Top corporate news of the day - January 09, 2015

SAIL has charted investment of Rs.1500bn till 2030-31 to ramp up steel production from 23mn tonnes to 50mn tonnes.
 
The Maharashtra Food & Drug Administration has issued an order to suspend two drug licenses of Dr Reddy's Laboratories for violations and serious lapses at its storage premises at Bhiwandi near Thane.
 
Shareholders of Kotak Mahindra Bank gave their approval to merge ING Vyaya Bank with itself.
 
Mahindra Two Wheelers Limited is working on several models and expects to launch its much awaited Mojo super bike early next financial year.
 
Reliance Industries has finalised its 2015 gasoil and jet fuel term contracts at lower premiums than last year.
 
Suzlon Energy said that the wind turbine maker was in talks with potential buyers for an about $2.5bn sale of its German unit was "baseless and false".
 
Deepak Fertilisers, which sold its 2.2% stake in Mangalore Chemicals, is low on fuel to pursue the takeover battle of Mangalore Chemicals and Fertiliser as it's facing sagging financial metrics for the last one year due to stoppage of gas supply at its plant. 
 
Infrastructure Leasing and Financial Services Ltd is set to invest about Rs.350bn for setting up 6,000 MW of power generation capacities in Kutch – Gujarat. 
 
The Government will go for its stake sale in ONGC after finalising a new subsidy sharing formula as it would help in fetching better price in the market.
 
Moody's has upgraded Tata Steel Ltd’s corporate family rating to Ba1 with a stable outlook.

Top economic news of the day - January 09, 2015

The government revised downward its estimate of coffee production by 4% to 0.33mn tonnes for this year, citing crop damage in Karnataka, Andhra Pradesh and Odisha due to continuous rain after dry spell and 'Hud Hud' cyclone.

The ambitious ultra mega power project scheme has received a set back with centre cancelling the bids for the two proposed plants at Odisha and Tamil Nadu due to tepid private sector response and funding issues raised by bankers.

Cotton Corporation of India has procured 4.1mn bales of cotton so far this year at the minimum support price from key growing states like Andhra Pradesh and Maharashtra.

An inter-ministerial panel has requested the Telecom Regulatory Authority of India to take up the role or suggest if there is a need for a separate regulator for e-commerce.

Nifty above 8,300 levels

At 9:23 AM, the S&P BSE Sensex is trading at 27,477 up 202 points, while NSE Nifty is trading at 8,299 up 65 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, FMCG, Oil and gas, healthcare metal, realty indices are the gainers.

Infosys could clock constant currency revenue growth of 2 to 2.5% qoq while the reported dollar revenues could be flat. Adverse cross currency movement and a weaker‐than‐expected core revenue momentum may compel Infosys to lower its annual growth guidance. How much of that is discounted by the investors we will see when the numbers are out and the commentary is made by Sikka and team

After zooming around 350 points, the Sensex will look at another similar run today. The outlook is a strong start. Global cues are supportive today. US markets clocked gains with the Dow adding 1.84%, the S&P 500 gaining 1.8% and Nasdaq jumping 1.8%. Asian indices are also well in the green with Japan's Nikkei 225 up 0.6% while Hong Kong's Hang Seng index is up almost a percent.

The RBI (Reserve Bank of India) decided to increase the quantum of loan that could be granted under the Gold Loan – Bullet Repayment scheme, from Rs. 1 lakh to Rs. 2 lakh

The Bombay high court allowed Reliance Infrastructure led Mumbai Metro One Private Limited (MMOPL) to charge higher fares ranging between Rs 10 and 40, according to reports.

YES Bank is planning to raise around Rs. 5,500 crore over next one year. According to the report it will raise between Rs. 2,500 crore and Rs. 3,000 crore around March this year through infrastructure bonds.