Cairn India on slippery ground

The stock is facing selling pressure on fears of likely new trouble brewing up.

Cairn India is trading on a slippery note amid worries of new trouble brewing for the company.

According to media reports, the Rajasthan government has laid claim on Cairn India's Barmer gas, making it difficult for the Anil Agarwal Group company to sell the fuel outside.

The company is already in tangle with the Central government over the alleged Rs. 20,500 crore tax dispute.

The stock so far in the day has touched a low of Rs. 176, and is now down 2.5 percent at Rs. 178. The counter has seen trades of around 54,000 shares as against the two-week daily average volume of around 317,000 shares on the BSE.

Meanwhile, the Sensex has cracked 575 points to 27,237.

Greece’s debacle worsens! Banks, stock exchange closed

ECB has also turned down its request seeking a national referendum on the bailout terms and extending the bailout program so that a vote could be held on July 5.

In a clear sign that Greece’s five-year struggle to hang in the shared euro currency may just be calling it quits, Greek Prime Minister Alexis Tsipras announced on Sunday that the nation's banks and stock market would be closed on Monday.

In order to prevent the country’s financial system from collapsing in panic, Greece government has imposed capital controls that will limit the amount of funds that citizens can transfer or withdraw from its financial institutions.  Reports point that according to few Greece officials the banks will remain stay shut until July 6 and that the daily withdrawals would be limited to 60 euros, or about $67.

However, in order to prevent the chaos, the Prime Minister assured that bank deposits of citizens were "absolutely guaranteed." Some reports say that so far, over 1 billion Euros have been withdrawn from the Greek banking system since Friday night.

This development comes right after European Central Bank (ECB) rejected to increase the levels of emergency credit, known as emergency liquidity assistance that it provides to Greek banks in order for the institutions to keep running.

Besides, ECB has also turned down its request seeking a national referendum on the bailout terms and extending the bailout program so that a vote could be held on July 5.

The nation and its creditors have for months now have been negotiating the extension of bailout program and release a 7.2 billion euro tranche of its funds that would allow the Greeks to pay off forthcoming debts.  However, Greece further failure to make payments by Tuesday would result in default, which could have potentially disastrous effects on its economy and put it on a path to exit the euro-zone.

Turmeric To Gather More Buying On Limited Supplies

Turmeric To Gather More Buying On Limited Supplies

Turmeric futures to gather fresh buying from lower levels due to receding arrivals in local mandies coupled with strong exporters buying. The NCDEX futures to test 7060-7065 levels in the near term.

Turmeric arrivals in the Nizamabad and Erode mandis were reported lower with stable prices. Traders also noted that rainfall was reported in some parts of Andhra Pradesh and Karnataka. Traders are expecting the total production in the range of 50-52 lakh bags in the previous year, down 20 lakh bags. Sources also stated that around 68 lakh bags of total stocks have been reported in local mandies.

Turmeric July futures inched up to Rs 7098 level and ended the Friday's session at Rs 7036, up Rs 90 or 1.82% from last close. The open interest pared 965 tonnes to 19,360 tonnes, indicating short covering. Technically, buying is likely to emerge from the levels of 6960-6980 levels , while resistances at 7060-7065 levels in the near term.

Top economy news of the day - June 29, 2015

At a time when PPP projects in highways sector had taken a backseat, government's renewed focus on it has revived developers interest with projects worth about Rs.135 bn either awarded or in advanced stages of finalisation this fiscal so far

At a time when PPP projects in highways sector had taken a backseat, government's renewed focus on it has revived developers interest with projects worth about Rs.135 bn either awarded or in advanced stages of finalisation this fiscal so far.

The government is expected to take a decision on further raising import duty on steel within a week, Minister of Heavy Industries and Public Enterprises Anant Geete said, in a bid to protect local producers from surging imports from countries such as China and Russia. 

HCC plunges 8%

The company is planning to raise up to Rs. 1,000 crore or equivalent in any foreign currency through available financial instruments.

Shares of HCC Ltd was lower by 8% to Rs. 23.80 on BSE today.
Report says that the company is planning to raise up to Rs. 1,000 crore or equivalent in any foreign currency through available financial instruments.
The stock opened at Rs. 24.80 as against the previous close of Rs. 25.90 on BSE. It has hit a high of Rs. 25 and a low of Rs. 24 on BSE today.
Total traded quantity on the counter stood at over 1.76 lk shares on BSE.
Meanwhile, the BSE Sensex is crashes 479 points at 27,333.

Union Bank of India to raise up to Rs. 3700 cr via QIP

The bank has got shareholders approval to raise up to Rs. 3,700 crore via QIP.

Union Bank of India, at its annual general meeting on Friday, got its shareholders' approval to raise capital up to Rs. 3,700 crore through a follow-on public offer, rights issue or a qualified institutional placement.

Greece worries! Banks shut, Stock exchange closed

The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

European markets are gearing for what could turn out to be a wave of contagion as questions of ‘Grexit’ surface again. Greece is due to make a £1.1bn payment to IMF on Tuesday and is all likely to default. Greek Prime Minister has called for a snap referendum. The Greek government is set to impose capital controls and keep the banks in the country closed for few days in order to prevent the country's financial system from ‘collapsing in panic’.

President Obama called German Chancellor Angela Merkel and both the leaders have reportedly agreed to take all steps needed to resolve the crisis.