Ind stocks to watch; Sensex up 99 pts

The 30-share barometer shed 1.22 points yesterday,rose by 98.96 points to 17,699.52.

Written by Agencies | Mumbai | Published:August 9, 2012 9:45 am

The BSE benchmark Sensex today recovered by nearly 99 points in early trade on fresh buying by funds and retailers ahead of industrial output data,amid a firming trend in other Asian bourses.

The 30-share barometer,which shed 1.22 points yesterday,rose by 98.96 points,or 0.56 per cent,to 17,699.52.

All the sectoral indices,led by interest-sensitive auto and realty,were trading with gains up to 1.19 per cent.

Similarly,the wide-based National Stock Exchange index Nifty moved up by 29.25 points,or 0.55 per cent,to 5,367.25.

Brokers said expectations of better industrial output data for June to be released later today and a firming trend on the Asian markets,mainly triggered buying by funds and retail investors.

In the Asian region,Hong Kong’s Hang Seng index rose by 0.42 per cent and Japan’s Nikkei was up by 0.43 per cent in early trade. The US Dow Jones Industrial Average ended 0.05 per cent higher in yesterday’s trade.

GLOBAL MARKETS

* The Nifty futures on Singapore Exchange rose 0.26 percent,while the MSCI Asia-Pacific index excluding Japan rose 0.74 percent.

* The S&P 500 just barely extended a streak of gains to a fourth day on Wednesday,ending above 1,400 in another thinly traded session.

* Asian shares rose to a three-month high on Thursday after a drop in Chinese consumer inflation left room for further policy easing,while Australia’s labour market improved.

FACTORS TO WATCH

* Tata Motors releases its first-quarter results on Thursday with questions over its lagging domestic business and investors crossing their fingers for continued growth at its luxury Jaguar Land Rover subsidiary.

* Ranbaxy Laboratories will announce its June quarter results.

* Tech Mahindra is expected to report a 12 percent rise in its first-quarter net profit due to a strong performance at its Mahindra Satyam unit.

* Other earnings: Indian Oil,HPCL

* The Society of Indian Automobile Manufacturers,an industry body,releases its sales figures for July

* The weather office to release its rainfall data which is expected to show an improvement in past week as soybean areas of central India and rice belts of eastern India received healthy downpours.

* The Confederation of All India Traders and local retailers across the country plan to protest against a contentious government move to allow foreign direct investment (FDI) in supermarkets.

* Reserve Bank of India’s top management will meet along with other board members and decide on the amount of the dividend payout to the government.

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

* Only four states and Union Territories have so far indicated their support for allowing FDI in multi-brand retail,a development that could further delay the entry of global chains such as Walmart and Carrefour in India.

* Finance minister P Chidambaram on Wednesday told Parliament that postponing the implementation of General Anti Avoidance Rules (GAAR) of income tax will in no way impact the efficacy of measures taken against proliferation of black money and checking tax evasion.

* The Income Tax Department has not recommended ‘amnesty scheme’ to deal with the issue of black money,the government said.

The government had set up a committee to examine ways to strengthen laws to curb the generation of black money in the country,its illegal transfer abroad and its recovery. The panel submitted its report to the government in March 2012.

* SEBI will consider the reintroduction of a 2 per cent entry load for mutual funds sold beyond the top 15 cities,and giving fund houses greater flexibility in managing their total expense ratio at its board meeting on August 16,said a person familiar with the development.

* The government said on Wednesday it was confident of meeting its privatisation target of $5.4 billion to plug a yawning budget gap.

The Congress-led government has proposed raising 300 billion rupees ($5.4 billion) from selling stakes in state-run companies in the current fiscal year to March 2013.

* Demand for loan recasts at banks was at the highest ever in the June quarter raising fears that banks may be short of 65 billion rupees of capital,said a person with knowledge of the data.

* The government is planning a greater flow of credit for exporters by allowing banks with significant presence abroad and foreign currency deposits available to arrange for borrowings abroad or to seek lines of credit from foreign banks.

* The government will soon impose restrictions on imports of used capital goods to protect domestic manufacturers and increase their competitiveness,a top official said.

* The government has made key changes to the proposed legislation for land acquisition,making it more attractive for industry by easing some of the stringent conditions,a person privy to the draft said.

ENERGY/COMMODITIES

* Coal India Limited will supply 8.8 percent more coal in the current fiscal year than the prior year,a junior minister said on Wednesday,sticking to targets even though the state miner has repeatedly fallen short of supply aims.

* Coal India will revise its fuel supply pact with power units commissioned after December 2009 to include newly-agreed clauses,which involve higher penalty for shortages in supply.

* Coal India moved a step forward with its plans to acquire coal mines abroad by initiating the process of forming a subsidiary in South Africa.

* In an interview ONGC chairman Sudhir Vasudeva said the company is keen to enter the LNG sourcing and marketing business and is close to striking a global alliance with a company that has expertise across the LNG value chain.

* India’s commodity exchanges will have to disclose all trading positions of members and their clients from Aug. 13 in all commodities,the markets regulator said,to boost transparency and cut volatility as a drought ramps up farm goods prices.

* India’s sugar industry on Wednesday gave an upbeat assessment of next year’s production despite a drought as it tried to avoid export curbs which government sources said New Delhi is contemplating as part of steps to bolster domestic supplies.

RETAIL

* Bharti Walmart has scrapped its plans to start online operations after more than a year of preparations,two people with direct knowledge of the development said.

INDUSTRIAL

* Piramal Imaging SA,part of Piramal Enterprises,said it has entered into

a pact with IBA Molecular to manufacture and distribute its diagnostic imaging agent 18F-Florbetaben in the European and U.S. markets.

AIRLINES

* Kingfisher Airlines on Wednesday cancelled over 30 flights from Delhi and Mumbai due to a strike by a section of its employees protesting non-payment of salary.

EARNINGS

* Tata Power Company posted a 66 percent fall in its first-quarter net profit,hurt by increased costs at its coal units,and higher finance and depreciation costs after starting two new plants this year.

* Maharashtra Seamless said April-June net profit fell 8.78 percent to 653.6 million rupees from a year ago.

* Power Finance Corp said April-June net profit rose 41.69 percent to 9.72 billion rupees from a year earlier.

* Indian Hotels said April-June net profit dropped 81.1 percent to 40.3 million rupees from a year earlier.

* United Breweries Holdings said April-June net profit fell 29.8 percent to 13.2 million rupees.

* Jai Corp said April-June net profit fell 11.2 percent to 236.7 million rupees.

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