Atul Auto hits record high after bulk deal

Atul Auto continues to trade on a strong note on the BSE, after foreign brokerage house Goldman Sachs bought a total of 4.05 lakh shares of the Atul Auto in bulk deals on BSE yesterday, 30 December 2014.

The stock has touched a high of Rs. 684 so far during the day - which is a life-time high of the counter.

Now, the share price of Atul Auto has zoomed almost 6 per cent at Rs. 672. On the BSE, so far 241,000 shares were at the counter, as compared to its two-week daily average volume of 130,000 shares.

This morning, the stock started the day at Rs. 638.

Meanwhile, the BSE Sensex is up 71 points at 27,475.

Top corporate news of the day – December 31, 2014

HUL sells iconic headquarters to HDFC for Rs 300 cr.

Suven Life secures three more patents.

Lupin has received tentative approval from the US health regulator to market a generic version of Prezista tablets, used in treating HIV infection.

Zuari group has decided to buy more shares of Mangalore Chemicals & Fertilizers (MCF) through the proposed open offer.

Larsen & Toubro (L&T) said it bagged contracts worth Rs 2,521 crore in its building and factories business in both domestic as well as international markets this month.

JSW Holdings has sought shareholders' nod for financial transactions worth Rs 2,500 crore with various entities, including group firm JSW Steel.

Airport operator has asked troubled budget carrier SpiceJet to deposit Rs2bn (US$31.5 million) by December 31, failing which the airline could be put in the so-called cash-and-carry mode.

Top economy news of the day - December 31, 2014

RBI hints high rates to continue | No differences:

FDI proposals worth Rs350mn get nod.

Power ministry cancels UMPP bidding; new bid document soon.

Excise duty cuts on consumer durables, cars end today.

Petrol and diesel may get cheaper from midnight.

FinMin for easing of FDI norms in pharma sector.

Finance Minister Arun Jaitley might look at higher dividend from public sector undertakings (PSUs) compared to last year.

Govt allows post offices to issue ATM cards and account statements at select branches.

Fund-raising by Indian companies through retail issuance of non-convertible debentures (NCDs) plunged 58% to about Rs73bn in the first nine months of the current fiscal.

Sensex opens on a flat note

At 9:19AM, the S&P BSE Sensex is trading at 27,417 up 14 points, while NSE Nifty is trading at 8,250 up 3 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Healthcare, Metal, Realty, Power, Banking, FMCG, Oil and gas indices are the gainers, while Auto, Consumer Durables, Capital Goods, IT, Teck indices are losers.

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

US stocks were lower. The Dow Jones dropped 0.3% while S&P 500 fell half a percent. Nasdaq lost around d 0.6%.

Asian markets too are seeing profit-taking. Hong Kong's Hang Seng index is flat while China's Shanghai index is in the red.

The activity in China's factory sector shrank for the first time in seven months in December, according to reports.The final HSBC/Markit Purchasing Managers' Index (PMI) for December came in at 49.6, just below the 50.0 level.

Finance minister Arun Jaitley has set the record straight stating that his views need not be regarded as a criticism of the RBI or its governor. Meanwhile, in a report RBI has said, "latest projections suggest that CPI (Consumer Price Index) inflation over the next 12 months may hover around 6% if the international crude prices remain around the current levels and the monsoon next year turns out to be normal". The statement is seen as an indication that RBI may choose to give considerable time before lowering its policy rates.

Wockhardt, Cadila Healthcare and Hospira are reportedly voluntarily recalling certain lots of drugs in the US, according to the US Food and Drug Administration (USFDA). Lupin has received tentative approval from the US health regulator to market a generic version of Prezista tablets, used in treating HIV infection.

Hindustan Unilever sold its erstwhile headquarters Lever House at Churchgate in south Mumbai to its current tenant, Housing Development Finance Corporation, for around Rs 300 crore.

Zuari group has decided to buy more shares of Mangalore Chemicals & Fertilizers (MCF) through the proposed open offer.

Sensex to open on a cautious note

One of the best years for the equity market in recent memory comes to an end and investors may be keener on their evening than their day in the market. The Indian markets have experienced six major bull runs since 1991, including the current one. Yet, the fact remains that in terms of returns, the current bull-run has so far delivered the least upside among all the previous bull-runs, which means we probably have a long way to go in the New Year.

After all the hard work through the year, the market appears a bit tired. Fresh positive triggers are elusive for now and big question marks remain on crude, currency and interest rates.

The opening is set to be cautious given the weak global cues. OMCs could swing even as Petrol and diesel may get cheaper from midnight. The Dow Jones dropped 0.3% while S&P 500 fell half a percent. Nasdaq lost around d 0.6%. Asian markets too are seeing profit-taking. Hong Kong's Hang Seng index is flat while China's Shanghai index is in the red.

SEBI has proposed a new set of norms for listing and trading of municipal bonds on stock exchanges so as to channel household investments into urban infrastructure development.

Finance minister Arun Jaitley has set the record straight stating that his views need not be regarded as a criticism of the RBI or its governor. Meanwhile, in a report RBI has said, "latest projections suggest that CPI (Consumer Price Index) inflation over the next 12 months may hover around 6% if the international crude prices remain around the current levels and the monsoon next year turns out to be normal". The statement is seen as an indication that RBI may choose to give considerable time before lowering its policy rates.
Wockhardt, Cadila Healthcare and Hospira are reportedly voluntarily recalling certain lots of drugs in the US, according to the US Food and Drug Administration (USFDA). Lupin has received tentative approval from the US health regulator to market a generic version of Prezista tablets, used in treating HIV infection.

Hindustan Unilever sold its erstwhile headquarters Lever House at Churchgate in south Mumbai to its current tenant, Housing Development Finance Corporation, for around Rs 300 crore.

Zuari group has decided to buy more shares of Mangalore Chemicals & Fertilizers (MCF)
through the proposed open offer.

L&T bagged contracts worth Rs 2,521 crore in its building and factories business in both domestic as well as international markets this month.

Auto companies could remain at the receiving end as the government will not extend tax breaks to automakers beyond Dec. 31, a senior government official was quoted as saying.

Finance Minister Arun Jaitley might look at higher dividend from public sector undertakings (PSUs) compared to last year. This is apart from the government eyeing deep Budget cuts across ministries and departments, a report stated.

The government has amended Post Office Savings Bank Rules to allow post offices to issue ATM cards and account statements at select branches. Fund-raising by Indian companies through retail issuance of non-convertible debentures (NCDs) plunged 58 % to about Rs 7,300 crore in the first nine months of the current fiscal, a report stated.

US consumer confidence increased in December; the Conference Board, said its index of consumer attitudes rose to 92.6 from an upwardly revised 91.0 the month before. Meanwhile, British house prices rose at their slowest annual rate in more than a year this month.

Prime Minister Narendra Modi asked the Ministry of Water Resources to identify river-interlinking projects that could be immediately taken up, according to reports. Modi also called for comprehensive mapping and identification of water bodies across the country.

Minister of Civil Aviation, P. Ashok Gajapathi Raju inaugurated the Meeting of Chief Ministers and State Civil Aviation Ministers in New Delhi to discuss the Draft Civil Aviation Policy and other issues related to civil aviation sector.

Shares of Jindal Stainless hit 10% upper circuit at Rs42 after the company said that that it would de-merge its ferro-alloys, coke oven and stainless steel businesses into three different entities via the slump sale route.

Godrej Properties Limited announced that it has entered into an agreement with Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai.

Shares of Spicejet ended 5% lower at Rs17 after report said that state-run airport operator has asked airline to deposit Rs2 bn by December 31.The airline reportedly failed to submit a cash flow plan to the aviation ministry.

Infrastructure stocks surged after the government approved an ordinance in order to ease the Land Acquisition Act for PPP (Public Private Partnership) and rural infrastructure projects. IRB Infrastructure was up 3% to Rs. 259, while Larsen & Toubro was flat at Rs1498.

Shares of PNB was flat at Rs218 after report said that company may raise funds via QIP or FPO by March end.

Shares of Lupin Ltd will be in focus after the company has received Tentative approval for Generic Prezista Tablets.

Sensex, Nifty recover losses

The market has smartly recovered all-the-losses in the early noon deal, owing recovery in metal shares and appreciation in IT, Pharma and Bank Nifty.

As of 1330 hrs, the BSE Sensex is quoted at 27,387 - down eight points, and the NSE Nifty is unchanged at 8,245.


In the broader markets, the CNX Small-cap and Nifty Junior indices have gained over 0.5 per cent each at 5,200 and 18,475, respectively. The Mid-cap index has added 0.3 per cent at 12,444.

Among sectors, the CNX IT, Pharma and Bank Nifty indices have advanced 0.4 per cent each at 11,146, 10,862 and 18,593, respectively. On the other hand, the Metal and Energy indices have shed nearly a per cent each at 2,652 and 8,579, respectively.

The market breadth is slightly positive in early noon deals. Out of 1,734 stocks traded on the NSE so far 743 stocks have advanced, while 725 stocks have declined.

In the IT space, Hexaware is the top gainer - up over 2.5 per cent at Rs. 201. MphasiS has jumped almost 2 per cent at Rs. 372. KPIT has also rallied 1.4 per cent at Rs. 203.

Tech Mahindra has spurted a per cent at Rs. 2,617. eClerx, MindTree, NIIT Technologies and Info Edge have advanced over 0.5 per cent each.

Tata Elxsi. Infosys, Just Dial and HCL Technologies are the other notable gainers.

On the other hand, Oracle Financial has shed over a per cent at Rs. 3,360. CMC and Vakrangee are also down 0.2 per cent each at Rs. 1,922 and Rs. 123, respectively.

Govt signs loan agreement with ADB to improve water resource management

Government of India signed an agreement with Asian Development Bank (ADB) for a $75 million loan and a $1.8 million grant that will help improve water resource management in three (3) towns of Karnataka in the Upper Tungabhadra sub-basin. This loan from the ADB’s Ordinary Capital Resources has a 25-year term including a grace period of five years.

This first tranche of the loan under the Karnataka Integrated Urban Water Management Investment Program will help expand and upgrade urban water supply and sanitation infrastructure; improve water resource planning, monitoring and service delivery; and strengthen operational and administrative capacity in the three towns of Byadagi, Davanagere and Harihar.

Tarun Bajaj, Joint Secretary, Department of Economic Affairs at the Ministry of Finance, signed the agreement on behalf of Government of India, and Rajeev Singh, Officer-in-Charge of ADB’s India Resident Mission, signed the agreement on behalf of ADB. The project agreement was signed by Shri D. Chandrashekariah, Joint Director, Planning, Urban Development Department, Government of Karnataka on behalf of Government of Karnataka and Shri Darpan Jain, Managing Director, Karnataka Urban Infrastructure Development & Finance Corporation Limited (KUIDFC) on behalf of KUIDFC.

Speaking on the occasion, Bajaj said that he is happy to note that this project will help increase water treatment capacity by 15,000 cubic meters per day; help expand and upgrade more than 1,000 kilometers of water pipelines, and increase sewage treatment capacity by 48,000 cubic meters per day, thereby promoting water efficiency and environmental protection.

Shri Rajeev Singh, Officer-in-Charge of ADB’s India Resident Mission said that the project will pioneer the establishment of Urban Local Bodies Incentive Fund to assist towns in implementing reforms and mainstreaming the use of performance-based contracts in ensuring continuous water services. He said that the project will also test the application of output based approaches to support program for poor and vulnerable households.

The investment program aims to improve water resource management in urban areas in a holistic and sustainable manner. Investment support will be provided to modernize and expand urban water supply and sanitation (UWSS) while strengthening relevant institutions to enhance efficiency, productivity and sustainability in water use. Innovative instruments, such as public-private partnership (PPP) or reform oriented incentive funds will also be pursued. The Program will seek to assist more fragile environments increasingly affected by water resource degradation, often located in North Karnataka. The Program will also promote climate-resilient development, capacity-development for conducive adaptation.

Aban Offshore extends rally

Following yesterday’s 17.2 per cent surge, Aban Offshore today is trading on a strong note after Credit Analysis and Research (Care) rating upgrade.

According to the reports, the rating agency has revised credit rating on bank facilities of Aban by 3 notches to BB-from D.

Aban Offshore so far has jumped to a high of Rs. 523, and is now up almost 5 per cent at Rs. 515.

The counter has witnessed heavy volume of 1.2 million shares so far on the BSE, as against the daily average volume of 521,000 shares in the past two weeks.

Meanwhile, the BSE Sensex is down 68 points at 27,238.

PFC extends Rs.1000 crore loan to AP power distributors

Power Finance Corporation, under the administrative control of Ministry of Power, has sanctioned transitional loan of Rs. 600 crs to Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL) and Rs. 400 crs. to Eastern Power Distribution Co. of Andhra Pradesh Ltd. (APEPDCL).

In a regulatory filing, the company said, "The Board of Directors of Power Finance Corporation Ltd. in its meeting held on 16/12/2014 had inter alia approved proposal to sanction transitional loan of Rs. 600 crs to Southern Power Distribution Co. of Andhra Pradesh Ltd. (APSPDCL) and Rs. 400 crs. to Eastern Power Distribution Co. of Andhra Pradesh Ltd. (APEPDCL). Also 'PFC green energy limited' - a wholly owned subsidiary of Power Finance Corporation Ltd. has sanctioned loans of Rs 62 crores to Southern Power Distribution Co. of Andhra Pradesh Ltd and Rs 25 crores to Eastern Power Distribution Co. of Andhra Pradesh Ltd for solar power pump sets."

The statement added, "Further a proposal to sanction a loan of Rs. 24.4 crores(appox) to Southern Power Distribution Co. of Andhra Pradesh Ltd for solar power pump sets is under consideration of competent authority in Power Finance Corporation Ltd."

Metal shares drift lower

Most of the Metal shares are trading on a negative note as they wait anxiously for the Cabinet to pass an ordinance for the mining sector. Media reports indicate that the mining ordinance may take place towards the end of the week.

The CNX Metal index had rallied over 2 per cent on hopes of ordinance on land mining to be passed yesterday.
However, the CNX Metal index has reversed direction and declined almost a per cent at 2,647 on the NSE.

JSW Steel has slipped almost 2 per cent at Rs. 1,049. Sesa Sterlite and Jindal Steel have dropped over 1.5 per cent each at Rs. 211 and Rs. 90.25, respectively.

National Aluminium has shed 1.4 percent at Rs. 53.75. Tata Steel has declined over a per cent at Rs. 399. Coal India has moved down almost a per cent at Rs. 383.

Hindalco and Jindal Steel are also down over 0.5 per cent each at Rs. 156 and Rs. 153, respectively.

Meanwhile, the NSE Nifty is down ten points at 8,235.

Godrej Properties stock up 4%

Godrej Properties surged by nearly 4 per cent to a high of Rs. 260 after the company entered into an agreement with Godrej & Boyce.

Godrej & Boyce (G&B) to develop a new mixed-use project on the property at Pirojshanagar, Vikhroli West, Mumbai. The potential saleable area in this project will be approximately 110,000 square meters (1.2 million sq. ft.).


At 11.17 AM, the stock was up 3.97% at Rs. 260. The stock has hit a high of Rs. 269 and a low of Rs. 256.05.

Nifty below 8,250 levels

At 10:34AM, the S&P BSE Sensex is trading at 27,383 down 11 points, while NSE Nifty is trading at 8,243 down 2 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Auto, Consumer Durables, Power, banking, capital goods, Healthcare, Metal, realty, FMCG indices are the gainers, while Metal, Oil and gas indices are losers.

L&T, M&M, Maruti, Cipla, are among the gainers, whereas ONGC, Reliance, Hindalco, HDFC Bank are losing sheen on BSE.

Finance Minister Arun Jaitley is back indirectly asking the RBI to cut rates. High interest rates is the culprit for a slump in manufacturing, the FN said adding that credit off take is slow, infrastructure creation becomes slower, and the manufacturers find it difficult to afford costly capital.

The Reserve Bank’s latest projections suggest that Consumer Price Index (CPI) inflation over the next 12 months may hover around 6% if the international crude prices remain around the current levels and the monsoon next year turns out to be normal.

Industrial Finance Corporation of India (IFCI) will now be back in the government fold with the Union cabinet approving Rs 60-crore equity infusion in the entity to raise its shareholding to 51% from 47.93%.

Bharti Airtel was forced to withdraw its controversial VoIP tariff plan.

Jindal Stainless will be demerging its ferro-alloy, coke oven and stainless steel businesses into three different entities via the slump sale route.

IDBI Bank plans to sell its stake in the rating major Credit Analysis & Research.

IVRCL Ltd is reportedly on course to completing stake sale in three road projects and a desalination plant, all located in Tamil Nadu, by the end of this fiscal.

Top economy news of the day - December 30, 2014

Government approves ordinance to ease land acquisition; Amendment to do away with requirement of social impact assessment, consent of 70% landowners for PPP projects in infrastructure.

The government is likely to allow power companies to swap coal supplies with the nearest source to save costs and decongest the rail network.

The government is examining a proposal to tweak the newly approved gas price formula to bring in a cap with the aim of protecting consumers from volatility in the international market.

The cabinet cleared an ordinance ushering in major changes in arbitration and conciliation law, which would make settlement of contractual disputes between foreign companies and their Indian partners easier.

RBI report says inflation to stay around 6% in next 12 months.

Top corporate news of the day – December 30, 2014

Bharti Airtel withdrew its controversial VoIP tariff plan that would have made voice calls on services such as Skype and Viber more expensive in the face of a public outcry and a possible nudge from the regulator.

Reliance Industries, which acquired the Network 18 media group in July, has started integrating the backend operations of television shopping firm HomeShop18 with the technology team of Reliance's consumer division.

Jindal Stainless got board approval to restructure its businesses that includes demerging a subsidiary and listing it on domestic bourses, a move aimed at boosting profitability and paring debt.

Larsen & Toubro (L&T) on Monday said it has bagged an offshore contract worth Rs8.9bn from ONGC for additional development of the Vasai East project.

Government to infuse Rs 600mn in IFCI, raise stake to 51%

IVRCL has decided to sell all assets it has under the build, operate and transfer (BOT) basis by the end of next year and stay away from bidding for similar projects.

Blue Star, Eureka Forbes collaborate to launch water coolers with in-built purification.

Lanco Infratech approved allotment of 5.457 crore shares of Rs1 each at an issue price of Rs6.23 per share to ICICI Bank Ltd, as per the corporate debt restructuring package approved for the company.

Andhra Bank has recovered about Rs2bn non-performing assets (NPAs) in the last three months.

Lanco Infratech stock up 5%

Lanco Infratech Ltd has informed BSE that the Board of Directors of the Company passed Circular Resolution on December 29, 2014 approving the allotment of 5,45,74,639 (Five Crores Forty Five Lakhs Seventy Four Thousand Six Hundred and Thirty Nine) Equity Shares of Re. 1/- (Rupee One only) each at an issue price of Rs. 6.23/- (Rupees Six and Paise Twenty Three Only) per share to ICICI Bank Limited, CDR Lender, as per CDR Package approved for the Company.

The said allotment is made on preferential basis under Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Paid-up Share Capital of the Company after the above allotment stands at Rs. 246,23,79,559/-(Rupees Two Hundred and Forty Six Crores Twenty Three Lakhs Seventy Nine Thousand Five Hundred and Fifty Nine only) comprising of 246,23,79,559 Equity Shares of Re. 1/- each. The Equity Shares allotted to ICICI Bank Limited shall be locked-in for a period of one year in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

At 9.22 AM, the stock was up 5.13% at Rs. 6.15. The stock has hit a high of Rs. 6.25 and a low of Rs. 5.98.

Sensex to open flat

The Prime Minister has cleared a plan of action to boost manufacturing in 25 sectors to give the government's Make in India campaign a further push. Responsibilities have been fixed, road map has been prepared, required changes in policies have been decided, paperwork has been done away with and now, things will be implemented automatically, Prime Minister Narendra Modi said. An ordinance to free up the process in areas such as defence, affordable housing, rural infrastructure and industrial corridors was unveiled akin to earlier moves on coal and insurance. Next would be an alteration in legislation on mining; metal stocks are already rejoicing on this expectation.

On the other hand, Finance Minister Arun Jaitley is back indirectly asking the RBI to cut rates. High interest rates is the culprit for a slump in manufacturing, the FM said adding that credit off take is slow, infrastructure creation becomes slower, and the manufacturers find it difficult to afford costly capital.

The outlook is a flat start. The Nifty will restrict itself to a narrow range. Global cues are not really encouraging. Russia's economy shrank in November, the rouble is sliding. Crude is cooling and Greek Prime Minister Antonis Samaras has failed to get the much needed support for his presidential nominee, which means an election is round the corner.

The Dow Jones lost 0.09% while S&P 500 and Nasdaq closed flat. Among the Asian markets, Japan's Nikkei and Hong Kong's Hang Seng indices are trading lower while China's Shanghai index was trading higher. Crude oil prices fell to their lowest levels since May 2009. Brent crude closed $1.57 lower at $57.88.

The Reserve Bank’s latest projections suggest that Consumer Price Index (CPI) inflation over the next 12 months may hover around 6% if the international crude prices remain around the current levels and the monsoon next year turns out to be normal.

Industrial Finance Corporation of India (IFCI) will now be back in the government fold with the Union cabinet approving Rs 60-crore equity infusion in the entity to raise its shareholding to 51% from 47.93%.

Bharti Airtel was forced to withdraw its controversial VoIP tariff plan.

Jindal Stainless will be demerging its ferro-alloy, coke oven and stainless steel businesses into three different entities via the slump sale route.

IDBI Bank plans to sell its stake in the rating major Credit Analysis & Research.

IVRCL Ltd is reportedly on course to completing stake sale in three road projects and a desalination plant, all located in Tamil Nadu, by the end of this fiscal.

Shares of RPP Infra Projects was up 1% at Rs125 after company bagged new order worth Rs. 483.79 million from Tamilnadu Water Supply & Drainage Board for Providing Water Supply Improvement Scheme to Tindivanam Municipality in Villupuram District, Tamilnadu.

Shares of Cairn India was up 1% at Rs244 after report said that the company along with its joint venture partner,ONGC has put forward a $700-million plan to develop and produce gas reserves at the Raageshwari fields in the prolific Barmer block in Rajasthan.

SpiceJet clarified media reports regarding a decision to allegedly “Sack 50 Captains”. SpiceJet places on record that the 43 (not 50) pilots in question are those that have previously resigned from the company, and have already served at least three months of notice period.

L&T Hydrocarbon Engineering, a fully owned subsidiary of Larsen & Toubro, has bagged an offshore contract valued at Rs. 894 crores from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project. The stock was up 1% at Rs. 1,503.40.

Glenmark Pharmaceuticals is planning to out-license its molecule for pain management, according to reports.The stock was up 1% at Rs788.

Shares of Tata Steel was up 3% at Rs408 after company announced the recent developments in mining operations.

Nifty below 8,250 levels

At 3:09PM, the S&P BSE Sensex is trading at 27,403 up 161 points, while NSE Nifty is trading at 8,244 up 44 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, Banking, Capital goods, FMCG, Oil and gas, Healthcare, Metal, Realty indices are the gainers.

Hindalco, Tata Motors, Tata Steel, ONGC, GAIL, BHEL, Bajaj Auto, L&T, HUL, Hero Motocorp are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Finance Minister Arun Jaitley has said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. A Make in India seminar in Delhi today being attended by Prime Minister Narendra Modi, will also see some noises on what states can do.

The outlook is a positive start. Oil is moving higher. Asian indices are mostly positive. Japan's Nikkei is up 0.40% while Hong Kong's Hang Seng index has gained over 2%. China's Shanghai index is also close to 2% higher.

Algeria's oil minister has called on OPEC to cut production and raise the price of oil, says a report. Meanwhile, Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, a report stated

Members of Greece’s parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state.

The Dabhol power project’s management, its promoters NTPC and the Maharashtra state government are opposing the plan of lenders and the central government to sell the plant’s liquefied natural gas (LNG) terminal to pare its 8,500 crore debt. NTPC and GAILIndia own 32.74% each of Ratnagiri Gas and Power (RGPPL), while the Maharashtra State Electricity Board has a16.94% stake. ICICI Bank, IDBI Bank, State Bank of India (SBI) and Canara Bank collectively hold 18.12%, a report stated.

Petronet LNG could be in action as it is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is reportedly set to out-license its molecule for pain management. Lupin is reportedly looking at acquisitions in various global markets.

Reliance Capital will consider giving up to 10 % stake to its newly-signed strategic partner Sumitomo Mitsui Trust Bank of Japan in its proposed bank, a report stated.

Companies headed for an initial public offering (IPO) will have more legroom to sell shares to foreign investors, according to a report.

The disappearance of the AirAsia flight between Indonesia and Singapore on Sunday will have a major impact on perception and demand for the carrier globally, including in India, said executives at travel companies and airlines.

Shares of RPP Infra Projects was up 1% at Rs125 after company bagged new order worth Rs. 483.79 million from Tamilnadu Water Supply & Drainage Board for Providing Water Supply Improvement Scheme to Tindivanam Municipality in Villupuram District, Tamilnadu.

Shares of Cairn India was up 1% at Rs244 after report said that the company along with its joint venture partner,ONGC has put forward a $700-million plan to develop and produce gas reserves at the Raageshwari fields in the prolific Barmer block in Rajasthan.

SpiceJet clarified some misleading media reports regarding a decision to allegedly “Sack 50 Captains”. SpiceJet places on record that the 43 (not 50) pilots in question are those that have previously resigned from the company, and have already served at least three months of notice period.

The Narendra Modi government is planning to unleash several big-ticket announcements over the next few weeks, according to reports.Report stated that the government may begin with changes in the land acquisition law through an ordinance, setting the stage for the budget that will be unveiled at the end of February by finance minister Arun Jaitley.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, has bagged an offshore contract valued at Rs. 894 crores from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project.At 9.35 AM, the stock was up 0.90% at Rs. 1,503.40.

Glenmark Pharmaceuticals is planning to out-license its molecule for pain management, according to reports.The stock was up 1% at Rs788.

Shares of Tata Steel was up 3% at Rs408 after company announced the recent developments in mining operations.

Reliance Industries Ltd. (RIL) has scheduled a planned turnaround at its Nagothane manufacturing site. The cracker and some of the downstream units will be shut for approximately four weeks, starting around mid-January 2015.

According to reports, India Ratings said that Inflation in FY15 better than FY14. The 5.5% growth in H1 2014 has been positive.The growth has improved and inflation has come down, according to India Ratings.

Aban Offshore soared to a high of Rs. 457 in early morning trade on reports that the company's credit rating has been upgraded.

As per media reports, Bharti Airtel, country's largest telecom service provider, Bharti Airtel would not implement the proposed launch of VoIP packs.

The report added that the move against the hike in prices of VoIP was taken in view of the Telecom Regulatory Authority of India (Trai) issuing a consultation paper on over-the-top (OTT) players, including VoIP. However, Trai is yet to officially start the consultation process.

Govt is looking at divestment in CONCOR, Dredging Corp, National Fert, NMDC, RCF, NALCO, STC, MMTC, MOIL in FY16, according to reports.Report stated that the company has identified 9 companies for divestment in FY16.

Lupin Ltd clarified that the Company actively explores opportunities for organic and inorganic growth including acquisition. Earlier report said that Lupin was eyeing acquisitions in global market in US, Latin America and Europe.

Sensex, Nifty trade firm

The market continues to on a positive note in noon deals. As of 1425 hrs, the BSE Sensex is up 179 points at 27,421 and the NSE Nifty is up 58 points at 8,258.

The broader markets are still out-performing the NSE Nifty, the CNX Mid-cap, Small-cap and Nifty Junior indices have advanced almost a per cent each at 12,420, 5,166 and 18,373, respectively.

All sectors indices are in green, except, the CNX PSU Bank index down 0.2 per cent at 4,220.

The Metal index continues to trade on a firm note - with a surge of 2.5 per cent at 2,680. The Auto and Energy indices have spurted over a per cent each at 8,303 and 8,688, respectively.

The FMCG, Pharma and IT indices are the other prominent gainers.

Among Metal shares, Sesa Sterlite has soared almost 4 per cent at Rs. 215. SAIL and Hindalco have surged over 3 per cent each at Rs. 83.55 and Rs. 157, respectively.

JSW Steel has jumped around 3 percent at Rs. 1,075. Jindal Steel and Coal India have spurted over 2 per cent each at Rs. 152 and Rs. 387, respectively.

Tata Steel, National Aluminium and Jindal Saw have rallied over 1.5 per cent each at Rs. 405, Rs. 54.15 and Rs. 92.80, respectively.

Gujarat Mineral, Hindustan Copper, Bhushan Steel and Orissa Minerals are the other notable gainers.

On the other hand, NMDC has bucked the trend, and has declined over 0.5 per cent at Rs. 143.

Govt to take more steps to facilitate ‘Make in India’ Initiative

Government will undertake more steps to facilitate ease of doing business as part of the ‘Make in India’ initiative. Inaugurating the one-day National Workshop on Sectoral Perspectives & initiatives: Creating an enabling framework for stimulating investments for Make in India, Finance Minister Shri Arun Jaitley said that number of steps have been taken in the past seven months to facilitate an investor friendly climate in the country.

However, manufacturing still remains a challenge. Stressing on the need for manufacturing growth to ensure employment for youth of the country, the Finance Minister underlined several initiatives to facilitate ease of doing business in the country. “Entry point has to be eased, initial barriers lowered and removed, and after entry, enabling environment has to be created.” The Finance Minister stressed on the need for streamlining the dispute resolution mechanism. Noting that availability of lands for manufacturing has to undergo a complex procedure, Shri Jaitley talked of the plan to remove such bottlenecks and to ensure that “our regime is competitive.”

The Minister of State (Independent Charge) for Commerce & Industry Smt. Nirmala Sitharaman termed the National Workshop as an unique initiative. “Nothing of this scale has been attempted in the recent memory. This National Workshop is aimed at getting industry and government on the same platform.” Smt. Sitharaman said that discussions would be held on the results of the recent initiatives and also for the new initiatives that need to be undertaken to strengthen the ‘Make in India’ initiatives. The Minister said that both Department of Industrial Policy & Promotion and Department of Commerce have taken concrete steps for cutting red tape, simplifying rules and delicensing the business environment.

Eighteen sessions are being held as part of the one-day workshop in which 25 Ministries under the Government of India and all the States have come together to converge and integrate in a professional manner to chart a roadmap for short and medium term to make ‘Make in India’ initiative a grand success.

United Spirits surges after block deal

United Spirits has moved from strength-to-strength and rallied to a high of Rs. 2,809 on the NSE, after new block deal of 50,000 shares were executed in the counter on NSE at Rs. 2,795 per equity share.

The share price of United Spirits is now up 2.7 per cent at Rs. 2,800 on the NSE.

Earlier in the day, the stock started the day at Rs. 2,750.

Meanwhile, the BSE Sensex is up over 200 points at 27,453 and the NSE Nifty has added 61 points at 8,261.

Sensex rallies 200 points...Nifty above 8250 levels

At 11:17AM, the S&P BSE Sensex is trading at 27,446 up 204 points, while NSE Nifty is trading at 8,261 up 60 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, Banking, Capital goods, FMCG, Oil and gas, PSU, Healthcare, Metal, Realty indices are the gainers.

Hindalco, Tata Motors, Tata Steel, ONGC, GAIL, BHEL, Bajaj Auto, L&T, HUL, Hero Motocorp are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Finance Minister Arun Jaitley has said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. A Make in India seminar in Delhi today being attended by Prime Minister Narendra Modi, will also see some noises on what states can do.

The outlook is a positive start. Oil is moving higher. Asian indices are mostly positive. Japan's Nikkei is up 0.40% while Hong Kong's Hang Seng index has gained over 2%. China's Shanghai index is also close to 2% higher.

Algeria's oil minister has called on OPEC to cut production and raise the price of oil, says a report. Meanwhile, Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, a report stated

Members of Greece’s parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state.

The Dabhol power project’s management, its promoters NTPC and the Maharashtra state government are opposing the plan of lenders and the central government to sell the plant’s liquefied natural gas (LNG) terminal to pare its 8,500 crore debt. NTPC and GAILIndia own 32.74% each of Ratnagiri Gas and Power (RGPPL), while the Maharashtra State Electricity Board has a16.94% stake. ICICI Bank, IDBI Bank, State Bank of India (SBI) and Canara Bank collectively hold 18.12%, a report stated.

Petronet LNG could be in action as it is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is reportedly set to out-license its molecule for pain management. Lupin is reportedly looking at acquisitions in various global markets.

Reliance Capital will consider giving up to 10 % stake to its newly-signed strategic partner Sumitomo Mitsui Trust Bank of Japan in its proposed bank, a report stated.

Companies headed for an initial public offering (IPO) will have more legroom to sell shares to foreign investors, according to a report.

The disappearance of the AirAsia flight between Indonesia and Singapore on Sunday will have a major impact on perception and demand for the carrier globally, including in India, said executives at travel companies and airlines.

Shares of RPP Infra Projects was up 1% at Rs125 after company bagged new order worth Rs. 483.79 million from Tamilnadu Water Supply & Drainage Board for Providing Water Supply Improvement Scheme to Tindivanam Municipality in Villupuram District, Tamilnadu.

Shares of Cairn India was up 1% at Rs244 after report said that the company along with its joint venture partner,ONGC has put forward a $700-million plan to develop and produce gas reserves at the Raageshwari fields in the prolific Barmer block in Rajasthan.

SpiceJet clarified some misleading media reports regarding a decision to allegedly “Sack 50 Captains”. SpiceJet places on record that the 43 (not 50) pilots in question are those that have previously resigned from the company, and have already served at least three months of notice period.

The Narendra Modi government is planning to unleash several big-ticket announcements over the next few weeks, according to reports.Report stated that the government may begin with changes in the land acquisition law through an ordinance, setting the stage for the budget that will be unveiled at the end of February by finance minister Arun Jaitley.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, has bagged an offshore contract valued at Rs. 894 crores from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project.At 9.35 AM, the stock was up 0.90% at Rs. 1,503.40.

Glenmark Pharmaceuticals is planning to out-license its molecule for pain management, according to reports.The stock was up 1% at Rs788.

Shares of Tata Steel was up 3% at Rs408 after company announced the recent developments in mining operations.

Nifty above 8,250 levels

At 10:15AM, the S&P BSE Sensex is trading at 27,477 up 236 points, while NSE Nifty is trading at 8,268 up 67 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, Banking, capital goods, FMCG, Oil and gas, Healthcare, Metal, Realty indices are gainers.

Hindalco, Tata Motors, Tata Steel, ONGC, GAIL, BHEL, Bajaj Auto, L&T, HUL, Hero Motocorp are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Finance Minister Arun Jaitley has said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. A Make in India seminar in Delhi today being attended by Prime Minister Narendra Modi, will also see some noises on what states can do.

The outlook is a positive start. Oil is moving higher. Asian indices are mostly positive. Japan's Nikkei is up 0.40% while Hong Kong's Hang Seng index has gained over 2%. China's Shanghai index is also close to 2% higher.

Algeria's oil minister has called on OPEC to cut production and raise the price of oil, says a report. Meanwhile, Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, a report stated

Members of Greece’s parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state.

The Dabhol power project’s management, its promoters NTPC and the Maharashtra state government are opposing the plan of lenders and the central government to sell the plant’s liquefied natural gas (LNG) terminal to pare its 8,500 crore debt. NTPC and GAILIndia own 32.74% each of Ratnagiri Gas and Power (RGPPL), while the Maharashtra State Electricity Board has a16.94% stake. ICICI Bank, IDBI Bank, State Bank of India (SBI) and Canara Bank collectively hold 18.12%, a report stated.

Petronet LNG could be in action as it is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is reportedly set to out-license its molecule for pain management. Lupin is reportedly looking at acquisitions in various global markets.

Reliance Capital will consider giving up to 10 % stake to its newly-signed strategic partner Sumitomo Mitsui Trust Bank of Japan in its proposed bank, a report stated.

Companies headed for an initial public offering (IPO) will have more legroom to sell shares to foreign investors, according to a report.

The disappearance of the AirAsia flight between Indonesia and Singapore on Sunday will have a major impact on perception and demand for the carrier globally, including in India, said executives at travel companies and airlines.

Shares of RPP Infra Projects was up 1% at Rs125 after company bagged new order worth Rs. 483.79 million from Tamilnadu Water Supply & Drainage Board for Providing Water Supply Improvement Scheme to Tindivanam Municipality in Villupuram District, Tamilnadu.

Shares of Cairn India was up 1% at Rs244 after report said that the company along with its joint venture partner,ONGC has put forward a $700-million plan to develop and produce gas reserves at the Raageshwari fields in the prolific Barmer block in Rajasthan.

HDIL clarifies reports...stock up 5%

With reference to the earlier letter dated December 03, 2014 whereby the Company had intimated that an F.I.R. was filed against Government Officials, SRA Officials, the Company and its Directors with regard to a Project approved under SRA Scheme in Motilal Nehru Nagar, Bandra (East) in the year 2005-06.

In furtherance to the said matter, Housing Development and Infrastructure Ltd has announced that filing of F.I.R. was challenged in Bombay High Court and a writ petition has been filed and learned Court has granted ad-Interim relief and pending final disposal of the writ petition, the Hon’ble High Court have granted stay on the execution, operation and implementation of the impugned order dated November 05, 2014 passed by the Session Court and stayed the effect, execution, operation, implementation of the impugned FIR registered on December 02, 2014 for offences alleged u/s 13(1)(d) of the Prevention of Corruption Act, registered with Anti Corruption Bureau, Mumbai.

The Company will update the Stock Exchanges with any further developments in the said matter.

The stock has hit 5% upper circuit at Rs71. The stock has hit a high of Rs71 and a low of Rs67.

Top economy news of the day – December 29, 2014

Consumer durables industry wants government to extend the reduced excise duty beyond December 31.

Government may offer surplus PSU land for New Infra Projects.

Government has approved a clutch of investment proposals worth about Rs 6,000 crore in the past six months under electronics manufacturing schemes.

77% patents in Indian pharma sector granted to foreign companies. This clearly indicates that the Indian patent regime is non-discriminatory and strong, sources said.

Top corporate news of the day – December 29, 2014

NTPC and Maharashtra government oppose plan of lenders and the central government to sell the plant's LNG terminal.

Lupin eyes acquisitions in various global markets, including the US, Latin America and Europe, as it looks to bolster its presence overseas.

BHEL is looking for business opportunities in Mozambique and Laos.

Petronet LNG is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is set to out-license its molecule for pain management.

IOC is well positioned to bag the Rs.2,800-crore Ennore-Tuticorin LNG pipeline project.

NMDC plans to set up a 139-km-long slurry pipeline to carry iron ore from Bailadila mines for its proposed 3 million tonnes per annum steel plant in Nagarnar, with an estimated cost of Rs. 800 crore.

Elder Health Care Ltd, said it is in talks with a Japanese MNC to introduce its products under the skin care segment into the country.

Sensex surges 200 points...Auto, Bankex lead

At 9:17AM, the S&P BSE Sensex is trading at 27,485 up 243 points, while NSE Nifty is trading at 8,250 up 49 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Auto, Consumer Durables, Power, Banking, Capital goods, FMCG, Oil and gas, Healthcare, Metal, Realty indices are gainers.

Finance Minister Arun Jaitley has said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. A Make in India seminar in Delhi today being attended by Prime Minister Narendra Modi, will also see some noises on what states can do.

The outlook is a positive start. Oil is moving higher. Asian indices are mostly positive. Japan's Nikkei is up 0.40% while Hong Kong's Hang Seng index has gained over 2%. China's Shanghai index is also close to 2% higher.

Algeria's oil minister has called on OPEC to cut production and raise the price of oil, says a report. Meanwhile, Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, a report stated

Members of Greece’s parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state.

The Dabhol power project’s management, its promoters NTPC and the Maharashtra state government are opposing the plan of lenders and the central government to sell the plant’s liquefied natural gas (LNG) terminal to pare its 8,500 crore debt. NTPC and GAILIndia own 32.74% each of Ratnagiri Gas and Power (RGPPL), while the Maharashtra State Electricity Board has a16.94% stake. ICICI Bank, IDBI Bank, State Bank of India (SBI) and Canara Bank collectively hold 18.12%, a report stated.

Petronet LNG could be in action as it is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is reportedly set to out-license its molecule for pain management. Lupin is reportedly looking at acquisitions in various global markets.

Reliance Capital will consider giving up to 10 % stake to its newly-signed strategic partner Sumitomo Mitsui Trust Bank of Japan in its proposed bank, a report stated.

Companies headed for an initial public offering (IPO) will have more legroom to sell shares to foreign investors, according to a report.

The disappearance of the AirAsia flight between Indonesia and Singapore on Sunday will have a major impact on perception and demand for the carrier globally, including in India, said executives at travel companies and airlines.

Petronet LNG Ltd, is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Sensex to open on a positive note

As the year draws to a close and most people may be in holiday mood. But a lot of action is expected from the government which is set to unleash several big-ticket announcements over the next few weeks, says a report; changes in land acquisition law through an ordinance is among them. The government is eyeing nearly 18 lakh acres of land available with various state-run companies, to quickly get manufacturing and infrastructure projects off the ground, says a report.

Finance Minister Arun Jaitley has said that immediate challenges before the Government is to increase the growth rate as it will boost both the economic activities and the revenue collections. A Make in India seminar in Delhi today being attended by Prime Minister Narendra Modi, will also see some noises on what states can do.

The outlook is a positive start. Oil is moving higher. Asian indices are mostly positive. Japan's Nikkei is up 0.40% while Hong Kong's Hang Seng index has gained over 2%. China's Shanghai index is also close to 2% higher.

Algeria's oil minister has called on OPEC to cut production and raise the price of oil, says a report. Meanwhile, Saudi Arabia's 2015 state budget assumes an oil price close to current levels of around $60 a barrel for Brent crude, a shift from past budgets which were based on prices well below market levels, a report stated

Members of Greece’s parliament will cast their ballots at noon in Athens with Samaras needing 180 votes in the 300-seat chamber to appoint his nominee, Stavros Dimas, as head of state.

The Dabhol power project’s management, its promoters NTPC and the Maharashtra state government are opposing the plan of lenders and the central government to sell the plant’s liquefied natural gas (LNG) terminal to pare its 8,500 crore debt. NTPC and GAILIndia own 32.74% each of Ratnagiri Gas and Power (RGPPL), while the Maharashtra State Electricity Board has a16.94% stake. ICICI Bank, IDBI Bank, State Bank of India (SBI) and Canara Bank collectively hold 18.12%, a report stated.

Petronet LNG could be in action as it is among five global energy firms that have been shortlisted for setting up an LNG import terminal in Bangladesh.

Glenmark Pharmaceuticals is reportedly set to out-license its molecule for pain management. Lupin is reportedly looking at acquisitions in various global markets.

Reliance Capital will consider giving up to 10 % stake to its newly-signed strategic partner Sumitomo Mitsui Trust Bank of Japan in its proposed bank, a report stated.

Companies headed for an initial public offering (IPO) will have more legroom to sell shares to foreign investors, according to a report.

The disappearance of the AirAsia flight between Indonesia and Singapore on Sunday will have a major impact on perception and demand for the carrier globally, including in India, said executives at travel companies and airlines.

Nifty above 8,200 levels

At 3:19 PM, the S&P BSE Sensex is trading at 27,249 up 40 points, while NSE Nifty is trading at 8,204 up 30 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Power, Bankex, Capital Goods, Healthcare, Realty, Teck indices are the gainers, while Auto, Consumer Durables, FMCG, Metal, Oil and gas indices are the losers,

SBI, Axis Bank, L&T, Coal India, Sun Pharma are among the gainers, whereas GAIL, Tata Motors, ITC, Wipro are losing sheen on BSE.

Japanese annual core consumer inflation slowed in November. Factory output fell and household spending remained weak. Asian markets are lackluster. Nikkei is down while Hang Seng and Shanghai are flat. On Wednesday, Wall Street ended mixed.

The initial public offering of Delhi-based NCML Industries will open on December 29. The price band has been fixed at Rs100-120 a share.

SKS Capital and Research, which had entered into an agreement to buy warrants of MCX Stock Exchange from Financial Technologies India, has withdrawn from the deal.

Corporation Bank has decided to sub-divide each equity share with a face value of Rs. 10 into five equity shares of Rs. 2 each and has fixed January 23, as the record date

Finance Minister Arun Jaitley said that the country cannot wait even if one of the Houses of Parliament "waits indefinitely". Jaitley suggested that the government may go to the extent of calling a joint session if the insurance bill is again blocked in the Upper House in the next session, says report.

Reliance Industries has signed shipping agreements with one of the world’s largest and reputed shipping companies MITSUI O.S.K. LINES, LTD (MOL) for transporting Liquefied Ethane from North America to India.

Reliance Capital Ltd said Japan's Bank Sumitomo Mitsui Trust will acquire an initial 2.77% stake in the company for $58.4 million. The Board of Directors of the Company has approved a proposal to issue and allot 70,00,000 Equity Shares of face value of Rs.10 each at a premium of Rs.530 per share, aggregating to Rs.371 crore to Sumitomo Mitsui Trust Bank, Limited (SMTB) (Preferential Allotment), subject to necessary permissions, sanctions, approvals and applicable SEBI Regulations and other provisions of law and which is subject to approval of the Members of the Company.

Government has raised import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia, according to reports.

Infosys under new CEO Vishal Sikka is building capabilities in the social, mobility, analytics and cloud space, as it has significantly upped its recruitment in this space, says report.

Nifty rebounds, up 13 points

The market have rebounded into the positive zone on the back of sustained buying support in PSU bank and IT stocks.

The Nifty is now up 10 points at 8,183, and the Sensex has added 24 points to 27,185.

The CNX PSU Bank index has jumped 1.3 per cent to 4,226, and the IT index has gained 0.8 per cent at 11,016.

Union Bank of India is the major gainer in the PSU banking space. The stock has zoomed nearly 6 per cent to Rs. 241.

Syndicate Bank has rallied 4.5 per cent to Rs. 128. Allahabad Bank and Andhra Bank have surged 3.8 per cent each to Rs. 130 and Rs. 89, respectively.

Indian Overseas Bank has jumped 3.5 per cent to Rs. 59.55. Bank of India and Oriental Bank of Commerce have added 3 per cent each to Rs. 300 and Rs. 339, respectively.

Tech Mahindra is the top gainer in the IT space, up nearly 2 per cent at Rs. 2,566. HCL Technologies has spurted 1.5 per cent to Rs. 1,564.

CMC, Tata Elxsi and Infosys are also up around a per cent each.

The market breadth has turned marginally positive - out of 1,734 stocks traded on the NSE so far, 764 have advanced and 719 declined.

Tata Motors rolls-out 123 AC buses with Automatic Transmission in Ahmedabad

Tata Motors flagged off 123 new AC buses in Ahmedabad, equipped with Automatic Transmission. These buses are in addition to the order bagged by Tata Motors for 3200 buses under the JnNURM – phase II scheme and are meant to reduce driver fatigue and provide for a superior commuting experience. The automatic transmission buses will also help save on fuel costs, due to efficiencies derived from constant engagement of both engine and transmission.

Vernon Noronha, Vice President, Defence & Government Business, Tata Motors said, “With state-of-the-art capabilities in developing and integrating intelligent world-class electronic vehicular systems, we at Tata Motors work closely with all stakeholders in successfully deploying these technologies across a broad spectrum of commercial vehicles, enabling connectivity, safety, better fuel economy, along with optimal vehicle performance. These air conditioned buses with Automatic Transmission are most suitable for BRTS operations and have been developed for the first time for Janmarg. Automatic transmission in buses will reduce driver fatigue, improve acceleration, manoeuvrability and overall passenger comfort and experience, and more revenue earnings per bus. With this order we are proud to partner Ahmedabad Janmarg Ltd., in efficiently and safely running their bus services, with a high degree of reliability and availability.”

With a floor height of 900mm and a length of 12 meters, these buses are fit with electronic display boards and pneumatic door operations, for comfortable commute in an urban transport set-up. A wider passage-way for free movement, large window panes for better visibility, along with lower entry/exit doors, makes these new buses safe and convenient for commuters, also providing easy access for differently-abled and elderly passengers.

The buses are built by Tata Marcopolo and are being operated by private operators.

Tata Motors is the country’s largest bus manufacturer with the most complete range of transit vehicles that meet every need, arising from day-to-day travel. It has continued to be the leader in this segment by not just setting technological benchmarks but also by adapting innovations effectively to suit Indian travel conditions. Tata Motors has also developed a wide variety of buses and coaches that cater to the entire gamut of public transport solutions - from luxurious inter-city travel options to safe transport choices for school going children.

Tata Motors has also developed Electric Hybrid buses and Articulated buses to meet the future transport needs for the envisaged ‘Smart Cities’.

PSU Banks continue to shine

Shares of public-sector banks continue to trade with smart gains in an otherwise lacklustre market on hopes off major upcoming reforms for the sector.

Prime minister Narendra Modi is scheduled to meet PSU bankers on January 3, 2015, wherein plans of banking reforms may be discussed among other things.

The CNX PSU Bank index has gained a per cent at 4,213 even as the NSE Nifty is trading a flat note at 8,175.

Union Bank of India is the major gainer in the banking space, up nearly 5 per cent at Rs. 240.

Allahabad Bank has rallied 3.5 per cent to Rs. 129. Syndicate Bank and Indian Overseas Bank have soared 3 per cent each to Rs. 126 and Rs. 59.25, respectively.

Andhra Bank, Bank of India and Oriental Bank of Commerce have advanced around 2.5 per cent each.

All 12 stocks in the PSU index are trading on a positive note.

Sensex, Nifty trade sideways

The BSE Sensex after swinging in a range of near 300-odd points, has been moving sideways in a narrow 80-point range for the last couple of hours.

The Sensex is now down 62 points at 27,147. The NSE Nifty has declined 17 points to 8,157.

Zee Entertainment, ICICI Bank and ITC have slipped 1.2 per cent each to Rs. 376, Rs. 349 and Rs. 367, respectively.

Ambuja Cement, Maruti Suzuki and Axis Bank have declined over a per cent each to Rs. 224, Rs. 3,331 and Rs. 489, respectively.

Tata Steel, Grasim, NMDC and Mahindra & Mahindra are the other prominent losers.

On the other hand, Tech Mahindra, Punjab National Bank and DLF have rallied over a per cent each to Rs. 2,550, Rs. 223 and Rs. 133, respectively.

Bank of Baroda, HCL Technologies and Infosys are the other notable gainers.

The breadth is marginally negative - out of 1,734 stocks traded so far on the NSE, 762 have declined and 700 have advanced.

Top corporate news of the day - December 26, 2014

Sumitomo Mitsui buys 2.8% in Reliance Capital for Rs3.7bn.

Infosys is fast building its capabilities in SMAC as it has significantly up its recruitment in this space.

Government to defer RIIL’s IPO.

RIL signs deal with Mitsui OSK Lines for ethane transportation.

Hind Powerprojects to invest Rs120bn in renewable energy.

Azim Premji’s to invest Rs1.7bn in promoter entity of Future Retail.

BPCL is planning to raise Rs 40bn for expansion of its Kochi refinery and to fund its petrochemicals venture.

A fund managed by JPMorgan Chase is in advanced talks to partner with SpiceJet Ltd's co-founder for a planned $200mn investment into the airline.

IFCI plans to raise Rs7.90bn from non-convertible debentures to fund its business growth.

Torrent Pharma has entered into an exclusive licensing agreement with Reliance Life Sciences for marketing three biosimilars in the Indian market.

Gujarat State Fertilizers tumbled 3.4%

Gujarat State Fertilizers & Chemicals after surging to a high of Rs. 110 in early morning trade and soon slipped into the negative zone, on reports that the Reserve Bank of India (RBI) has placed restrictions on further purchases of shares of Gujarat State Fertilizers.

Following which, the stock tumbled 6.4 per cent from the day's high to touch a low of Rs. 103.

Now, Gujarat State Fertilizers is down 3.4 per cent at Rs. 105. The counter has registered trades of around 170,000 shares on the BSE so far, as against the two-week daily average volume of 255,000 shares.

Meanwhile, the BSE Sensex is down 11 points at 27,197.

Top economy news of the day - December 26, 2014

PMO pushes ministries to insurer mechanism for faster clearances by end of March.

PM rules out privatization of railways.

Government to link 55000 villages with mobile network in two years.

The power ministry's decision to nominate state-run Power Grid Corp to implement eight transmission projects worth Rs360bn instead of inviting competitive bids has come as a jolt to private companies.

Finance Minister Arun Jaitley will meet state finance ministers today to get their views on the forthcoming budget.

The government has hiked import duty on both crude and refined edible oil by 5%.

Nifty opens above 8,200 levels

At 9:18AM, the S&P BSE Sensex is trading at 27,294 up 85 points, while NSE Nifty is trading at 8,205 up 31 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Healthcare Metal, Realty, Power, Banking, Capital goods,PSU indices are the losers, while FMCG and Oil and gas indices are the losers,

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Japanese annual core consumer inflation slowed in November. Factory output fell and household spending remained weak. Asian markets are lackluster. Nikkei is down while Hang Seng and Shanghai are flat. On Wednesday, Wall Street ended mixed.

The initial public offering of Delhi-based NCML Industries will open on December 29. The price band has been fixed at Rs100-120 a share.

SKS Capital and Research, which had entered into an agreement to buy warrants of MCX Stock Exchange from Financial Technologies India, has withdrawn from the deal.

Corporation Bank has decided to sub-divide each equity share with a face value of Rs. 10 into five equity shares of Rs. 2 each and has fixed January 23, as the record date

Finance Minister Arun Jaitley said that the country cannot wait even if one of the Houses of Parliament "waits indefinitely". Jaitley suggested that the government may go to the extent of calling a joint session if the insurance bill is again blocked in the Upper House in the next session, says report.

Reliance Industries has signed shipping agreements with one of the world’s largest and reputed shipping companies MITSUI O.S.K. LINES, LTD (MOL) for transporting Liquefied Ethane from North America to India.

Reliance Capital Ltd said Japan's Bank Sumitomo Mitsui Trust will acquire an initial 2.77% stake in the company for $58.4 million. The Board of Directors of the Company has approved a proposal to issue and allot 70,00,000 Equity Shares of face value of Rs.10 each at a premium of Rs.530 per share, aggregating to Rs.371 crore to Sumitomo Mitsui Trust Bank, Limited (SMTB) (Preferential Allotment), subject to necessary permissions, sanctions, approvals and applicable SEBI Regulations and other provisions of law and which is subject to approval of the Members of the Company.

Government has raised import tax on crude edible oils and refined oils by 5 percentage points each to protect local farmers from rising imports from Malaysia and Indonesia, according to reports.

Infosys under new CEO Vishal Sikka is building capabilities in the social, mobility, analytics and cloud space, as it has significantly upped its recruitment in this space, says report.

UltraTech deal would bring down our standalone debt: Manoj Gaur

The Jaypee Group is a Rs 20,000 crore well-diversified infrastructural industrial conglomerate in India. Initially, the Jaypee Group started as civil engineering contractors. Jaiprakash Associates Ltd., the flagship company of the Group, is a leader in construction of river valley and hydro-power projects on turnkey basis for more than 4 decades. JAL has participated in the development of 27% of India’s installed hydro power capacity.

The stock of the company surges 3% as the board of Ultra Tech has approved a proposal for the acquisition of cement units of Jaiprakash Associates Limited (JAL) located in Madhya Pradesh. According to a report, The enterprise value of this acquisition has been agreed at Rs 5,400 crore. This acquisition will create significant synergies and the surplus clinker will enable UltraTech to augment its cement capacity by a further 1.8- 2.5 MTPA in addition to the 4.9 MTPA mentioned above. This acquisition will enable the Company to increase its presence in Satna cluster of MP. The Board has approved the Memorandum of Understanding setting out the broad terms and conditions of the proposed acquisition. The Enterprise Value of this acquisition has been agreed at Rs. 5,400 crores. The transaction is subject to customary due diligence, definitive agreements, and regulatory approvals as may be required.

In an interview with CNBC TV18, Manoj Gaur, Executive Chairman, Jaiprakash Associates, said that after the acquisition, the company is left with the almost 20 million tonne of cement capacity. Explaining the recent series of sale of entities of JP Group like the hydropower business and cement now, he said, " The real estate, cement, engineering business are very much intact. The company JAL had clocked a revenue at Rs 13,000 crore and this transaction is a statement that when we are fighting the after effect of the sluggish
economy in our country. As 2014 is coming to an end, almost Rs 20,000 crore of disinvestment took place. Rs 9,700 crore in hydro and Rs 1,400 crore of two plants in Madhya Pradesh and other than that was Bokaro and grinding unit at Panipat".

Commenting on whether the company will be able to generate Rs. 12000 crore revenues with the asset left and expectation from the next year, he said, "The fact is that this Memorandum of Understanding (MoU) has been just signed and it will take five to six months to fructify. So the effect will only be visible after June. So after this divestment debt in the main company would come down to around Rs 20,000 crore. But, the point is that Ultratech decided to take these assets after taking our Gujarat cement plant that shows the faith which they have in our assets. As far as JAL topline is concerned, the EPC business has been very sluggish in last three years because there hardly have been contracts. So I am confident that even for FY16, the turnover as a company will not be less than Rs 12,000 crore."

At 2:47PM, the stock of the company is trading up 8% at Rs. 25.40.

Coal Ministry to commence First Batch of E-Auction of 24 Coal Mines

Pursuant to the order of Supreme Court and in line with the provisions of Coal Mines (Special Provisions) Ordinance, 2014 and subsequent Rules, Ministry of Coal will commence the first batch of e-auction process for the 25-1=24 (Marki –Mangli II being in inviolate area as informed by MoEF) Schedule II mines from tomorrow, December 25, 2014.

While briefing the whole process , Anil Swarup, Coal Secretary stated that out of 24 mines proposed to be auctioned, 7 are for the power sector, 16 for other end use plants of iron & steel, cement and CPPs and 1 mine for steel sector (coking coal). 2 Mines each i.e 4 mines shall be auctioned together : Gotitoria East and West and Gare-Palma IV/2 and IV/3 , Shri Swarup added

Shri Swarup further stated that bidders with specified end use plant are only permitted to participate in this auction. After own consumption, if there is any surplus coal, the successful bidder will be permitted to sell the surplus coal only to CIL at respective bid price or notified price of CIL for that specific grade of coal. Registrations will commence on December 25, 2014 and interested bidders with end use plants could visit MSTC website for the purpose .The registration process will be as per KYC norms and will be available on MSTC website.

Explaining the process, Swarup said that entire auction process will be transparent, efficient and conducted online only. However, 2 documents the Bank Guarantee comprising the bid security and an Undertaking stating that all information submitted is true and correct shall be received in hard copy. The auction process will comprise (i) Techno–commercial bid for qualification and (ii) Financial bid (e-auction) for selection of successful bidder. Only 50% of the qualified bidders from technical stage (subject to a minimum of 5 bidders)will be allowed to participate in the e-auction process.

Mines set aside for iron & steel, cement and CPPs will be auctioned through ‘Ascending Forward Auction’, where qualified bidders will quote incremental bids above the pre-determined floor price. Mines to be allocated for power sector will be auctioned through ‘Descending Reverse Auction’ to minimise impact on power tariffs of end use plants. Last date for receiving technical bids will be January 31, 2015 and list of qualified bidders will be placed on MSTC website on February 12, 2015.

E-auction of coal mines for qualified bidders will be held from February14, 2015 to February 22, 2015.The entire mine allocation process for Schedule II coal mines will be completed by March 23, 2015 with the signing of Coal Mine Development & Production Agreement and the Vesting Order, Shri Swarup added.

Sensex plunges 300 points...Nifty below 8,200 levels

At 3:12PM, the S&P BSE Sensex is trading at 27,161 down 345 points, while NSE Nifty is trading at 8,169 down 97 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Auto, Bankex, Realty, Metal indices are the gainers, while Teck, FMCG, Capital Goods, Consumer Durables, Metal, Oil and gas indices are losers.

Coal India, Cipla, HDFC, Tata Power, HDFC Bank are among the gainers, whereas DRREDDY, Tata Steel, Sun Pharma, Wipro, TCS are losing sheen on BSE.

Shares of Spicejet was up 4% at Rs17 after report stated that the airline cleared salary dues for the month of November for all pilots and senior management officials.

Shares of Nandan Denim Ltd surged 12% at Rs63 after report said that Devkinandan Corporation LLP, one of the promoters, increased its stake in the company via open market.

According to reports, Government may surpass FY15 direct tax collection target. Government said that it has reached 15% direct tax revenue growth aim up to Dec 15, says report.

Cabinet approved 100% FDI in medical devices via automatic route. Shares of Opto Circuits spurted over 16% at Rs26, while Poly Medicure stock surged 8% at Rs974..
Cabinet approves ordinance on insurance. Shares of Max India was up 4% at Rs394, while Reliance Capital shares was up 3% at Rs495.

Sensex slips 100 points

At 12:37PM, the S&P BSE Sensex is trading at 27,399 down 107 points, while NSE Nifty is trading at 8,233 down 33 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Auto, Realty indices are the gainers, while Teck, FMCG, Capital Goods, Banking, Consumer Durables, Power, Metal, Oil and gas indices are losers.

Coal India, Cipla, HDFC, Tata Power, HDFC Bank are among the gainers, whereas DRREDDY, Tata Steel, Sun Pharma, Wipro, TCS are losing sheen on BSE.


According to the report, SBI management is planning to unlock value by listing one or more of its NBFC.

Shares of Spicejet was up 4% at Rs17 after report stated that the airline cleared salary dues for the month of November for all pilots and senior management officials.

Soliciting cooperation from the public in withdrawing these notes from circulation, the Reserve Bank of India has urged them to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The Reserve Bank of India has stated that the public can do so till June 30, 2015. Earlier, in March 2014, it had set the last date for public to exchange these notes was January 01, 2015.

Shares of Nandan Denim Ltd surged 12% at Rs63 after report said that Devkinandan Corporation LLP, one of the promoters, increased its stake in the company via open market.

According to reports, Government may surpass FY15 direct tax collection target. Government said that it has reached 15% direct tax revenue growth aim up to Dec 15, says report.

Cabinet approved 100% FDI in medical devices via automatic route. Shares of Opto Circuits spurted over 16% at Rs26, while Poly Medicure stock surged 8% at Rs974..

Cabinet approves ordinance on insurance. Shares of Max India was up 4% at Rs394, while Reliance Capital shares was up 3% at Rs495.

MEP Infrastructure Developers has received Securities and Exchange Board of India’s approval to raise Rs. 360 crore through an initial public offer (IPO), according to reports.

UltraTech, ACC, Ambuja stock hiked cement rates by Rs10-25/bag: Report

Shares of UltraTech, ACC, Ambuja was up  after report stated that the companies hiked cement rates by Rs10-25/bag.

UltraTech Cement shares hit 5% upper circuit at Rs. 2,654.

Ambuja shares was up 1% to Rs229, while ACC stock was up 1% at Rs. 1,400.

DCB Bank at six-year high

DCB Bank continues its dream bull-run in this calendar year.

The stock today registered a fresh six-year high at Rs. 123.75, and is now up 3.5 per cent at the day's high.

The stock has zoomed by 144 per cent or grown almost 1.5 times in value since the start of the calendar year 2014.

This quarter itself the stock has galloped over 46 per cent.

So far today, the counter has seen heavy volume of around 547,000 shares as against the two-week daily average volume of around 421,000 shares on the BSE.

The stock has been in focus, as the bank is a small-cap bank and may be targeted for takeover by one of the larger banks as the banking sector undergoes major reforms in the future.

Meanwhile, the Sensex is down 33 points at 27,473.

Sensex, Nifty flat; JP Associates gains 5%, UltraTech up 2%

 The market has opened in flat. The Sensex is up 21.47 points at 27527.93 and the Nifty is up 5.05 points at 8272.05. About 326 shares have advanced, 175 shares declined, and 20 shares are unchanged. Cipla, HDFC, BHEL, Sesa Sterlite and Bajaj Auto are top gainers in the Sensex. Among the losers are Dr Reddy's Labs, Tata Steel, GAIL, HUL and ITC. In a win-win deal, Aditya Birla Group company UltraTech Cement on Tuesday announced acquisition of Jaiprakash Associates ' two cement units and associated power plants in Madhya Pradesh for Rs 5,400 crore.  JP Associates rises 5 percent, UltraTech Cement gains 2 percent. The Indian rupee slipped in the early trade. It has opened lower by 15 paise at 63.43 per dollar against 63.28 a dollar Tuesday. The dollar hovered at its highest in nearly nine years against a basket of major currencies after stunningly strong US economic growth spurred markets to bring forward the timing of a likely hike in interest rates. Himanshu Arora of Religare said, "The USD-INR is expected to trade higher today on the back of strength in dollar against a basket of currencies and strong year-end dollar demand from state run banks and importers.” Meanwhile, Wall Street enjoyed a "Santa rally," as investors cheered data showing the US economy expanded in Q3 by the most in 11 years. The Dow closed above 18,000 but the Nasdaq fell, snapping a four-session winning streak, as biotechnology names weighed. European and Asian markets were trading significantly in the green drawn on by a strong US economic engine with Japan’s Nikkei up over a percent. In commodities, Brent Crude rose above USD 61 per barrel.

Top economy news of the day - December 24, 2014

The Government auditor, Comptroller and Auditor General of India (CAG), has questioned the effectiveness of public-private partnership (PPP) projects in the road sector. 
 
The World Bank has approved a Rs4.5bn loan to Telangana to improve incomes and address healthcare needs of farmers. 
 
Power Ministry to resume bidding for UMPPs 
 
Government is likely to get the Union cabinet to take up ordinances to raise the overseas investment limit in insurance and facilitate coal mine auctions. 

Top corporate news of the day – December 24, 2014

Jaiprakash Associates completed its divestment programme aimed at cutting debt with the sale of two cement plants in Madhya Pradesh to UltraTech Cement for Rs54bn.

NTPC, the state-owned thermal power generation giant, might lose the chance to build its first ultra mega power project (UMPPs), as the government is likely to scrap the bidding process for the Cheyyur UMPP in Tamil Nadu. There is also a likelihood that bids for Odisha UMPP would also be shelved as NTPC and NHPC are the only bidders in race for it.

Competition Commission of India (CCI) has approved a multi-billion dollar deal between global pharma giantsGlaxoSmithKline Pharmaceuticals and Novartis.

GIC, Singapore's sovereign wealth fund, is buying about 70% stake in BSE-listed Nirlon for Rs13.9bn.

The appointments committee of the Cabinet has appointed Sutirtha Bhattacharya as chairman & managing director (CMD) of Coal India Ltd (CIL).

The State Bank of India (SBI) management is looking to unlock value by listing one or more of its non-banking financial services companies (NBFC) such as insurance, credit cards, mutual funds and investment banking arms.

The board of directors of NTPC on Tuesday approved a proposal to issue fully paid-up bonus debentures to its shareholders.

As per the management, strengthening dollar is likely to hit HCL Technologies’ revenues during the ongoing October-December quarter.

Reliance Jio Infocomm Ltd has received security clearance to start 4G technology-based broadband services in six circles, but with riders.

L&T Housing Finance, the housing finance arm of L&T Finance Holdings, is looking to grow its loan book by over six times to Rs200bn over the next five years by focussing more on the salaried segment and by financing developers.

Yes Bank raised US$200mn through an unsecured loan facility from the Asian Development Bank.

GMR Holdings to plans to issue NCDs worth Rs3bn.

Allahabad Bank board okays plan to raise funds via QIP. 

Global mkts enjoy Santa rally; flat Nifty opening seen

  The Indian equity market is likely to open on a flat, albeit positive, note today. The SGX Nifty, an indicator of the market opening, was trading at 8272, up 1 point at 7:25 am. The Sensex shed nearly 200 points and the Nifty tumbled below 8,300 in a volatile session on Tuesday. Today's trade is likely to be volatile owing to the Futures and Options expiry. Meanwhile, Wall Street enjoyed a "Santa rally," as investors cheered data showing the US economy expanded in Q3 by the most in 11 years. The Dow closed above 18,000 but the Nasdaq fell, snapping a four-session winning streak, as biotechnology names weighed. European and Asian markets were trading significantly in the green drawn on by a strong US economic engine with Japan’s Nikkei up over a percent. In other asset classes, the dollar hovered at its highest in nine years after stunningly strong US economic growth. The dollar index hit 90 for the first time in nine years, up more than 12 percent in 2014. In commodities, Brent Crude rose above USD 61 per barrel. Back home, the Birlas are on a shopping spree as UltraTech buys JP Group's cement plant in Madhya Pradesh for Rs 5,400 crore. This is the second acquisition by UltraTech from JP Group. And the Coal Mines Bill fails to get the Rajya Sabha nod and the government is gearing up to re-promulgate the Coal Ordinance. Sources say a decision is expected as early as today to facilitate the upcoming coal block auctions. 

Sensex, Nifty extend losses

The market has extended losses in the mid-noon deals, on the back of sharp fall in all sectors, led by metal, capital goods, IT, consumer durables, oil & gas and power shares.

The BSE Sensex has touched a fresh intraday low at 27,489 - down 362 points from the day’s high of 27,851. The BSE benchmark index has now dropped over 150 points at 27,541.

The BSE Nifty has also slipped below 8,300, and is now down 50 points at 8,274.

The broader markets are also trading in line with the BSE benchmark index, the Mid-cap and Small-cap indices have declined over 0.5 per cent each at 10,045 and 10,891, respectively.
All sectoral indices are in red, the Metal index is the major loser - down nearly 2 per cent at 10,561. The IT, Oil & Gas, Consumer Durables and Capital Goods indices have shed a per cent each.

The Bankex, Healthcare, Realty and Power indices are the other notable losers.

The market breadth is negative in mid-noon deals. Out of 2,795 stocks traded on the BSE so far 1,766 stocks have declining, while 912 stocks are still advancing.
Among Sensex-30: Sesa Sterlite is the top loser - down almost 3 per cent to Rs. 205. Tata Power has surged 2.5 per cent at Rs. 81.95.

Tata Steel has dropped over 2 per cent at Rs. 395. Hindalco has slipped nearly 2 per cent at Rs. 153.

Coal India, ONGC, Larsen & Toubro have shed over a per cent each at Rs. 385, Rs. 352, Rs. 1,508 and Rs. 1,978, respectively.

Reliance, BHEL, Tata Motors, ICICI Bank, HDFC and Wipro have also declined around a per cent each.

On the other hand, Bharti Airtel and Bajaj Auto have spurted over 1.5 per cent each at Rs. 355 and Rs. 2,514, respectively.

NTPC and Hero MotoCorp have advanced nearly a per cent each at Rs. 140 and Rs. 3,138, respectively.

Mahindra & Mahindra has added over 0.5 per cent at Rs. 1,270.

Sensex surges 100 points...Auto, Bankex lead

At 11:34AM, the S&P BSE Sensex is trading at 27,822 up 120 points, while NSE Nifty is trading at 8,354 up 30 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Auto, Power, Banking, Healthcare, IT, Capital goods, FMCG indices are the gainers, while Metal, Oil and gas, Realty,Consumer Durables indices are losers.

Tata Motors, Axis Bank, L&T, Bajaj Auto, M&M, Bharti Airtel are among the gainers, whereas Hindalco, Coal India, DRREDDY, Wipro, ONGC are losing sheen on BSE.

Global cues may not really offer much support as investors will look more at how the expiry will pan out.  Parliament proceedings will be watched keenly.

There is no major build-up witnessed at any significant strikes in Nifty options. FIIs have sold stocks worth US$1bn over the past 10 trading sessions. The current index futures long/short ratio for FIIs has reduced to 3x as against 14.5x in the start of the December expiry.  

Data on the US economy will be eyed later in the day. The Dow Jones added 0.87%, the S&P 500 gained 0.38% and Nasdaq Composite gained 0.34%. Asian shares are mixed. Hong Kong's Hang Seng index is up while China's Shanghai is down over a percent. 

Gold struggled to get past overnight losses, trading near its lowest in three weeks.Oil prices were down, after Saudi Arabia's powerful oil minister said OPEC would not cut production at any price. Brent closed down $1.27, or 2 percent, at $60.11 a barrel.

Deadline to exchange pre-2005 currency notes ends on Jan 1

There are only 10 days left for the People to exchange CURRENCY notes of various denominations, including 500 and 1,000, which were printed before 2005.The deadline for exchanging the pre-2005 notes is January 1, 2015.

Shares of Crompton Greaves was down 1% at Rs181 on reports that Avantha Holdings picked up 1.15 crore shares of Crompton Greaves for over Rs 211 crore through open market route.