Sensex, Nifty on a flat level

At 2:31PM, the S&P BSE Sensex is trading at 27,816 up 19 points, while NSE Nifty is trading at 8,367 up 26 points.

The BSE Mid-cap Index was flat, while BSE Small-cap Index was trading down 0.02%

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

SBI, ONGC, Tata Power, Cipla, HEROMOTOCO, Axis Bank are among the gainers, whereas BHEL, Sun Pharma, Bajaj Auto, HUL are losing sheen on BSE.

The third phase of polling in 17 Assembly constituencies in Jharkhand and 16 in Jammu and Kashmir saw an impressive turnout despite boycott calls and threats of violence. While Jharkhand saw a voter turnout of 61 per cent, J&K recorded 59 per cent polling, says a report.

Anil Ambani is planning set to sell a controlling stake in his multiplex business to Carnival Films which is backed by a Kochi based agri-trading company, according to reports. 

Finance Minister Arun Jaitley told the Rajya Sabha there was no cause for concern with a comfortable forex reserve position, according to reports.

Shares of Gitanjali Gems surged 8% at Rs57 on reports that the government may change gold-import rules for trading houses.

Cipla Ltd has informed BSE that Meditab Holdings Limited, Mauritius, a wholly owned subsidiary of the Company, has entered into a definitive agreement to sell its entire 48.22% equity interest in Jiangsu Cdymax Pharmaceuticals Co. Ltd., China (Jiangsu) to an affiliate of one of the other shareholders of Jiangsu, for a total consideration of USD 18.5 million.

Fitch Ratings says it expects Indian corporates to increasingly access the offshore debt capital markets for their funding requirements. The growth is likely to be driven by the need to refinance debt and fund capex once the investment cycle restarts. The agency also expects the number of new issuers to rise with many corporates looking to diversify their funding sources.

SKS Microfinance hits 3-year high

SKS Microfinance moved for strength-to-strength and hit 3 year high at Rs. 384 on the BSE on reports a foreign brokerage house reportedly initiated rating on the stock with a 'buy' rating and put a price target of Rs. 500.

The stock is currently trading near the highest level of the day - with a surge more than 9 per cent at Rs. 381.

The counter has witnessed heavy volumes of 1.1 million shares so far, as against the two-wee daily average of 233,000 shares on the BSE.

This morning, SKS Microfinance started the day at Rs. 354.

Meanwhile, the BSE Sensex is up 42 points at 27,834.

Rajya Sabha Select Committee submits reports on Insurance Bill

The Rajya Sabha Select Committee submitted its report on the Insurance Bill, according to reports.

The report has recommended a composite cap of 49% on foreign investment in insurance. 

Finance Minister Arun Jaitley had said in his budget speech in July that the "composite cap" in the insurance sector should be increased to 49% from the current level of 26%

Sensex, Nifty move higher

The market has recovered all-the-losses and rebounded into the positive zone owing to profit-booking in metal, power, realty, bank shares and smart pull-back in Shanghai index.

The BSE Sensex is currently trading at the highest points of the day with a gain of 104 points at 27,901. The NSE Nifty has also gained 25 points at 8,366.

In Asian, the Shanghai Composite index has smartly bounced back into green, the index has now surged almost 3 per cent at 2,937, while, the Japan's Nikkei index has slipped 2.3 per cent at 17,412.

The broader markets are also trading in line with the CNX Nifty; the Mid-cap and Small-cap indices have spurted over a per cent each at 12,437 and 5,246, respectively.

The Nifty Junior index has also rallied almost a per cent at 18,469.

Among sectoral indices, the CNX Metal, Realty and Bank Nifty indices have jumped a per cent each at 2,717, 218 and 18,474, respectively.

On the other hand, the FMCG index continues to trade with a loss of 0.4 per cent at 21,093.

The market breadth is fairly positive in early-noon deals - out of 1,729 stocks traded on the NSE so afr 1,010 stocks have advanced, while 466 stocks have declined.

In the Nifty space, Jindal Steel has soared over 3.5 per cent to Rs. 150, and is the top gainer. Followed by Tata Power and Punjab National Bank surged 2.5 per cent each at Rs. 87.60 and Rs. 1,111, respectively.

ONGC, Sesa Sterlite and IDFC have jumped over 2 per cent each at Rs. 360, Rs. 225 and Rs. 157, respectively.

Cairn India, SBI and Bank of Baroda have also rallied almost 2 per cent each at Rs. 259, Rs. 312 and Rs. 1,068, respectively.

Power Grid, Hero MotoCorp, Axis Bank, Zee Entertainment, Dr Reddy's, IndusInd Bank and Ultratech Cement are the other significant gainers.

On the losing side, NMDC has slipped 2.5 per cent at Rs. 136. Tech Mahindra and Bajaj Auto have tumbled over 1.5 per cent each at Rs. 2,570 and Rs. 2,570, respectively.

Sun Pharma, Asian Paint and BPCL are the other losers - down over a per cent each at Rs. 829, Rs. 773 and Rs. 666, respectively.

L&T Construction bags orders valued Rs.2008 cr

The construction arm of L&T has won orders worth Rs. 2008 crores including two new international orders in the months of November and December 2014.

Power Transmission & Distribution Business:

An international EPC order has been won from an Algerian transmission utility company - SONELGAZ – GRTE (National Society for Electricity and Gas). The order isfor engineering, procurement, construction, testing and commissioning of 220/60 kVEHV substation at Bougzoul. The scope includes the construction of an air insulated substation comprising 220/60 kV bays, protection and substation automation systems, a DC system and auxiliaries. The contract encompasses design and for engineering, procurement, construction, testing and commissioning of 220/60 kV EHV substation at Bougzoul. The scope includes the construction of an air insulated substation comprising 220/60 kV bays, protection and substation automation systems, a DC system and auxiliaries. The contract encompasses design and On the domestic front, the business bagged an order in Jammu & Kashmir from the Power Grid Corporation of India Limited for the supply and erection of transmission lines as part of tower packages 02 & 03. The order involves setting up 220 kV single circuit and 66 kV double circuit transmission lines with associated transmission & interconnection systems.

Another transmission line order has been received from the Bihar Grid Company Limited for the supply and erection of 132 kV and 220 kV double and single circuit transmission lines. This is a part of tower packages which are associated with
strengthening Bihar’s electric transmission system.

The business has also received an order from Purvanchal Vidyut Vitran Nigam Limited for rural electrification works to be carried out under RGGVY -12th Plan on turnkey basis in Ghazipur district of Uttar Pradesh.

Additional orders worth Rs. 319 crores have been received for various transmission line and substation works of various ongoing jobs.

Buildings & Factories Business:

The Business has secured orders worth Rs. 920 crores.

A major international order has been bagged for the construction of a midfield airport terminal building and car park at Abu Dhabi against stiff international competition.

On the domestic front, an order has been secured from one of the world’s leading two-wheeler manufacturers for the construction of various buildings for their upcoming manufacturing plant in Gujarat. The scope involves civil, structural and other associated works.

Heavy Civil Infrastructure and Water & Renewable Energy Businesses:

Orders worth Rs. 30 crores have also been received from various ongoing jobs of Heavy Civil Infrastructure and Water & Renewable Energy Businesses.

At 11.11 AM, the stock was down 0.27 % at Rs. 1,557. The stock has hit a high of Rs. 1,566 and a low of Rs. 1,549.25.

Gitanjali Gems stock surges 8%

Shares of Gitanjali Gems surged 8% at Rs57 on reports that the government may change gold-import rules for trading houses.

The stock has hit a high of Rs59 and a low of Rs52.

Total traded quantity on the counter stood at over Rs59 and a low of Rs52.

Bharti Airtel spurts on TDSAT relief order

Bharti Airtel spurted 2.2 per cent to a high of Rs 362 in the opening trades on the back of TDSAT relief order.

According to reports, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has set aside penalty order worth Rs 650 crore on the company.

The stock is now up a per cent at Rs 358. The counter has seen trades of around 60,000 shares as against the two-week daily average volume of around 468,000 shares on the BSE.

Meanwhile, the Sensex has gained 60 points at 27,857.

Top corporate news of the day - December 10, 2014

Reliance Industries Ltd (RIL) India and China’s Shandong Ruyi Science and Technology Group Co Ltd — the latter through its wholly owned subsidiary — have executed definitive agreements for a joint venture in textiles. 
 
New Zealand awarded 15 oil and gas exploration licences with US giant Chevron and India's ONGC Videsh joining the hunt in the South Pacific country for the first time. 
 
India Cements has proposed fund raising to the tune of Rs5bn, which will be utilized for re-financing of debt and capital expenditure purposes. 
 
Solicitor General (SG) Ranjit Kumar is understood to have opined that Cairn India’s contract for Rajasthan oilfield can be extended for any period upto five years but it is better to wait for comments on the proposal from Oil and natural Gas Corporation (ONGC), the government nominee and licensee of the block. 
 
Terming biologics as a critical growth driver for the future, Ahmedabad-based Zydus Cadila is aiming to clock revenues worth Rs5bn from the division in the next three to five years and it has launched the biosimilar of Adalimumab, used for treatment of auto immune disorders, at a price one fifth of the innovator drug in India. 
 
Bosch Limited announced that it concluded its wage settlement for 2013-16 with its Workmen Union - Mico Employees' Association (MEA) - on December 8, 2014. 
 
Axis bank has introduced a fixed home loan product for tenure of twenty years that is priced at 10.40%.
 
Coal India Ltd has been asked to e-auction the surplus coal from those mines that have been facing evacuation constraints. 
 
Aiming to tap the e-commerce market, Tata Housing will sell a luxury residential project, being developed in Bangalore at a cost of Rs1.5bn, exclusively during Google's online shopping festival starting tomorrow. 
 
ITC Ltd will invest Rs10bn for its ambitious foray into dairy and juice businesses which it plans to roll out in the January-March quarter. 
 
HCL Technologies said it signed a 30-month agreement with WGL Holdings' unit Washington Gas, which distributes natural gas to about 1.1 million customers in the District of Columbia, Maryland and Virginia in the United States. 
 
NTPC has signed term loan agreements worth Rs30bn with two banks to part finance its capital expenditure. 

Economic policy key to global response to Climate Change: World Bank

Against a backdrop of climate deal negotiations in Peru, Jim Yong Kim, the president of the World Bank Group, called for a comprehensive agreement next year in Paris. He argued that all countries should put a price on carbon, eliminate fossil fuel subsidies, create conditions favoring renewable energy, and invest in projects that can withstand the force of extreme storms.
 
Kim, in a speech at the Council on Foreign Relations here in Washington, said a Paris agreement next year must send immediate signals to investors and financial markets that could help transform economies toward achieving zero net emissions of harmful pollutants before the end of the century.
 
“In a year’s time, the international community will have the opportunity to send a clear signal that we, as a global community, are determined to manage our economies to achieve zero net emissions before the year 2100,” Kim said.
 
“Every country finds itself at a different point in the development journey. Therefore, the pace and rhythm of their emissions’ reductions and investments in adaptation will vary. Nonetheless, we have the opportunity in Paris to make clear our collective ambition. That ambition can be translated into long-term demand for clean growth and an increased commitment to adaptation.
 
“The higher the ambition, the greater the demand will be for programs and projects that will transform economies. Higher ambition will also send a  strong message to investors – public and private, domestic and foreign – about the demand and profitability of long-term investments in clean energy and transport systems, sustainable agriculture and forestry, and new resource efficient products.
 
“Paris must be where we make the rallying cry for effective management of local, national and global economies to fight climate change,” said Kim.