FIIs were net buyers of Rs 525.65 crore in index futures and options segments

According to the data released by the NSE, the Foreign Institutional Investors (FIIs) were net buyers of Rs 525.65 crore in index futures and options segments as per Thursday’s data, February 17, 2014. FIIs were buyers of index futures to the tune of Rs 236.13 crore and they bought index options worth Rs 289.52 crore. In the stock segment, FII’s were net sellers of stock futures worth Rs 244.22 crore, while they sold stock options worth Rs 42.02 crore.

Kolte-Patil surges 4% on signing 2 projects in Mumbai

Shares of  Kolte-Patil Developers  gained 4 percent intraday on Tuesday after the company expanded its presence in Mumbai by signing two new redevelopment projects in Western Suburbs. "Jay Vijay CHS is the first project located at Ville Parle East, having a total plot size of 8,979 square meters with the total area of approximately 3.4 lakh square feet. The second project, Jumbo Darshan, is located in Andheri East, with a total plot size of 7,077 square meters and a total area of the approximately 2.6 lakh square feet," the company said in its filing. In Mumbai, Pune-based real estate developer had bagged its first redevelopment project on Khar-Linking Road in August 2013. "We will continue to further concentrate in Mumbai through redevelopment and we are eyeing many more such projects," Sujay Kalele, CEO said. At 11:10 hours IST, the stock was up 3.6 percent at Rs 73.80 on the Bombay Stock Exchange.

Manufacturing sector hails the budget announcements

The Finance Minister P Chidambaram’s interim budget might be called populist and unrealistic to some extent on the revenue receipt front, and difficult to achieve unless growth picks up. As many are of the view that FY15 fiscal deficit target for 4.1 percent may be revised upwards when the new government comes to power, while the assumption on tax front is termed too aggressive one. But amid all the analysis, one sector that is cheering the budget is manufacturing, Hailing the announcement of excise duty reduction for automobile sector, Commerce Minister Anand Sharma and Heavy Industries Minister Praful Patel have said the move would boost the growth of the sagging industry and generate employment. In the interim budget for the next financial year 2014-15, Finance Minister P Chidambaram has reduced the excise duty on small cars and motorcycles to 8% from 12%, that on sport utility vehicles to 24% from 30%, that on mid-sized cars to 20% from 24% and on large cars to 24% from 27%. He has also announced cut in excise duty on capital goods and consumer durables. The excise duty cut will be applicable up to June 20, 2014 and prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down. However, the government will lose Rs 1,000-1,200 crore over the next three and a half months due to reduction in excise duty.