had asked DEIT to open the floor for other vendors as well, to apply for the sops before coming back for a final approval. The extended deadline comes to an end on the 25th of this month, the report further said.


Around 40% of the project cost will be sponsored by a technology partner and partially funded by the government, the report further said. 

State Bank of Travancore trades in fine fettle on BSE

State Bank Of Travancore is currently trading at Rs. 452.30, up by 4.10 points or 0.91 % from its previous closing of Rs. 448.20 on the BSE.

The scrip opened at Rs. 450.55 and has touched a high and low of Rs. 458.00 and Rs. 450.35 respectively. So far 310 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 648.00 on 10-Dec-2012 and a 52 week low of Rs. 401.55 on 04-Sep-2013.

Last one week high and low of the scrip stood at Rs. 459.35 and Rs. 441.45 respectively. The current market cap of the company is Rs. 2271.75 crore.

The promoters holding in the company stood at 75.00% while Institutions and Non-Institutions held 6.28% and 18.72% respectively

State Bank of Travancore (SBT), an associate of State Bank of India, has reportedly unveiled special counters to facilitate easier banking for senior citizens at its Peyad branch in Thiruvananthapuram District of Kerala. SBT is the first bank in the State to open special counters for senior citizens. Further, the bank is planning to open more such counters at selected branches.

The bank has reported a fall of 59.20% in its net profit at Rs 55.34 crore for the quarter ended September 30, 2013 as compared to Rs 135.63 crore for the same quarter in the previous year. However, total income of the bank increased by 16.43% at Rs 2566.09 crore for quarter under review as compared to Rs 2203.92 crore for the quarter ended September 30, 2012.

GPCB issues notice to Sabero Organics to close production process at Sarigam unit

Sabero Organics Gujarat has received a letter from the Environmental Engineer, Gujarat Pollution Control Board (GPCB), Gandhi Nagar on November 15, 2013 whereby GPCB has advised the company to close the production process at Sarigam unit in Gujarat, within 15 days of the letter, stating that there were certain non-compliances of the environmental parameters.

The company is taking necessary steps to address the concerns expressed by GPCB and to seek their permission to continue the operations. Besides, the company has also been making significant investments in the last two years for improving the environmental Infrastructure and has been adhering to the environmental standards.

Sabero Organics Gujarat (SABERO) was established in the year 1991 to manufacture specialty chemicals and intermediates for the crop protection business. Sabero then forward integrated in 1997 into manufacturing crop protection chemicals.

IPCA Lab gains on plans to acquire 50% stake in a pharma firm

IPCA Laboratories rose 1.42% to Rs 692.75 at 9:21 IST on BSE after the company said it has entered into an agreement with Avik Pharmaceutical to acquire 50% of its paid-up equity share capital for Rs 6.51 crore.

IPCA Laboratories said it has entered into an agreement with Avik Pharmaceutical (Avik) to acquire 50% of its paid-up equity share capital, partly through purchase of equity shares from its existing shareholders and partly through subscription to its fresh equity share capital on a preferential allotment basis, both aggregating to approx Rs 6.51 crore. Avik is an unlisted privately held company which was incorporated in the year 1979 and is currently engaged in the development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs) being Steroids and male & female hormones from its manufacturing facilities situated at Vapi in Gujarat, IPCA said.

IPCA Laboratories' net profit rose 3.5% to Rs 129.45 crore on 10.1% growth in net sales to Rs 834.27 crore in Q2 September 2013 over Q2 September 2012.


IPCA Laboratories is a fast growing pharmaceutical major, with a strong thrust on exports. The company exports to over 120 countries. Ipca Laboratories is vertically integrated and produces finished dosage forms and APIs.

Jet Airways in focus ahead of stake sale to Etihad

The stock was up 3.3% at Rs 321 on the Bombay Stock Exchange.

Jet Airways (India) is trading higher by 3.3% at Rs 321, in early morning deals on BSE, on reports that the board of directors of the company will meet tomorrow to finalise the preferential allotment of 24% equity to Etihad Airways.

The stock opened at Rs 315 and touched a high of Rs 324 on the BSE. A combined 1.04 million shares have changed hands on the counter so far on BSE and NSE.

“The preferential allotment might take place the same day. The board will also finalise the appointment of Etihad’s Chief Executive Officer James Hogan and Etihad’s chief financial officer James Rigney on its board,” the Business Standard report suggests.

Meanwhile, on Monday, Jet Airways’ promoter Naresh Goyal sold the 7.89% stake he was holding through Tail Winds, a promoter entity of Jet Airways, worth Rs 211 crore. Tail Winds had sold 6.81 million equity shares at an average price of Rs 310.15 per share.

Nikkei retreats from 6-month high

Drops 0.5% as a bounce in the yen dents exporters

Japan's Nikkei share average stepped back from six-month highs on Tuesday morning, with a bounce in the yen denting exporters while financials retreated after their recent earnings-led rally.

The Nikkei dropped 0.5% to 15,082.35 in mid-morning trade, moving away from 15,273.61 hit on the previous day, the highest since May 23 when it reached a 5-1/2 year high of 15,942.60.

The broader Topix shed 0.5% to 1,236.06.

"Investors have started becoming risk on, but the market has risen too fast so they are staying cautious until there are more cues about Fed's tapering," said Takuya Takahashi, a strategist at Daiwa Securities.

Markets continue to watch out for any clues as to when the US Federal Reserve will start unwinding its $85 billion-a-month stimulus programme, although many in the markets now see any move unlikely until March.

Financials lost ground after rising on Monday on their recent strong earnings. Sumitomo Mitsui Financial Group shed 1.7%, while Mitsubishi UFJ Financial Group declined 0.9% and Mizuho Financial Group slid 0.5%.

Exporters were weaker after the dollar pulled back against the yen, reflecting expectations the Fed will maintain its easy-money policy for a while longer after dovish comments last week from incoming Fed chief Janet Yellen.

Toyota Motor Corp dropped 0.5% and Advantest Corp fell 1.7%.

The yen was up 0.1% at 99.925 yen to the dollar, adding to a 0.2% rise overnight to end a two-day run of losses.

Last week, the yen hit a two-month low of 100.315 yen to the dollar, driven by a risk-on mode in global markets and comments from Finance Minister Taro Aso that Tokyo should retain currency intervention as a policy tool. The Nikkei gained 7.7% last week, it's biggest weekly rise in four years.

A weaker yen sharpens Japanese exporters' competitiveness overseas and bumps up their dollar earnings when repatriated.

The Nikkei has rallied 45% this year, driven by the government's expansionary fiscal and monetary policies.

Financial Technologies arm announces sale of 100% equity ownership in SMX

The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013

Financial Technologies (India) Ltd has announced that Financial Technologies Singapore Pte. Ltd., (FTSPL), a wholly owned subsidiary of Financial Technologies (India) Ltd. (FTIL) announced on November 18, 2013, the sale of 100% of its equity ownership in SMX (together with its wholly owned subsidiary SMX CC) to ICE Singapore Holdings Pte. Ltd., an entity owned by the Intercontinental Exchange Group, Inc. (NYSE: ICE) for US$150 million.
The transaction was approved by the Board of Directors of FTSPL and FTIL on November 18, 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals.
FTIL will primarily utilize the amount towards repayment of outstanding debt towards External Commercial Borrowings (ECB) and Foreign Currency Loan (FCL) to Banks sub}act to regulatory approvals, if any, pursuant to which FTIL will become debt/lien-free.

NHPC gains on commissioning third unit of Uri-ll HE Project

NHPC is currently trading at Rs. 18.10, up by 0.10 points or 0.56% from its previous closing of Rs. 18.00 on the NSE.

The scrip opened at Rs. 18.10 and has touched a high and low of Rs. 18.15 and Rs. 18.05 respectively. So far 1,11,101 shares were traded on the counter.

The NSE group stock of face value Rs. 10 has touched a 52 week high of Rs. 29.40 on 20-Feb-2013 and a 52 week low of Rs. 14.80 on 07-Aug-2013.

The promoters holding in the company stood at 86.36% while Institutions and Non-Institutions held 5.70% and 7.94% respectively.

NHPC has been successfully commissioned its third unit (Unit No 2) of Uri-ll HE Project with effect from 16.19 Hrs on November 16, 2013. Earlier on October 10, 2013, the company had commenced the commercial operations of Unit 1, Unit 2 and Unit 3 of Nimoo Bazgo HE Project (3x15MW).

NHPC is engaged in the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India. It executes all aspects of the development of hydroelectric projects, from concept to commissioning.

Market open higher despite weak global cues

Nifty breached the crucial 6200 mark after opening alomst 8 points higher at 6197

Market opened marginally higher amidst subdued global cues. The 30-share BSE Sensex opened 37 points higher at 20890 levels while Nifty breached the crucial 6200 mark after opening alomst 8 points higher at 6197.

The SGX Nifty was down 7 points or 0.2% at 6,222.

Overnight, in US, the S&P 500 and the Nasdaq ended lower on Monday while the Dow failed to close above its milestone level of 16,000 as stocks sold off late in the session following Carl Icahn's cautious comments on the equities market.

The Dow and the S&P 500 retreated from record levels with less than an hour to go in Monday's session. The Nasdaq, which had been down slightly for most of the day, fell 1.1% to a session low.

The Dow Jones industrial average rose 0.09%, to end at 15,976. The Standard & Poor's 500 Index slipped 0.37%, to finish at 1,791. The Nasdaq Composite Index slid 0.93%, to end at 3,950.

Asian shares slipped back from a two-week high on Tuesday after the previous session's hefty gains on China's economic reform plans, while the dollar was on the defensive on expectations the Federal Reserve will keep its stimulus a little longer.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%, giving up some of Monday's 1.4% rally driven by sharp jump in Chinese stocks.

China's CSI300 Index surged 3.3% on Monday, its biggest one-day rise in two months, to hit a four-week peak.