Breadth remains negative; Metal, FMCG and IT shares are witnessing intense selling pressure.The CNX FMCG index has slipped 1 percent. The CNX IT index has shed 0.8 percent. The CNX Auto index has declined 0.5 percent.
Thursday 30 April 2015
India & Japan sign action agenda for Investment & Trade Promotion
The interaction with Japanese Trade Minister involved not only both the countries but also had partnership and dialogue between private sector of the two countries represented by a strong delegation CEOs from both the countries, Nirmala Sitharaman said.
The Commerce Minister of India Nirmala Sitharaman and Japanese Minister of Economy, Trade and Industry Mr. Yoichi Miyazawa signed an action agenda for India-Japan investment and trade promotion and Asia-Pacific economic integration in the capital. Speaking on the occasion, the Japanese Trade Minister Yoichi Miyazawa said that the action agenda contains five items that are absolutely integral in furthering the trade relations between India and Japan. The Japanese Trade Minister informed that the five agenda points included in the action agenda are:
i) Development of selected townships in India as Japanese industrial townships.
ii) Promotion of investment and infrastructure development.
iii) Further development and cooperation in information technology.
iv) Enhancing cooperation in strategic sectors.
v) Asia-Pacific economic integration.
The Japanese Minister said that the investments by Japan into Indian companies will double in the next 5 years. He said that signing of this action agenda is a step further in improving the trade relationship between India and Japan as a follow-up of India’s Prime Minister Narendra Modi’s visit to Japan last year.
Nirmala Sitharaman, Commerce Minister, said that signing of action agenda was in line with Prime Minister Narendra Modi’s vision of Make in India. She expressed satisfaction on the progress of trade relationships between India and Japan and said that excellent relations were building up between the two countries which would provide opportunity and potential for people in both the countries as a win-win situation. She said that the interaction with Japanese Trade Minister involved not only both the countries but also had partnership and dialogue between private sector of the two countries represented by a strong delegation CEOs from both the countries.
i) Development of selected townships in India as Japanese industrial townships.
ii) Promotion of investment and infrastructure development.
iii) Further development and cooperation in information technology.
iv) Enhancing cooperation in strategic sectors.
v) Asia-Pacific economic integration.
The Japanese Minister said that the investments by Japan into Indian companies will double in the next 5 years. He said that signing of this action agenda is a step further in improving the trade relationship between India and Japan as a follow-up of India’s Prime Minister Narendra Modi’s visit to Japan last year.
Nirmala Sitharaman, Commerce Minister, said that signing of action agenda was in line with Prime Minister Narendra Modi’s vision of Make in India. She expressed satisfaction on the progress of trade relationships between India and Japan and said that excellent relations were building up between the two countries which would provide opportunity and potential for people in both the countries as a win-win situation. She said that the interaction with Japanese Trade Minister involved not only both the countries but also had partnership and dialogue between private sector of the two countries represented by a strong delegation CEOs from both the countries.
BHEL commissions 500 MW Unit in Maharashtra
Work on the second 500 MW unit of Stage-III of the project is going on and the unit is expected to be commissioned in financial year 2015-16
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the first 500 MW unit at the 2x500 MW Chandrapur Super Thermal Power Project (STPP) Stage-III, of Maharashtra State Power Generation Company Limited (MAHAGENCO), in Maharashtra. With this, [8 units aggregating to 2,840 MW] supplied and executed by BHEL are now in operation at Chandrapur STPP.
Work on the second 500 MW unit of Stage-III of the project is going on and the unit is expected to be commissioned in financial year 2015-16. BHEL’s scope of work in the contract envisaged design, engineering, manufacture, supply, erection and commissioning of Steam Turbines, Generators and Boilers, along with associated Auxiliaries and Electricals, besides state-of-the-art Controls & Instrumentation (C&I) and Electrostatic Precipitators (ESPs). Significantly, BHEL has been a partner in the power development programme of the state of Maharashtra and has contributed more than 15,000 MW of generating capacity to Maharashtra, the highest in any single state.
The successful commissioning of the unit has reinforced BHEL’s status in the execution of thermal power projects involving supply of equipment, suited to Indian coal and Indian conditions. BHEL has already established its engineering and manufacturing capability by successfully delivering higher rated units of 600 MW, 660 MW, 700 MW and 800 MW thermal sets.
MFs report net outflow of Rs. 1.09 trillion in March: SEBI
Private sector mutual funds witnessed outflow of Rs. 81,630 crore in March 2015, while public sector mutual funds saw outflow of Rs. 28,268 crore
Mutual funds reported net outflow of Rs. 1,09,898 crore in March 2015 as compared to a net inflow of Rs. 18,365 crore in February 2015, according to the SEBI bulletin published for the month of April.
Private sector mutual funds witnessed outflow of Rs. 81,630 crore in March 2015, while public sector mutual funds saw outflow of Rs. 28,268 crore, SEBI added.
Private sector mutual funds witnessed inflow of Rs. 13,212 crore in February 2015, whereas public sector mutual funds saw inflow of Rs. 5,154 crore.
S&P BSE Sensex closed at 27,957.5 on March 31, 2015, as against 29,361.5 on February 28, 2015, registering a decrease of 1,404 points (-4.8 percent).
CNX Nifty closed at 8 ,491.0 on March 31, 2015 compared to 8,901.8 on February 28, 2015 indicating a decrease of 410.9 points (-4.6 percent).
Private sector mutual funds witnessed outflow of Rs. 81,630 crore in March 2015, while public sector mutual funds saw outflow of Rs. 28,268 crore, SEBI added.
Private sector mutual funds witnessed inflow of Rs. 13,212 crore in February 2015, whereas public sector mutual funds saw inflow of Rs. 5,154 crore.
S&P BSE Sensex closed at 27,957.5 on March 31, 2015, as against 29,361.5 on February 28, 2015, registering a decrease of 1,404 points (-4.8 percent).
CNX Nifty closed at 8 ,491.0 on March 31, 2015 compared to 8,901.8 on February 28, 2015 indicating a decrease of 410.9 points (-4.6 percent).
Market remains weak; Axis Bank bucks trend
Barring CNX Energy index and Bank Nifty, all the Sectoral indices are trading on a negative note.Axis Bank is the top gainer - up 4.3 percent at Rs. 576 on reporting strong sets of Q4 earnings.
The market continues to trade on a gloomy note on the back of sustained sell-off ahead of the F&O expiry.
At 11: 25 AM, the Sensex is down 234 points, while the Nifty is down 63 points at 8,177.
Barring CNX Energy and Bank Nifty, all the Sectoral indices are trading on a negative note.
Only seven out of 50-Nifty stocks are trading in green.
Axis Bank is the top gainer - up 4.3 percent at Rs. 576 on reporting strong sets of Q4 earnings. The stock alone has contributed for a gain of 46 points for the BSE Sensex and 11 points for the NSE Nifty. BPCL has surged 2.3 percent at Rs. 773. The stock alone has contributed for a gain of 46 points for the BSE Sensex and 11 points for the NSE Nifty.
Lupin has advanced 1.9 percent at Rs. 1,778. Yes Bank has added 1.3 percent at Rs. 846. Reliance Industries has spurted nearly a percent at Rs. 858.
Tech Mahindra and Asian Paints have gained 0.6 percent each at Rs. 621 and Rs. 759, respectively.
Whereas, Bharti Airtel has tumbled 3.7 percent at Rs. 373. Idea Cellular and Coal India have dropped over 3 percent each at Rs. 176 and Rs. 360, respectively.
HDFC has shed 2.8 percent at Rs. 1,168 after reporting lower-than-expected Q4 earnings.
Mahindra & Mahindra, Dr. Reddy's, HCL Technologies, BHEL and Hindustan Unilever have slipped over 2 percent.
At 11: 25 AM, the Sensex is down 234 points, while the Nifty is down 63 points at 8,177.
Barring CNX Energy and Bank Nifty, all the Sectoral indices are trading on a negative note.
Only seven out of 50-Nifty stocks are trading in green.
Axis Bank is the top gainer - up 4.3 percent at Rs. 576 on reporting strong sets of Q4 earnings. The stock alone has contributed for a gain of 46 points for the BSE Sensex and 11 points for the NSE Nifty. BPCL has surged 2.3 percent at Rs. 773. The stock alone has contributed for a gain of 46 points for the BSE Sensex and 11 points for the NSE Nifty.
Lupin has advanced 1.9 percent at Rs. 1,778. Yes Bank has added 1.3 percent at Rs. 846. Reliance Industries has spurted nearly a percent at Rs. 858.
Tech Mahindra and Asian Paints have gained 0.6 percent each at Rs. 621 and Rs. 759, respectively.
Whereas, Bharti Airtel has tumbled 3.7 percent at Rs. 373. Idea Cellular and Coal India have dropped over 3 percent each at Rs. 176 and Rs. 360, respectively.
HDFC has shed 2.8 percent at Rs. 1,168 after reporting lower-than-expected Q4 earnings.
Mahindra & Mahindra, Dr. Reddy's, HCL Technologies, BHEL and Hindustan Unilever have slipped over 2 percent.
MFs invest Rs. 3,940 crore in equity in March: SEBI
Mutual Funds invested Rs. 77,300 crore in debt market in March 2015 as against of Rs. 63,575 crore invested in February 2015
Mutual Funds made net investment of Rs. 81,240 crore in the secondary market in March 2015 compared to net investment of Rs. 67,507 crore in February 2015, according to the SEBI bulletin published for the month of April.
Mutual funds invested Rs. 3,940 crore in equity in March 2015 compared to Rs. 3,932 crore in February 2015. Further, Mutual Funds invested Rs. 77,300 crore in debt market in March 2015 as against of Rs. 63,575 crore invested in February 2015.
As on March 31, 2015 there were a total of 1,884 schemes under mutual funds of which Income / Debt oriented schemes were 1,346 (71.4 percent), Growth/equity oriented schemes were 434 (23 percent), Exchange Traded Funds were 48 schemes (2.5 percent), Balanced schemes were 25 (1.3 percent) and Fund of Funds investing Overseas schemes were 31 (1.6 percent).
The number of schemes at the end of 2013-14 were 1,638 of which Income/Debt oriented schemes were 1,178 (71.9 percent), Growth/equity oriented schemes were 363(22.2 percent), Exchange Traded Funds were 40 schemes(2.4 percent), Balanced schemes were 30 (1.8 percent) and Fund of Funds investing Overseas schemes were 27(1.6 percent).
Mutual funds invested Rs. 3,940 crore in equity in March 2015 compared to Rs. 3,932 crore in February 2015. Further, Mutual Funds invested Rs. 77,300 crore in debt market in March 2015 as against of Rs. 63,575 crore invested in February 2015.
As on March 31, 2015 there were a total of 1,884 schemes under mutual funds of which Income / Debt oriented schemes were 1,346 (71.4 percent), Growth/equity oriented schemes were 434 (23 percent), Exchange Traded Funds were 48 schemes (2.5 percent), Balanced schemes were 25 (1.3 percent) and Fund of Funds investing Overseas schemes were 31 (1.6 percent).
The number of schemes at the end of 2013-14 were 1,638 of which Income/Debt oriented schemes were 1,178 (71.9 percent), Growth/equity oriented schemes were 363(22.2 percent), Exchange Traded Funds were 40 schemes(2.4 percent), Balanced schemes were 30 (1.8 percent) and Fund of Funds investing Overseas schemes were 27(1.6 percent).
Down, down! Metals, capital goods drag Sensex, Nifty
The broader market is under-performing the BSE benchmark index, the Midcap index is down 0.2 percent at 10,389 and the Smallcap index has moved down 0.4 percent at 10,918.
The key benchmark BSE Sensex and NSE Nifty indices continue to trade on a feeble note, as traders square-off their positions on the last day of April series expiry.
The BSE headline index has tumbled below 27,000 for the first time since 7 January, 2015. The BSE index registered an intra-day low of 26,987 and is now down 239 points at 26,978.
The NSE Nifty also slipped below 8,200-mark and dropped to a low of 8,147. The Nifty-50 index is now quoted at 8,174 - down 66 points.
The broader market is under-performing the BSE benchmark index, the Midcap index is down 0.2 percent at 10,389 and the Smallcap index has moved down 0.4 percent at 10,918.
Among sectors, the BSE Metal and IT indices are the major losers, down 1.4 percent each at 9,815 and 10,354, respectively. The FMCG, Capital Goods, Auto and Power indices are the other notable losers.
On the other hand, the Consumer Durables index has gained nearly a percent at 10,465. The Oil & Gas and Bankex indices are marginally up.
The breadth is negative in morning deals - out of 1,911 stocks so far traded on the BSE 1,040 stocks have declined, while 812 stocks have advanced.
In the Metal space - Jindal Steel is the top loser, down over 4 percent to Rs. 139. Followed by SAIL plunged nearly 3 percent at Rs. 72.
Coal India and JSW Steel have dropped over 2 percent each at Rs. 363 and Rs. 938, respectively.
NMDC shed over 1.5 percent at Rs 126. Sesa Sterlite and Tata Steel have also declined around a percent each at Rs. 205 and Rs. 366, respectively.
Hindalco, however, is up 0.2 percent at Rs. 131.
The BSE headline index has tumbled below 27,000 for the first time since 7 January, 2015. The BSE index registered an intra-day low of 26,987 and is now down 239 points at 26,978.
The NSE Nifty also slipped below 8,200-mark and dropped to a low of 8,147. The Nifty-50 index is now quoted at 8,174 - down 66 points.
The broader market is under-performing the BSE benchmark index, the Midcap index is down 0.2 percent at 10,389 and the Smallcap index has moved down 0.4 percent at 10,918.
Among sectors, the BSE Metal and IT indices are the major losers, down 1.4 percent each at 9,815 and 10,354, respectively. The FMCG, Capital Goods, Auto and Power indices are the other notable losers.
On the other hand, the Consumer Durables index has gained nearly a percent at 10,465. The Oil & Gas and Bankex indices are marginally up.
The breadth is negative in morning deals - out of 1,911 stocks so far traded on the BSE 1,040 stocks have declined, while 812 stocks have advanced.
In the Metal space - Jindal Steel is the top loser, down over 4 percent to Rs. 139. Followed by SAIL plunged nearly 3 percent at Rs. 72.
Coal India and JSW Steel have dropped over 2 percent each at Rs. 363 and Rs. 938, respectively.
NMDC shed over 1.5 percent at Rs 126. Sesa Sterlite and Tata Steel have also declined around a percent each at Rs. 205 and Rs. 366, respectively.
Hindalco, however, is up 0.2 percent at Rs. 131.
Sector headwinds hurt Hexaware in Q4: R Srikrishna
He believes that the headwinds have not accelerated this quarter and hopes to do better in CY15 over CY14.
Hexaware Technologies announced its first quarter results. Hexaware Q1 net Profit stood at Rs. 83.3 Crore. For the quarter, EBIT Margin was at 16.2%, while revenue was at Rs. 713.4 Crores; up 0.2% QoQ and 21.1% YoY.
The company has announced that the Board of Directors of the Company at its meeting held on April 29, 2015, inter alia, have declared payment of interim dividend @ Rs. 2 per share (100%) on equity shares of Rs. 2/- each.
In an interview with CNBC TV18, R Srikrishna, CEO of Hexaware Technologies, said that the company has missed the estimates due to some headwinds in the sector.
He believes that the headwinds have not accelerated this quarter and hopes to do better in CY15 over CY14.
Further, he mentioned that the staggered salary increments impacted the margins by 65-70bps. The company has expanded SG&A as they are confident about the future.
The company has announced that the Board of Directors of the Company at its meeting held on April 29, 2015, inter alia, have declared payment of interim dividend @ Rs. 2 per share (100%) on equity shares of Rs. 2/- each.
In an interview with CNBC TV18, R Srikrishna, CEO of Hexaware Technologies, said that the company has missed the estimates due to some headwinds in the sector.
He believes that the headwinds have not accelerated this quarter and hopes to do better in CY15 over CY14.
Further, he mentioned that the staggered salary increments impacted the margins by 65-70bps. The company has expanded SG&A as they are confident about the future.
Reliance Life Insurance launches Health Total
Reliance Health Total is a non-linked, non-participating and non-variable health insurance plan
Reliance Life Insurance Company (RLIC), part of Reliance Capital Ltd, launched ‘Reliance Health Total’ a comprehensive health insurance plan with unique advantages.
Reliance Health Total is a non-linked, non-participating and non-variable health insurance plan that provides a complete health cover including a fixed benefit cover for hospitalization, critical illnesses and surgeries, along with reimbursement for other health related expenses.
“Reliance Health Total provides customers with fixed benefit hospitalization and critical illness covers. The uniqueness of the plan lies in the medical reimbursement feature that allows customer to claim for OTC health-related expenses or medical bills. This plan also acts as an additional cover for hospitalization claims, over and above your existing medical plan,” said Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance.
Reliance Health Total is a regular-pay five-year-plan and can be renewed till the age of 99 years. The plan offers two options: a customer can choose a higher Medical Reimbursement Benefit under his policy or a higher Sum Insured.
The plan covers against expenses for hospitalization, 10 Critical Illnesses, ICU treatment and Surgeries as a fixed benefit amount, over and above other medical insurance plans, irrespective of the actual billing. The customer can also settle cashless claims across an extensive network of 4000+ hospitals.
In order to enhance protection benefits for policyholders, Reliance Health Total has three optional riders – Reliance Accidental Death and Total and Permanent Disablement Rider, Reliance Major Surgical Benefit Rider and Reliance Critical Conditions Benefit Rider. These riders can be added in the base plan by paying additional premiums.
Besides these benefits, the insured is entitled for tax benefits on premium payment under section 80D.
"This plan is ideal for people who already have a health cover and want to efficiently optimize the tax benefits while providing for an added protection over and above the benefits provided by their organization." said Mr Sahoo.
Reliance Health Total is a non-linked, non-participating and non-variable health insurance plan that provides a complete health cover including a fixed benefit cover for hospitalization, critical illnesses and surgeries, along with reimbursement for other health related expenses.
“Reliance Health Total provides customers with fixed benefit hospitalization and critical illness covers. The uniqueness of the plan lies in the medical reimbursement feature that allows customer to claim for OTC health-related expenses or medical bills. This plan also acts as an additional cover for hospitalization claims, over and above your existing medical plan,” said Mr. Manoranjan Sahoo, Chief Agency Officer, Reliance Life Insurance.
Reliance Health Total is a regular-pay five-year-plan and can be renewed till the age of 99 years. The plan offers two options: a customer can choose a higher Medical Reimbursement Benefit under his policy or a higher Sum Insured.
The plan covers against expenses for hospitalization, 10 Critical Illnesses, ICU treatment and Surgeries as a fixed benefit amount, over and above other medical insurance plans, irrespective of the actual billing. The customer can also settle cashless claims across an extensive network of 4000+ hospitals.
In order to enhance protection benefits for policyholders, Reliance Health Total has three optional riders – Reliance Accidental Death and Total and Permanent Disablement Rider, Reliance Major Surgical Benefit Rider and Reliance Critical Conditions Benefit Rider. These riders can be added in the base plan by paying additional premiums.
Besides these benefits, the insured is entitled for tax benefits on premium payment under section 80D.
"This plan is ideal for people who already have a health cover and want to efficiently optimize the tax benefits while providing for an added protection over and above the benefits provided by their organization." said Mr Sahoo.
Crompton Greaves to partner with ANDE to strengthen Paraguay's electricity network
CG has emerged as one of the major supplier of T&D equipment to ANDE. The stock has hit a high of Rs. 169 and a low of Rs. 167 on BSE today.
Shares of Crompton Greaves Ltd were trading lower at Rs. 169 on BSE today. Crompton Greaves to partner with ANDE to strengthen Paraguay's electricity network. The company has emerged as one of the major supplier of T&D equipment to ANDE.
The stock opened at Rs. 168.75 as against the previous close of Rs. 169 on BSE. It has hit a high of Rs. 169 and a low of Rs. 167 on BSE today.
Total traded quantity on the counter stood at over 0.52 lk shares on BSE.
Meanwhile, the Sensex has tumbled 253 points at 26,973.
The stock opened at Rs. 168.75 as against the previous close of Rs. 169 on BSE. It has hit a high of Rs. 169 and a low of Rs. 167 on BSE today.
Total traded quantity on the counter stood at over 0.52 lk shares on BSE.
Meanwhile, the Sensex has tumbled 253 points at 26,973.
Supreme Infra surges after winning new order
The company has bagged the EPC work of Rs. 134.22 crore from Damodar Valley Corporation for the Construction of Bridge on River Konar
Supreme Infrastructure India is trading on firm note on the BSE in early morning deals, on the back of winning new order.
Yesterday, Supreme Infrastructure has informed BSE that it has bagged the EPC work of Rs. 134.22 crore from Damodar Valley Corporation (DVC) for the Construction of Bridge on River Konar along with its approach road etc. including Road over Bridge (ROB) on Gomoh-Barkakana Railways line at BTPS, DVC, Bokaro.
The stock touched a high at Rs. 222, and is now up nearly 3 percent at Rs. 218.
The counter has seen trades of around 1,606 shares as against the two-week daily average volume of 2,697 shares.
Meanwhile, the BSE Sensex has plunged almost 300 points at 26,935.
Yesterday, Supreme Infrastructure has informed BSE that it has bagged the EPC work of Rs. 134.22 crore from Damodar Valley Corporation (DVC) for the Construction of Bridge on River Konar along with its approach road etc. including Road over Bridge (ROB) on Gomoh-Barkakana Railways line at BTPS, DVC, Bokaro.
The stock touched a high at Rs. 222, and is now up nearly 3 percent at Rs. 218.
The counter has seen trades of around 1,606 shares as against the two-week daily average volume of 2,697 shares.
Meanwhile, the BSE Sensex has plunged almost 300 points at 26,935.
HDFC Bank sells Essar Steel loans to ARC
The bank sold the loan at a 40 per cent discount to an asset reconstruction company
HDFC Bank has sold its entire exposure of Rs. 550 crore given to Essar Steel to an asset reconstruction company, according to a media report.
However, no details have been provided about the ARC. The bank sold the loan at a 40 per cent discount. The loss of Rs. 200 crore was fully provided through HDFC Bank's floating provisions, the report added.
A consortium of 24 banks had a Rs. 30,000-crore exposure to Essar Steel.
However, no details have been provided about the ARC. The bank sold the loan at a 40 per cent discount. The loss of Rs. 200 crore was fully provided through HDFC Bank's floating provisions, the report added.
A consortium of 24 banks had a Rs. 30,000-crore exposure to Essar Steel.
Axis Bank jumps on Q4 result
The bank has reported 18.4 percent jump in Q4FY15 net profit at Rs. 2,180 crore when compared with Rs. 1,842 crore in the corresponding quarter a year ago
Axis Bank is trading on a buoyant note after announcing its Q4 results yesterday.
The bank has reported 18.4 percent jump in Q4FY15 net profit at Rs. 2,180 crore when compared with Rs. 1,842 crore in the corresponding quarter a year ago.
Total income is up 21.7 percent at Rs. 12,384 crore from Rs. 10,178 crore.
The stock is currently trading at the day's high at Rs. 570 - up 3.1 percent from the previous close.
The counter has seen trades of around 228,000 shares as against the two-week daily average volume of around 1.01 million shares on the BSE.
Meanwhile, the Sensex has tumbled 162 points at 27,063.
Nifty slips below 8,200
The broader market started in red zone, the CNX Midcap index moved down 0.5 percent at 12,585 and the Smallcap index declined over 0.5 percent at 5,437.
The market bucked the global trend and started the day on a mixed note this morning, ahead of futures & options expiry today.
The BSE Sensex opened marginally higher by 17 points at 27,226 and the NSE Nifty was down ten points at 8,275 at the opening bell.
Soon, the key benchmark indices tumbled sharply and dropped to a low of 26,983 and 8,163, respectively.
Currently, the BSE Sensex is down 239 points at 26,986 and the NSE Nifty is also down 64 points at 8,175.
The broader market, too, started in red zone, the CNX Midcap index moved down 0.5 percent at 12,585 and the Smallcap index declined over 0.5 percent at 5,437.
All sectoral indices are trading in red, the CNX Pharma and IT indices are the major loser, down almost a percent each at 11,925 and 10,986, respectively.
The Metal, PSU Bank, Auto, Finance and Infra indices are the other notable losers.
In the Nifty-50 stocks - Dr. Reddy's, HDFC and Zee Entertainment are the top losers, down 2 percent each at Rs. 3,306, Rs. 1,174 and Rs. 313, respectively.
Ambuja Cement, HCL Technologies, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Mahindra & Mahindra are the other significant losers.
On the other hand, Axis Bank has soared 3 percent at Rs. 568, after the company today reported 18.4 percent jump in Q4 net profit at Rs 2,180 crore.
Yes Bank and BPCL have also added almost a percent each at Rs. 842 and Rs. 761, respectively.
The BSE Sensex opened marginally higher by 17 points at 27,226 and the NSE Nifty was down ten points at 8,275 at the opening bell.
Soon, the key benchmark indices tumbled sharply and dropped to a low of 26,983 and 8,163, respectively.
Currently, the BSE Sensex is down 239 points at 26,986 and the NSE Nifty is also down 64 points at 8,175.
The broader market, too, started in red zone, the CNX Midcap index moved down 0.5 percent at 12,585 and the Smallcap index declined over 0.5 percent at 5,437.
All sectoral indices are trading in red, the CNX Pharma and IT indices are the major loser, down almost a percent each at 11,925 and 10,986, respectively.
The Metal, PSU Bank, Auto, Finance and Infra indices are the other notable losers.
In the Nifty-50 stocks - Dr. Reddy's, HDFC and Zee Entertainment are the top losers, down 2 percent each at Rs. 3,306, Rs. 1,174 and Rs. 313, respectively.
Ambuja Cement, HCL Technologies, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Mahindra & Mahindra are the other significant losers.
On the other hand, Axis Bank has soared 3 percent at Rs. 568, after the company today reported 18.4 percent jump in Q4 net profit at Rs 2,180 crore.
Yes Bank and BPCL have also added almost a percent each at Rs. 842 and Rs. 761, respectively.
Govt announces MSP operations of cotton for year 2014-15
Minimum support price for cotton was fixed at Rs. 3,750 for medium staple and Rs. 4,050 for long staple for the year 2014-15.
The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, on Wednesday gave its ex-post facto approval for engaging Maharashtra State Co-operative Cotton Growers Marketing Federation (MSCCGMFL) to undertake minimum support price (MSP) operations as a Sub-agent of the Cotton Corporation of India (CCI) during the cotton season 2014-15.
The CCEA further approved additional fiscal allocation under Non-Plan Grant to meet anticipated losses in disposal of cotton for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under the MSP operations during the cotton season 2014-15.
This decision will help in price support operations of 110 lakh bales (100 lakh bales by CCI and 10 lakh bales by MSCCGMFL) during the current cotton season 2014-15 to help stabilize cotton prices and alleviate farmer distress. This operation is primarily aimed at safeguarding the interest of the farmers and avoiding any distress sale. MSP for cotton was fixed at Rs 3750/- for medium staple and Rs 4050/- for long staple for the year 2014-15.
MSCCGMFL will procure cotton from farmers in the State of Maharashtra, in addition to CCI, on the same lines as CCI is doing. In the past MSCCGMFL has procured cotton under MSP as the agent of National Agricultural Federation (NAFED) in the State of Maharashtra on the basis of agreement between NAFED and MSCCGMFL.
The CCEA further approved additional fiscal allocation under Non-Plan Grant to meet anticipated losses in disposal of cotton for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under the MSP operations during the cotton season 2014-15.
This decision will help in price support operations of 110 lakh bales (100 lakh bales by CCI and 10 lakh bales by MSCCGMFL) during the current cotton season 2014-15 to help stabilize cotton prices and alleviate farmer distress. This operation is primarily aimed at safeguarding the interest of the farmers and avoiding any distress sale. MSP for cotton was fixed at Rs 3750/- for medium staple and Rs 4050/- for long staple for the year 2014-15.
MSCCGMFL will procure cotton from farmers in the State of Maharashtra, in addition to CCI, on the same lines as CCI is doing. In the past MSCCGMFL has procured cotton under MSP as the agent of National Agricultural Federation (NAFED) in the State of Maharashtra on the basis of agreement between NAFED and MSCCGMFL.
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