Japan's Nikkei share average surged 4 percent to post its biggest daily rise since June 2013 as investors took heart from upbeat US data and the weaker yen lifted exporters such as Toyota Motor Corp and Honda Motor Co. Also underpinning the market was news that Japan's USD 1.2 trillion public pension fund will likely raise its allocation to domestic stocks to about 25 percent from 12 percent at present. People familiar with the process told Reuters that a weighting in the middle of the 20-30 percent range is the main proposal for an impending reallocation of the fund's asset mix and is under final discussion within GPIF. The Nikkei share average added 578.72 points to end at 15,111.23, recouping most of the losses posted last week. Upbeat US consumer confidence supported investor sentiment and lifted risk appetites. The Thomson Reuters/University of Michigan index of consumer sentiment unexpectedly rose in early October to its highest level since July 2007. Separate data showed groundbreaking on new homes rose more than expected last month. Traders said investors scooped up recently-battered stocks after the Nikkei tumbled 5 percent last week on concerns about faltering global growth and the stronger yen, reports Reuters.
Monday 20 October 2014
HCC surges on bagging order worth Rs 393.08 crore
Hindustan Construction Company (HCC) is currently trading at Rs. 28.40, up by 1.65 points or 6.17% from its previous closing of Rs. 26.75 on the BSE.
The scrip opened at Rs. 27.75 and has touched a high and low of Rs. 29.25 and Rs. 27.55 respectively. So far 852564 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 49.00 on 01-Jul-2014 and a 52 week low of Rs. 11.11 on 18-Oct-2013.
Last one week high and low of the scrip stood at Rs. 31.50 and Rs. 26.60 respectively. The current market cap of the company is Rs. 1837.38 crore.
The promoters holding in the company stood at 43.51% while Institutions and Non-Institutions held 16.03% and 40.45% respectively.
Hindustan Construction Company (HCC) has been awarded Rs 393.08 crore road project by the Ministry of Road Transport & Highway. This Engineering Procurement and Construction (EPC) contract is for reconstruction of 65.87 km section of NH-233 on indo Nepal Border.
The scope of work includes rehabilitation, up-gradation and augmentation of the existing carriageway to two-lane with paved shoulders, construction of pavements, construction and/or rehabilitation of major and minor bridges, culverts, road intersections, interchanges, drains.
HCC is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.
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BSE Sensex up over 300 pts, Nifty strong; ONGC gains 7%
Boosted by fuel stocks, the market has opened on a strong note. The Sensex is up 341.55 points or 1.3 percent at 26450.08 and the Nifty is up 112.70 points or 1.4 percent at 7892.40. About 532 shares have advanced, 74 shares declined, and 9 shares are unchanged. The government has begun with the mother of all reforms. It has raised the gas prices to USD 5.6 per unit effective from November with a review every six months. Also, in a huge boost to public sector oil companies, diesel price deregulation finally sees the light of the day. Government has deregulated the price of diesel, linking it to global market prices. Diesel has now become cheaper by Rs 3.37. ONGC is up 7 percent while Axis Bank, ICICI Bank and Tata Motors are top gainers in the Sensex. The Indian rupee advanced in the early trade. It has opened higher by 24 paise at 61.20 per dollar against 61.44 Friday. Dollar gained after upbeat data restored some calm to the financial markets, prompting equities to rally back from deep losses and triggering a rise in treasury yields. Agam Gupta of Standard Chartered said, "The diesel price decontrol and the state election results will support risk appetite. Expect exporters to sell on upticks to 61.35-61.40/dollar and local government banks to be buyers of USD on dips towards 61.05-61.10/dollar. Expect the rupee to trade in the range of 61.05-61.40/dollar," he added. It was a massive victory for the BJP in Maharashtra. It came out as the single largest party in the state with 123 seats in Haryana.It created a record getting majority on its own in Haryana assembly winning 47 seats. US stocks rallied, softening a fourth week of losses, as investors bet on further stimulus from central banks and corporations including General Electric and Morgan Stanley reported profits that topped expectations. Meanwhile Fed Chair, Janet Yellen believes that the widening inequality paused during recession, has resumed in recovery. In economic data, new-home construction climbed 6.3 percent in August, signaling improvement in the US residential real-estate market. Also the preliminary read for consumer sentiment in October came in at 86.4 versus 84.0 estimate. Asian markets gained in a broad rally on Monday. The Nikkei rebounded from four-month low while Kospi recovered from eight-month low. Nymex crude futures bounce back after a three-week fall that pulled prices to their lowest since 2012 amid abundant supply and slack demand. Brent crude too rises to 86 dollars per barrel.
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