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.
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.
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