The tired market finally gave way on Wednesday with profit-booking across the board dragging indices to one of its worst fall in over a month. There are no new alarm bells ringing and investors will continue to scout for reasons to get in and out of counters. Index futures saw some fresh shorts at higher levels and reports indicate some selling of Nifty options by institutional investors led to the tumble. The outlook is a flat start. Some pullback could be expected with Asian markets showing a mixed trend. US indices fell following weakness in crude prices; higher inventories led to a sell-off here. A host of results are on tap including Bank of Baroda and Godrej Industries. Dilip Buildcon, which saw an astounding response to its IPO will get listed on the bourses today.
Other news in the media:
Reliance Industries (RIL) is looking to lure away many of the 10mn cooking gas consumers who have surrendered subsidy from state oil companies in a bid to challenge the near total dominance of state firms in cooking gas distribution. (ET)
Maruti Suzuki will start transporting its cars through National Waterways-1 (on River Ganga) from Varanasi to Kolkata. (ET)
GE and L&T Hydrocarbon Engineering have entered into an exclusive memorandum of understanding for the manufacture of sub-sea manifolds which would be used for future deepwater projects in the Krishna-Godavari basin on the east coast of India. (BL)
Tata Chemicals has sold its struggling urea and customised fertiliser business to Yara Fertilisers India, a wholly-owned arm of Yara International ASA, for Rs26.70bn. (BL)
Ashoka Buildcon has received a letter of award for widening of a highway stretch in Punjab from NHAI at a bid cost of Rs16bn. (BS)
Steel Authority of India Ltd (SAIL) is looking to expand capacity of its Rourkela unit to 10mtpa up from 4.5mtpa now. (BS)
BGR Energy Systems Ltd has said that a Rs19.02bn contract with Damodar Valley Corporation for the Phase-II Raghunathpur Thermal Power Project has been terminated, as the project will not be executed. (BS)
L&T Finance Holdings said three of its wholly owned subsidiaries have entered into an amalgamation agreement in which two of the units will merge into the third one. (TOI)
GAIL India Ltd has placed orders for purchase of 315km steel pipes to carry fuel to shut fertiliser plants in Bihar. (ET)
A bill to provide tax incentives to the garment sector and enable the government to raise customs duty on marble and granite from 10 to 40% was approved by Lok Sabha. (BS)
SEBI allowed debt mutual funds to invest an additional 10% of their corpus in debt papers issued by housing finance companies (HFCs), over and above the sectoral cap of 25%. The move is aimed at channelising more funds into the affordable housing space, one of the focus areas for the government. Till now, debt funds were allowed to invest an additional 5% in debt papers issued by HFCs. (TOI)
Other news in the media:
Reliance Industries (RIL) is looking to lure away many of the 10mn cooking gas consumers who have surrendered subsidy from state oil companies in a bid to challenge the near total dominance of state firms in cooking gas distribution. (ET)
Maruti Suzuki will start transporting its cars through National Waterways-1 (on River Ganga) from Varanasi to Kolkata. (ET)
GE and L&T Hydrocarbon Engineering have entered into an exclusive memorandum of understanding for the manufacture of sub-sea manifolds which would be used for future deepwater projects in the Krishna-Godavari basin on the east coast of India. (BL)
Tata Chemicals has sold its struggling urea and customised fertiliser business to Yara Fertilisers India, a wholly-owned arm of Yara International ASA, for Rs26.70bn. (BL)
Ashoka Buildcon has received a letter of award for widening of a highway stretch in Punjab from NHAI at a bid cost of Rs16bn. (BS)
Steel Authority of India Ltd (SAIL) is looking to expand capacity of its Rourkela unit to 10mtpa up from 4.5mtpa now. (BS)
BGR Energy Systems Ltd has said that a Rs19.02bn contract with Damodar Valley Corporation for the Phase-II Raghunathpur Thermal Power Project has been terminated, as the project will not be executed. (BS)
L&T Finance Holdings said three of its wholly owned subsidiaries have entered into an amalgamation agreement in which two of the units will merge into the third one. (TOI)
GAIL India Ltd has placed orders for purchase of 315km steel pipes to carry fuel to shut fertiliser plants in Bihar. (ET)
A bill to provide tax incentives to the garment sector and enable the government to raise customs duty on marble and granite from 10 to 40% was approved by Lok Sabha. (BS)
SEBI allowed debt mutual funds to invest an additional 10% of their corpus in debt papers issued by housing finance companies (HFCs), over and above the sectoral cap of 25%. The move is aimed at channelising more funds into the affordable housing space, one of the focus areas for the government. Till now, debt funds were allowed to invest an additional 5% in debt papers issued by HFCs. (TOI)
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