Money Market are shut for trade today, i.e., January 14, 2014 on account of 'Id-E-Milad'.
Tuesday, 14 January 2014
Govt's efforts to meet fiscal deficit target supportive for credit rating: Fitch
Amid rising doubts over the widening country’s fiscal deficit number, global rating agency Fitch has said that the government's efforts to avoid non plan expenditures ahead of general elections, so as to achieve the fiscal deficit target of 4.8 percent of the GDP in 2013-14, are supportive for the country's credit rating. However, Fitch warned that any slippage on the fiscal front will be negative for country's credit ratings. The rating agency affirmed India's sovereign rating at 'BBB-', which is at the lowest investment grade with stable outlook.
Further, credit rating agency stated that it will wait for next government's policies before determining the future rating as it will provide important information for determining future outlook for India's rating. Earlier in October, Fitch had earlier noted that the government would have to go for greater expenditure cuts in the remainder of the financial year to meet its fiscal deficit target.
India's fiscal deficit reached to Rs 5.1 lakh crore or 94% of the targeted budgetary estimate of Rs 5.42 lakh crore in the April-November period of current fiscal mainly due to the sluggish revenue collection amid prevailing economic slowdown. Meanwhile, in order to contain the country's fiscal deficit within target level, the government has been taking a number of measures including banning government departments for holding meetings in 5-star hotels among others to cut government spending in non-critical areas. Furthermore, the government has been expressing confidence to meet the divestment target of Rs 40,000 crore for current fiscal despite the fact it has so far only managed to raise Rs 3,000 crore.
Further, credit rating agency stated that it will wait for next government's policies before determining the future rating as it will provide important information for determining future outlook for India's rating. Earlier in October, Fitch had earlier noted that the government would have to go for greater expenditure cuts in the remainder of the financial year to meet its fiscal deficit target.
India's fiscal deficit reached to Rs 5.1 lakh crore or 94% of the targeted budgetary estimate of Rs 5.42 lakh crore in the April-November period of current fiscal mainly due to the sluggish revenue collection amid prevailing economic slowdown. Meanwhile, in order to contain the country's fiscal deficit within target level, the government has been taking a number of measures including banning government departments for holding meetings in 5-star hotels among others to cut government spending in non-critical areas. Furthermore, the government has been expressing confidence to meet the divestment target of Rs 40,000 crore for current fiscal despite the fact it has so far only managed to raise Rs 3,000 crore.
LIC cuts stake in Tata Motors to 4.07% in Q3
Life Insurance Corporation of India (LIC) has trimmed down its stake in Tata Motors to 4.07% from 6.17% in third quarter on FY14. The country’s largest insurer has sold 5.74 crore of the company in October- December quarter.
Meanwhile, DII reduced stake in Q3 to 9.57% from 11.69%, however FII had increased their stake to 28.10% in the company from 27.25% in Q2.
Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.
Meanwhile, DII reduced stake in Q3 to 9.57% from 11.69%, however FII had increased their stake to 28.10% in the company from 27.25% in Q2.
Tata Motors is India's largest automobile company, is the leader in commercial vehicles in each segment, and among the top in passenger vehicles with winning products in the compact, midsize car and utility vehicle segments. It is also the world's fourth largest truck and bus manufacturer.
Syndicate Bank spurts on raising Rs 200 crore from GoI by preferential shares issue
Syndicate Bank is currently trading at Rs. 95.10, up by 1.55 points or 1.66 % from its previous closing of Rs. 93.55 on the BSE.
The scrip opened at Rs. 94.20 and has touched a high and low of Rs. 95.25 and Rs. 93.50 respectively. So far 44959 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 145.20 on 15-Jan-2013 and a 52 week low of Rs. 61.05 on 20-Aug-2013.
Last one week high and low of the scrip stood at Rs. 101.45 and Rs. 90.90 respectively. The current market cap of the company is Rs. 5924.19 crore.
The promoters holding in the company stood at 66.17% while Institutions and Non-Institutions held 20.89% and 12.94% respectively.
Public sector lender Syndicate Bank has raised Rs 200 crore from the Government of India (GoI) by issuing 22.63 million equity shares through preferential allotment to augment its capital in order to meet the requirements of Basel-II and Basel-III. The bank has received shareholders approval on January 10, 2013.
Further, the bank has allotted 22,634,676 equity shares of face value of Rs 10 each on January 13, 2013 for cash at a premium of Rs 78.36 determined in accordance with Regulation 76 (1) of SEBI (ICDR) Regulations aggregating to Rs 1,999,999,971.36.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
The scrip opened at Rs. 94.20 and has touched a high and low of Rs. 95.25 and Rs. 93.50 respectively. So far 44959 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 145.20 on 15-Jan-2013 and a 52 week low of Rs. 61.05 on 20-Aug-2013.
Last one week high and low of the scrip stood at Rs. 101.45 and Rs. 90.90 respectively. The current market cap of the company is Rs. 5924.19 crore.
The promoters holding in the company stood at 66.17% while Institutions and Non-Institutions held 20.89% and 12.94% respectively.
Public sector lender Syndicate Bank has raised Rs 200 crore from the Government of India (GoI) by issuing 22.63 million equity shares through preferential allotment to augment its capital in order to meet the requirements of Basel-II and Basel-III. The bank has received shareholders approval on January 10, 2013.
Further, the bank has allotted 22,634,676 equity shares of face value of Rs 10 each on January 13, 2013 for cash at a premium of Rs 78.36 determined in accordance with Regulation 76 (1) of SEBI (ICDR) Regulations aggregating to Rs 1,999,999,971.36.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
Godrej Properties launches Phase 3 of Godrej E-City in Bengaluru
Godrej Properties (GPL), the real estate development arm of the Godrej Group, has launched phase 3 in its residential project, Godrej E-City, in Electronic City, Bengaluru. This phase will offer over 360 homes spread across approximately 38,000 sq. m (4.1 lakh sq. ft.). Customers can choose from 1, 2, 2.5 and 3 BHK apartments, ranging from 59 sq m to 153 sq m (638 sq. ft. to 1,652 sq. ft.) at prices starting at Rs 31 lakhs.
Spread over approximately 15 acres, Godrej E-City is being developed in 3 phases. The entire project consists of 840 apartments spread across approx. 94568 sq m (1 million sq. ft.).
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.
Spread over approximately 15 acres, Godrej E-City is being developed in 3 phases. The entire project consists of 840 apartments spread across approx. 94568 sq m (1 million sq. ft.).
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.
VA Tech Wabag bags order worth Rs 250 crore
VA Tech Wabag (WABAG), a leading Indian MNC in water and waste water management, has won a repeat order from Bangalore Water Supply and Sewerage Board (BWSSB) for a value of around Rs 250 crore. The scope comprises of design and construction of 90 MLD Waste Water Treatment Plant at Bellandur Amanikere, Karnataka with O&M (operation and maintenance) for a period of 7 years. The project is funded by Japan International Cooperation Agency (JICA).
Currently WABAG is executing a WWTP project at K&C Valley for BWSSB which is also funded by JICA. In addition, WABAG has been operating and maintaining five WWTPs in and around Bangalore.
VA Tech Wabag is a multinational player in the water treatment industry. It offers complete life cycle solutions including conceptualization, design, engineering, procurement, supply, installation, construction and O&M services.
Currently WABAG is executing a WWTP project at K&C Valley for BWSSB which is also funded by JICA. In addition, WABAG has been operating and maintaining five WWTPs in and around Bangalore.
VA Tech Wabag is a multinational player in the water treatment industry. It offers complete life cycle solutions including conceptualization, design, engineering, procurement, supply, installation, construction and O&M services.
Retail inflation stands at 9.87% in Dec
India's high inflation finally finally seems to be slowing down on account of easing vegetable prices. The easing vegetable prices may bring some relief to the current Congress party which is struggling to seek voters ahead of a national election due by May.
The country's retail prices rose an annual 9.87 per cent last month. Prices had surged a revised 11.16 per cent year-on-year in November.
Food inflation eased to 12. 16 percent against in December 14.72 percent in November. The rural inflation rate fell to 10.49 percent as against 11.66 percent, month on month. Urban inflation was at 9.11 percent against 10.53 percent from the previous month.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases Consumer Price Indices (CPI) on base 2010=100 for all-India and States/UTs separately for rural, urban and combined every month with effect from January, 2011.
Price data are collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts. Price data are received through web portals being maintained by the National Informatics Centre.
The country's retail prices rose an annual 9.87 per cent last month. Prices had surged a revised 11.16 per cent year-on-year in November.
Food inflation eased to 12. 16 percent against in December 14.72 percent in November. The rural inflation rate fell to 10.49 percent as against 11.66 percent, month on month. Urban inflation was at 9.11 percent against 10.53 percent from the previous month.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation releases Consumer Price Indices (CPI) on base 2010=100 for all-India and States/UTs separately for rural, urban and combined every month with effect from January, 2011.
Price data are collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts. Price data are received through web portals being maintained by the National Informatics Centre.
Markets to pare some last session gains with a soft start
The Indian markets came into rally mood in last session and the benchmarks surged over one and half a percent, on hopes that RBI may not go for a rate hike and once again maintain a status quo. Today, the start is likely to be soft tailing the global peers; however there is some good news for the markets, as the annual inflation rate based on all India general Consumer Price Index (CPI) (Combined) for December 2013, eased to 9.87%, its three months low, as compared to revised 11.16% of November 2013. Though, the core inflation have not buzzed from their highs but weak IIP numbers and decline in headline inflation is likely to give some leeway to the RBI. There will be some support with international credit rating agency, Fitch Ratings saying that Government efforts to achieve the fiscal deficit target of 4.8 percent of the GDP in 2013-14, are supportive for the country's credit rating. Aviation stocks are likely to get some advantage with the report that India’s domestic air traffic grew 3.4 percent in November last year, in spite of significant volatility in the market. The retail stocks too will keep buzzing with the Aam Aadmi Party Government withdrawing the approval given by the previous government’s dispensation for FDI in multibrand retail in Delhi.
The US markets went for a sharp correction in last session, reacting to the disappointing non- farm payroll data, traders were also worried about the ensuing earnings season. The Asian markets following the US peers have made a lower start with Japanese benchmark leading losses by over 2 percent.
Back home, boisterous benchmarks exhibited an enthusiastic performance on Monday, by rallying over one and a half percentage points and breaking a lot of psychological levels in their northbound journey. There appeared not even an iota of profit booking in the session, as the benchmarks managed to fervently gain from strength to strength with investors continuing their hunt for fundamentally strong but oversold stocks. Frontline indices not only managed to end near intraday high but also recorded their biggest single-day gain since November 25, 2013, settling comfortably above their crucial 6,250 (Nifty) and 21,100 (Sensex) bastions. Sentiments remained up-beat since beginning on hopes that the Reserve Bank of India (RBI) will keep interest rates on hold for a second consecutive month at its policy review on January 28. Further, reports suggest that December consumer price inflation due for release later in the day is likely to ease. It may be recalled that weak festive demand and sluggish investment activity led to a slump in factory production in November when the output contracted to a six-month low of 2.1%. Investors shrugged off the fall in index of industrial production (IIP), which was sharper than October’s decline of 1.6%. Firm opening in European counterparts too supported the sentiments; moreover, most of the Asian equity markets shut shop in the positive terrain. Back home, sentiments also got some boost after rupee strengthened significantly in Monday’s trade after the US dollar remained under pressure on the back of weak US jobs data. Meanwhile, shares of oil and gas companies edged higher by up to 3 percent in early morning deals after the government officially notified the new gas pricing policy that would be applicable to all the domestically produced gas from April 2014, and will be effective for five years. As per the new pricing mechanism, the new gas price is likely to be $8.4/mmbtu for FY2015. Currently, the gas prices are in the range of $4.2-5.7/mmbtu for domestically produced gas. Finally, the BSE Sensex surged by 375.72 points or 1.81%, to settle at 21134.21, while the CNX Nifty gained 101.30 points or 1.64% to settle at 6,272.75.
The US markets went for a sharp correction in last session, reacting to the disappointing non- farm payroll data, traders were also worried about the ensuing earnings season. The Asian markets following the US peers have made a lower start with Japanese benchmark leading losses by over 2 percent.
Back home, boisterous benchmarks exhibited an enthusiastic performance on Monday, by rallying over one and a half percentage points and breaking a lot of psychological levels in their northbound journey. There appeared not even an iota of profit booking in the session, as the benchmarks managed to fervently gain from strength to strength with investors continuing their hunt for fundamentally strong but oversold stocks. Frontline indices not only managed to end near intraday high but also recorded their biggest single-day gain since November 25, 2013, settling comfortably above their crucial 6,250 (Nifty) and 21,100 (Sensex) bastions. Sentiments remained up-beat since beginning on hopes that the Reserve Bank of India (RBI) will keep interest rates on hold for a second consecutive month at its policy review on January 28. Further, reports suggest that December consumer price inflation due for release later in the day is likely to ease. It may be recalled that weak festive demand and sluggish investment activity led to a slump in factory production in November when the output contracted to a six-month low of 2.1%. Investors shrugged off the fall in index of industrial production (IIP), which was sharper than October’s decline of 1.6%. Firm opening in European counterparts too supported the sentiments; moreover, most of the Asian equity markets shut shop in the positive terrain. Back home, sentiments also got some boost after rupee strengthened significantly in Monday’s trade after the US dollar remained under pressure on the back of weak US jobs data. Meanwhile, shares of oil and gas companies edged higher by up to 3 percent in early morning deals after the government officially notified the new gas pricing policy that would be applicable to all the domestically produced gas from April 2014, and will be effective for five years. As per the new pricing mechanism, the new gas price is likely to be $8.4/mmbtu for FY2015. Currently, the gas prices are in the range of $4.2-5.7/mmbtu for domestically produced gas. Finally, the BSE Sensex surged by 375.72 points or 1.81%, to settle at 21134.21, while the CNX Nifty gained 101.30 points or 1.64% to settle at 6,272.75.
Monday, 13 January 2014
Benchmarks post highest single-day gain in 2014; Nifty reclaims 6,250 level
Boisterous benchmarks exhibited an enthusiastic performance on Monday, by rallying over one and a half percentage points and breaking a lot of psychological levels in their northbound journey. There appeared not even an iota of profit booking in the session, as the benchmarks managed to fervently gain from strength to strength with investors continuing their hunt for fundamentally strong but oversold stocks. Frontline indices not only managed to end near intraday high but also recorded their biggest single-day gain since November 25, 2013, settling comfortably above their crucial 6,250 (Nifty) and 21,100 (Sensex) bastions.
Sentiments remained up-beat since beginning on hopes that the Reserve Bank of India (RBI) will keep interest rates on hold for a second consecutive month at its policy review on January 28. Further, reports suggest that December consumer price inflation due for release later in the day is likely to ease. It may be recalled that weak festive demand and sluggish investment activity led to a slump in factory production in November when the output contracted to a six-month low of 2.1%. Investors shrugged off the fall in index of industrial production (IIP), which was sharper than October’s decline of 1.6%.
Firm opening in European counterparts too supported the sentiments with CAC, DAX and FTSE all trading higher in early deals after some corporates announced robust fourth quarter earnings. Moreover, most of the Asian equity markets shut shop in the positive terrain, as lower growth in US payrolls eased concerns the Federal Reserve may not go for aggressive stimulus cuts.
Back home, sentiments also got some boost after rupee strengthened significantly in Monday’s trade after the US dollar remained under pressure on the back of weak US jobs data. The partially convertible rupee was trading at 61.55 per dollar at the time of equity markets closing against the previous close of 61.89 on the Interbank Foreign Exchange. Some support also came in on report that foreign institutional investors (FIIs) bought shares worth a net Rs 68.16 crore on January 10, 2014.
Meanwhile, shares of oil and gas companies edged higher by up to 3 percent in early morning deals after the government officially notified the new gas pricing policy that would be applicable to all the domestically produced gas from April 2014, and will be effective for five years. As per the new pricing mechanism, the new gas price is likely to be $8.4/mmbtu for FY2015. Currently, the gas prices are in the range of $4.2-5.7/mmbtu for domestically produced gas. Moreover, stocks related to software and technology counters too remained on buyers’ radar after Infosys’ better-than-expected quarterly results. Additionally, shares related to banking space gained for the session on prospects of another status-quo stance of RBI in its upcoming third monetary policy review.
The NSE’s 50-share broadly followed index Nifty rose by over hundred points to end above its psychological 6,250 level, while Bombay Stock Exchange’s Sensitive Index -- Sensex surged by over three hundred and seventy points to gain psychological 21,100 mark.
Moreover, broader markets too traded with traction and ended the session in the green with gain of around a quarter percent. However, the market breadth remained in favour of decliners, as there were 1,333 shares on the gaining side against 1,397 shares on the losing side, while 146 shares remained unchanged.
Finally, the BSE Sensex surged by 375.72 points or 1.81%, to settle at 21134.21, while the CNX Nifty gained 101.30 points or 1.64% to settle at 6,272.75.
The BSE Sensex touched a high and a low of 21169.08 and 20850.54, respectively. The BSE Mid cap index was up by 0.15%, while the Small cap index gained 0.37%.
The top gainers on the Sensex were TCS up 3.88%, Infosys up 3.29%, ICICI Bank up 3.09%, ONGC up 2.94%, and RIL up 2.58%, on the flip side Tata Power down 1.99%, Sun Pharma down 1.19%, Hindustan Unilever down 0.71%, Maruti Suzuki down 0.66%, and Hindalco Inds down by 0.41%,were the top losers on the index.
On the BSE Sectoral front IT up by 2.92%, Teck up by 2.40%, Oil & Gas up by 2.24%, Bankex up by 2.04% and Capital Goods up by 1.55%, were the top gainers, while Healthcare down by 0.68%, was the only loser on the sectoral front. Meanwhile, in order to allay concerns of domestic exporters over the withdrawal of preferential import duty scheme by European Union (EU), the Commerce Ministry is considering fresh incentives to help these sectors retain their competitiveness. The European Union (EU), India’s largest export market, has removed its preferential import duty scheme for some Indian products from 2014.
Till now, the EU’s generalized system of preferences scheme allowed duty-free or low-duty access for specific products in all 27 of its member countries. The withdrawal of preferential duty scheme is likely to impact country’s exports of various products including chemicals, textiles, minerals, raw hides & leather and automobiles including road vehicles, bicycles, aviation, space, boats and their parts. On becoming globally competitive these products have been removed out of the preferential duty advantage list, which is a big blow for the country. Meanwhile, the Ministry is looking at the option of providing cash incentives to the affected sectors under the existing Market Linked Focus Product Scheme giving cash benefits to exporters of specific products to specific markets, generally ranging between 2 percent and 5 percent.
The European Union (EU) accounts for around 16 per cent of the country’s total exports. During April-November 2013, India exported goods worth $33.27 billion to the 27-member bloc, recording 3.5 percent growth from a year earlier. India along with China were the top beneficiaries of the preferential duty scheme which provides preferential market access to exports from 90 developing and least-developed countries. Further, a number of countries, which have been graduated out of the scheme this year include Argentina, Brazil, Cuba, Uruguay, Venezuela, Russia, Kazakhstan and Malaysia.
The CNX Nifty touched a high and low of 6,288.20 and 6,189.55 respectively.
The top gainers on the Nifty were TCS up by 4.34%, HCL Technologies up by 3.99%, ICICI Bank up by 3.49%, Kotak Mahindra Bank up by 3.35%, and DLF up by 3.26%, On the other hand, Ranbaxy Laboratories down by 5.58%, Lupin down by 1.71%, Tata Power Company down by 1.56%, Sun Pharmaceuticals Industries down by 1.17%, and Jindal Steel & Power down by 0.71%, were the top losers.
The European markets were trading in green, France's CAC 40 was up by 0.12%, Germany's DAX was up by 0.32%, and United Kingdom's FTSE 100 was up by 0.16%.
The Asian markets, barring Shanghai Composite and Straits Times concluded Monday’s trade in green on hopes that worse-than-expected jobs report from United States could lead the Federal Reserve to hold off any fresh cuts to its stimulus program. Thailand stocks were struggling, though were off session-lows, as thousands of people participated in an anti-government protest in the capital city of Bangkok. The Japanese market remained closed today on account of ‘Coming of Age Day’ holiday. Indonesia’s rupiah gained the most in six weeks and the stock index had its biggest rally since September after an ore export ban was diluted. Indonesia will be shut on Tuesday for a public holiday and will reopen on Wednesday.
Shanghai’s tax revenue rose 8.7 percent from a year earlier to 801 billion yuan ($131.3 billion) in 2013, excluding taxes levied by the customs and stamp tax on securities transactions. The service industry paid nearly two-thirds of Shanghai’s tax revenue last year and financial firms took the lead as they made up 40 percent of the 100 top service taxpayers, underlining the city’s goal to be a global financial center.
Sentiments remained up-beat since beginning on hopes that the Reserve Bank of India (RBI) will keep interest rates on hold for a second consecutive month at its policy review on January 28. Further, reports suggest that December consumer price inflation due for release later in the day is likely to ease. It may be recalled that weak festive demand and sluggish investment activity led to a slump in factory production in November when the output contracted to a six-month low of 2.1%. Investors shrugged off the fall in index of industrial production (IIP), which was sharper than October’s decline of 1.6%.
Firm opening in European counterparts too supported the sentiments with CAC, DAX and FTSE all trading higher in early deals after some corporates announced robust fourth quarter earnings. Moreover, most of the Asian equity markets shut shop in the positive terrain, as lower growth in US payrolls eased concerns the Federal Reserve may not go for aggressive stimulus cuts.
Back home, sentiments also got some boost after rupee strengthened significantly in Monday’s trade after the US dollar remained under pressure on the back of weak US jobs data. The partially convertible rupee was trading at 61.55 per dollar at the time of equity markets closing against the previous close of 61.89 on the Interbank Foreign Exchange. Some support also came in on report that foreign institutional investors (FIIs) bought shares worth a net Rs 68.16 crore on January 10, 2014.
Meanwhile, shares of oil and gas companies edged higher by up to 3 percent in early morning deals after the government officially notified the new gas pricing policy that would be applicable to all the domestically produced gas from April 2014, and will be effective for five years. As per the new pricing mechanism, the new gas price is likely to be $8.4/mmbtu for FY2015. Currently, the gas prices are in the range of $4.2-5.7/mmbtu for domestically produced gas. Moreover, stocks related to software and technology counters too remained on buyers’ radar after Infosys’ better-than-expected quarterly results. Additionally, shares related to banking space gained for the session on prospects of another status-quo stance of RBI in its upcoming third monetary policy review.
The NSE’s 50-share broadly followed index Nifty rose by over hundred points to end above its psychological 6,250 level, while Bombay Stock Exchange’s Sensitive Index -- Sensex surged by over three hundred and seventy points to gain psychological 21,100 mark.
Moreover, broader markets too traded with traction and ended the session in the green with gain of around a quarter percent. However, the market breadth remained in favour of decliners, as there were 1,333 shares on the gaining side against 1,397 shares on the losing side, while 146 shares remained unchanged.
Finally, the BSE Sensex surged by 375.72 points or 1.81%, to settle at 21134.21, while the CNX Nifty gained 101.30 points or 1.64% to settle at 6,272.75.
The BSE Sensex touched a high and a low of 21169.08 and 20850.54, respectively. The BSE Mid cap index was up by 0.15%, while the Small cap index gained 0.37%.
The top gainers on the Sensex were TCS up 3.88%, Infosys up 3.29%, ICICI Bank up 3.09%, ONGC up 2.94%, and RIL up 2.58%, on the flip side Tata Power down 1.99%, Sun Pharma down 1.19%, Hindustan Unilever down 0.71%, Maruti Suzuki down 0.66%, and Hindalco Inds down by 0.41%,were the top losers on the index.
On the BSE Sectoral front IT up by 2.92%, Teck up by 2.40%, Oil & Gas up by 2.24%, Bankex up by 2.04% and Capital Goods up by 1.55%, were the top gainers, while Healthcare down by 0.68%, was the only loser on the sectoral front. Meanwhile, in order to allay concerns of domestic exporters over the withdrawal of preferential import duty scheme by European Union (EU), the Commerce Ministry is considering fresh incentives to help these sectors retain their competitiveness. The European Union (EU), India’s largest export market, has removed its preferential import duty scheme for some Indian products from 2014.
Till now, the EU’s generalized system of preferences scheme allowed duty-free or low-duty access for specific products in all 27 of its member countries. The withdrawal of preferential duty scheme is likely to impact country’s exports of various products including chemicals, textiles, minerals, raw hides & leather and automobiles including road vehicles, bicycles, aviation, space, boats and their parts. On becoming globally competitive these products have been removed out of the preferential duty advantage list, which is a big blow for the country. Meanwhile, the Ministry is looking at the option of providing cash incentives to the affected sectors under the existing Market Linked Focus Product Scheme giving cash benefits to exporters of specific products to specific markets, generally ranging between 2 percent and 5 percent.
The European Union (EU) accounts for around 16 per cent of the country’s total exports. During April-November 2013, India exported goods worth $33.27 billion to the 27-member bloc, recording 3.5 percent growth from a year earlier. India along with China were the top beneficiaries of the preferential duty scheme which provides preferential market access to exports from 90 developing and least-developed countries. Further, a number of countries, which have been graduated out of the scheme this year include Argentina, Brazil, Cuba, Uruguay, Venezuela, Russia, Kazakhstan and Malaysia.
The CNX Nifty touched a high and low of 6,288.20 and 6,189.55 respectively.
The top gainers on the Nifty were TCS up by 4.34%, HCL Technologies up by 3.99%, ICICI Bank up by 3.49%, Kotak Mahindra Bank up by 3.35%, and DLF up by 3.26%, On the other hand, Ranbaxy Laboratories down by 5.58%, Lupin down by 1.71%, Tata Power Company down by 1.56%, Sun Pharmaceuticals Industries down by 1.17%, and Jindal Steel & Power down by 0.71%, were the top losers.
The European markets were trading in green, France's CAC 40 was up by 0.12%, Germany's DAX was up by 0.32%, and United Kingdom's FTSE 100 was up by 0.16%.
The Asian markets, barring Shanghai Composite and Straits Times concluded Monday’s trade in green on hopes that worse-than-expected jobs report from United States could lead the Federal Reserve to hold off any fresh cuts to its stimulus program. Thailand stocks were struggling, though were off session-lows, as thousands of people participated in an anti-government protest in the capital city of Bangkok. The Japanese market remained closed today on account of ‘Coming of Age Day’ holiday. Indonesia’s rupiah gained the most in six weeks and the stock index had its biggest rally since September after an ore export ban was diluted. Indonesia will be shut on Tuesday for a public holiday and will reopen on Wednesday.
Shanghai’s tax revenue rose 8.7 percent from a year earlier to 801 billion yuan ($131.3 billion) in 2013, excluding taxes levied by the customs and stamp tax on securities transactions. The service industry paid nearly two-thirds of Shanghai’s tax revenue last year and financial firms took the lead as they made up 40 percent of the 100 top service taxpayers, underlining the city’s goal to be a global financial center.
Asian Indices
|
Last Trade
|
Change in Points
|
Change in %
|
Shanghai Composite
|
2009.56
|
-3.73
|
-0.19
|
Hang Seng
|
22888.76
|
42.51
|
0.19
|
Jakarta Composite
|
4390.77
|
135.80
|
3.19
|
KLSE Composite
|
1834.97
|
8.36
|
0.46
|
Nikkei 225
|
-
|
-
|
-
|
Straits Times
|
3135.49
|
-8.38
|
-0.27
|
KOSPI Composite
|
1948.92
|
10.38
|
0.54
|
Taiwan Weighted
|
8566.20
|
36.85
|
0.43
|
Syndicate Bank raises Rs 200 crore
Public sector lender Syndicate Bank has raised Rs 200 crore from the government of India by issuing 22.63 million equity shares through preferential allotment to augment its capital in order to meet the requirements of Basel-II and Basel-III. The bank has received shareholders approval on January 10, 2013.
Further, the bank has allotted 22,634,676 equity shares of face value of Rs 10 each on January 13, 2013 for cash at a premium of Rs 78.36 determined in accordance with Regulation 76 (1) of SEBI (ICDR) Regulations aggregating to Rs 1,999,999,971.36.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
Further, the bank has allotted 22,634,676 equity shares of face value of Rs 10 each on January 13, 2013 for cash at a premium of Rs 78.36 determined in accordance with Regulation 76 (1) of SEBI (ICDR) Regulations aggregating to Rs 1,999,999,971.36.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
Subscribe to:
Posts (Atom)