The indices seem to be facing resistance a bit too soon. A swinging day in a narrow band may see action
The rating agencies have indeed improved the mood and following Moody’s upgrade of the outlook. Both Moody’s and Fitch kept the sovereign rating unchanged at ‘Baa3’ and ‘BBB-’, respectively. Moody’s in fact could issue a rating upgrade in the next 12-18 months. Fitch’s unchanged outlook reflects a view that upside and downside risks to the ratings are balanced, says a report. Finance Minister Arun Jaitley termed the revision by Moody’s as a significant development, but said: “We have to do more.” Chief Economic Advisor Arvind Subramanian felt the revision validates the government’s reform programme.
Meanwhile, Greece is back in the news and for the right reason perhaps. It has made a crucial payment to the International Monetary Fund. Athens said the 460 million euros ($497 million) payment has been scheduled.
The outlook is a positive start. The indices seem to be facing resistance a bit too soon. A swinging day in a narrow band may see action shifting to side counters. Banks were back in action on Thursday while pharma was at the receiving end. Global cues are mostly positive.
The Dow added 0.31%, S&P 500 rose 0.45% while Nasdaq ended half a percent higher. Asian markets are mixed. Japan's Nikkei 225 is in the red while Hong Kong's Hang Seng index and China's Shanghai index are trading marginally higher.
Shares of Reliance Industries hit their one-month high on Thursday, as analysts now feel the company has more positives, says a report.
Shares of Plethico Pharmaceuticals zoomed 20 per cent today after reaching settlement with Aurobindo Pharma related to the acquisition of US-based Natrol.
Symphony Ltd on Thursday announced entering the league of firms with market capitalisation crossing the Rs. 10,000 crore mark. Symphony’s share price on Thursday touched a new high of Rs. 2,890 per share intra-day and closed at Rs. 2,870.55 on the Bombay Stock Exchange. Its market capitalisation touched a high of Rs. 10,108.78 crore intra-day and on closing basis it was Rs. 10,040.75 crore, according to a company statement.
China has moved to prop up its struggling iron ore industry by slashing taxes, potentially expanding a global glut and undermining a strategy by mega miners to drive out high-cost competitors, says a report.
Brazil's Vale and Australian miners Rio Tinto and BHP Billiton have sought to drive out higher cost and less efficient miners in China, to make way for a flood of new production.
Inox Wind rose 35% on listing day on Thursday; the stock closed at ₹438.40.
The Hyderabad special court has announced a 7 year jail term for Satyam's chief Ramalinga Raju, along with a fine of Rs. 25 lakh, after he was found guilty in one of India's largest corporate scandal, Rs. 14,000-crore Satyam scam The CBI found all accused guilty of conspiracy and criminal charges in the Satyam scam case. "All the accused have been convicted of almost all charges," prosecutor K. Surender told reporters outside the court. Raju has been faced charges of forgery, criminal conspiracy and breach of trust.The CBI, who is handling the case, claimed that Satyam scam caused Rs. 14,000 crore loss to Satyam shareholders.
Jet Airways (India) Ltd has announced that the Board of Directors of the Company has appointed Anita Naresh Goyal, as an Additional Director (non-executive and non-independent) with effect from April 08, 2015.Report said that the company would have to pay a fine of Rs 50,000 as it failed to appoint at least one woman director within the stipulated deadline of March 31.
SBI has revised the interest rate on bulk deposits after the RBI decided to maintain status quo on policy rates.
Aurobindo Pharma Limited has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Atracurium Besylate Injection, 10mg/mL, 5mL single-dose vials (ANDA 206010) and 10mg/mL, 10mL multi-dose vials (ANDA 206011).
EON Electric Ltd has hit 20% upper circuit at Rs 45. The company has announced that the Board of Directors of the Company has appointed Mrs. Bela Mahendru as Additional Director w.e.f. March 31, 2015 by passing of Resolution by Circulation on March 31, 2015.
Telecom majors - Bharti Airtel and Idea Cellular declined around 3% each to Rs. 406 and Rs. 187, respectively. Towards the end of the trading day, media reports indicated that TRAI brought down the ceiling on roaming call charges, both incoming and outgoing to 45 paise and 80 paise per minute, respectively.
Astra Microwave Products ended 6% higher to Rs. 155 on incorporating a wholly-owned subsidiary in Singapore, to carry on the business in the areas of high end microwave integrated chip business and related areas.
Pharma stocks were the major losers following Bofa-ML downgrade on the sector. The foreign investment firm cut its ratings on Sun Pharma to 'Under-perform' from 'Buy'. And similarly, it reduced its ratings on Lupin, Cipla and Cadila to 'Neutral' from 'Buy'. The brokerage firm, however, maintained its 'Buy' rating on Aurobindo Pharma.
Sun Pharma and Lupin slumped around 3.5 percent each to Rs. 1,110 and Rs. 2,014, respectively. Cadila Healthcare and Cipla too plunged around 2.5 percent each to Rs. 1,847 and Rs. 719, respectively.Glenmark slipped over 2 percent to Rs. 863. Divi's Labs and GlaxoSmithKline Pharma were the other notable losers.
Rane Engine Value ended 1% higher to Rs. 565 on the back of a windfall gain of Rs. 25.75 crore by way of part sale of land in Chennai
GVK Power & Infrastructure ended 1% higher percent at Rs. 9.39 on reports that Vertex Project will increase its stake in the company from 8.91 percent to 15.24 percent
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