Nifty above 8,500 levels

At 11:30AM, the S&P BSE Sensex is trading at 28,368 down 89 points, while NSE Nifty is trading at 8,514 down 23 points.

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

Auto, Consumer Durables, Power, banking, Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

According to the report, Welspun India planning to invest Rs 2,500 crore to expand manufacturing capacities over the next 12 months.

Shares of Thermax was up 4% to Rs 1,109 after the company bagged another order worth Rs. 351 crore in Africa: to build and commission a captive power plant

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports.The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

Shares of Jet Airways Ltd surged 8% at Rs393 on reports that company announced cancellation of four flights to and from Brussels, following a strike called by all major trade unions in Belgium.

Shares of Jubilant Foodworks Ltd was up 1% at Rs1408 after report stated that promoter group entity Weston Investment Ltd has reduced its stake in the company by 2.44 per cent by selling 15.97 lakh shares in the open market 

Sensex, Nifty on a negative zone

At 10:28AM, the S&P BSE Sensex is trading at 28,400 down 31 points, while NSE Nifty is trading at 8,521 down 16 10.

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

Auto, Consumer Durables, Power, banking, Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

According to the report, Welspun India planning to invest Rs 2,500 crore to expand manufacturing capacities over the next 12 months.

Shares of Thermax was up 4% to Rs 1,109 after the company bagged another order worth Rs. 351 crore in Africa: to build and commission a captive power plant

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports.The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

Top corporate news of the day - December 08, 2014

Maruti Suzuki India Limited (MSIL) has bagged its single largest order of over 4,000 units of its sports utility vehicle Gypsy from the Indian Army. (BS)
 
State Bank of India has said the final decision on the controversial US$1 bn loan agreement withAdani Group for its Australian mining project would be taken by the executive committee of the bank in 2-3 months. (BS)
 
Regulators in France, Germany, Belgium and Luxembourg are suspending the marketing approval of 25 generic drugs due to concerns over the quality of data from clinical trials conducted by GVK Biosciences. (BS)
 
Jet Airways will likely drop a plan to transfer the airline's ATR turboprop aircraft fleet to its subsidiaryJetLite for now. The move has been prompted by regulatory complexities and costs issues, a person familiar with the development said. (BS)
 
Chennai Super Kings (CSK), the Indian Premier League (IPL) franchisee of India Cements, will be floated as a new wholly-owned subsidiary, effective January 1 next year.
 
Infosys is planning to set up a marketplace of short-term internal projects that may be offered to clients. 
 
Isuzu Motors India is looking at scaling up its production to 1,20,000 units per annum in the country with an investment of Rs30bn by 2016. 
 
Welspun India plans to invest Rs25bn to expand manufacturing capacities over the next 12 months. 
 
With the government expected to bid out nearly Rs500bn worth of road projects in the next 12 months, EPC firm Atlanta is eyeing around Rs20bn  contracts, according to a senior company official. 
 
Ashiana Housing said it will invest about Rs7.5bn in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan. 
 
Inter-ministerial panel Telecom Commission is likely to take a call  on allowing extended use of spectrum by Airtel and Vodafone to avoid disruption in their services in Delhi, Mumbai and Kolkata, besides deciding on base price for the next round of auction. 

Spicejet stock slips 8%...board to meet today

Shares of Spicejet Ltd slipped 8% at Rs14 after the company has given clarifications on reports

The stock has hit a high of Rs14 and a low of Rs13.

The airline said that it has been reported is some newspapers that SpiceJet's international flying rights may be in jeopardy as our fleet may fall to below 20 aircraft. This is absoutely incorrect and false information, as our fleet is currently 37 aircraft, well above the limit of 20. 

These newspapers neglect that fact we also have 15 Bombardier Q400s in our fleet in addition to 22 Boeing 737s.  

The airline also stated that it has also been reported in some publications the SpiceJet's fleet reduction is somehow related to its discount fare sales strategy.  Once again we want to emphasize that it has nothing to do with our pricing strategy or operational performance.  Our new business and pricing strategy, adopted in early 2014, looks to boost loads through advance purchase sales to ensure we fly as few empty seats as possible, and boost yields through close-in pricing.

The board will meet today.

Sensex opens on a weak note

At 9:19AM, the S&P BSE Sensex is trading at 28,438 down 20 points, while NSE Nifty is trading at 8,535 down 3 points.

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

Auto, Consumer Durables, Power,  Healthcare, Metal, capital goods, FMCG, Oil and gas indices are the gainers, while Bankex, IT, Realty, Teck  indices are losers.

Coal India, ITC, Sun Pharma, BHEL, Tata Steel, Maruti are among the gainers, whereas Infosys, TCS, Bajaj Auto are losing sheen on BSE.

State Bank of India has reportedly said that the final decision on the US$1 bn (Rs 6,200 crore) loan agreement with Adani Group for Australian mining project would be taken by the executive committee of the bank in 2-3 months.

Earlier SBI signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia.

The focus will shift to global cues and important economic data which are scheduled this week. Among the vital macro data are the November CPI and the October IIP data. In addition November import & export data will also be closely scrutinised.

The mutual fund industry saw a net outflow of INR25,628 crore, with redemptions reaching over INR9.12 lakh crore, according to data released by the Association of Mutual Funds in India.

To encourage participation of small investors in PSU disinvestments, the Government has decided to double the quota reserved for retail investors to 20 per cent for the forthcoming stake sales in bluechip companies like ONGC and Coal India. The decision assumes significance following the enthusiastic response from retail investors in the Friday's stake sale in steel major SAIL, which fetched the government Rs. 1,715 crore, says a report.

Asian cues are mostly positive. On Friday, the Dow and S&P 500 closed a seventh straight month as a better-than-expected jobs report indicated strong economic growth. Payrolls rose by 321,000 in November, , while the unemployment rate held steady at 5.8 percent, a six-year low, says report.

Marico Kaya Enterprises stock hits 10% upper circuit

Shares of Marico Kaya Enterprises hit 10% upper circuit at Rs1005.

The stock has hit a high of Rs1005 and a low of Rs934.

Report stated that the company posted consolidated net profit of Rs 13.27 crore in April-September of the current financial year 2014-15 

HCC Concessions sells its Annuity Road Project in AP

HCC Concessions Ltd, the infrastructure development arm of the HCC Group, today announced the sale of Nirmal BOT Ltd., its annuity project in Andhra Pradesh to Highway Concession One Pvt. Ltd., an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. HCC Concessions shall receive total consideration of Rs. 64 crore for the transaction. Highway Concessions One will acquire 74% equity stake upfront, while the balance 26% equity stake shall be acquired upon receipt of an approval from NHAI. Additionally, Nirmal has also received an arbitration award in its favour for Rs.16.67 crore, which shall be payable to HCC, upon receipt.

On the occasion, Arjun Dhawan, President & CEO, HCC Concessions said, "This sale furthers our commitment to create value for shareholders. We take great pleasure in strengthening our relationship with IDFC as we transfer the custody of this first PPP asset developed by the HCC Group."

M.K. Sinha, Managing Partner & CEO, IDFC Alternatives said, "This investment is in continuation with our road sector aggregation strategy of acquiring controlling stakes in operating road assets. The acquisition also reinforces our intention to partner with sponsors with proven and long established track record in the sector and we look forward to continue working with the HCC Group in the future as well."

Sensex, Nifty slips lower

At 12:26PM, the S&P BSE Sensex is trading at 28,545 down 17 points, while NSE Nifty is trading at 8,561 down 3 points.

The BSE Mid-cap Index was flat, while BSE Small-cap Index was trading up at 1%.

Auto, Consumer Durables, Power, banking, capital goods, Metal, realty, FMCG, Oil and gas indices are the gainers, while healthcare indices is only the loser.

GAIL, Bharti Airtel, M&M, Tata Power, ITC, ICICI Bank are among the gainers, whereas TCS, Infosys, Wipro, HUL are losing sheen on BSE.

The Airports Authority of India is planning to withdraw credit facility relating to airport user fees to the low-cost carrier SpiceJet at all airports in the country from Thursday midnight, according to reports.
State Bank of India has reduced Rates Of Retail Deposits.The bank has reduced term Deposits for 1-3 Yrs to 8.5% and 5 years and above to 8.25%.

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on December 05, 2014 has approved Payment of interim (special) dividend @ 30% (face value of Rs. 2/- each) i.e. Rs. 0.60 ( Sixty paise only) per share to the members of the Company for the financial year 2014-15

Coal India to put up mine wise plan to achieve a 1 billion-tonne production by 2019

In a first of its kind exercise, the government would draw mine-wise plans for Coal India to achieve a one-billion-tonne production by 2019. The company has already finalized plans to achieve 925 million tonnes. The world’s largest coal miner by output, Coal India has reported provisional production of 44.42 million tonnes in November 2014, as against target of 45.69 million tonnes. The company’s total off-take for the month of November stood at 41.57 million tonnes as against a target of 43.20 million tonnes. Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

Gati Board declares Interim (Special) Dividend

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on December 05, 2014 has approved Payment of interim (special) dividend @ 30% (face value of Rs. 2/- each) i.e. Rs. 0.60 ( Sixty paise only) per share to the members of the Company for the financial year 2014-15.