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Thursday, February 20, 2020

BSE Sensex up 78 pts in late morning trade,Cadbury Plc,Mondelez eyed

The wide-based NSE Nifty moved up by 36.75 points,or 0.63 per cent,to 5,821.00.

Written by Reuters | Mumbai | Published: March 6, 2013 9:13:49 am

Erasing some of its earlier gains,the BSE benchmark Sensex was still quoting higher by over 78 points today in late morning trade on persistent buying,mainly in realty,capital goods,IT and PSU stocks amid firm capital inflows.

Foreign institutional investors (FIIs) bought shares worth a net Rs 220.80 crore yesterday as per the provisional data from the stock exchanges.

The 30-share index resumed higher at 19,254.20 and mmoved up further to a high of 19,271.58. However,it declined afterwards to 19,195.47 before quoting at 19,221.54 at 1030 hrs,still showing a gain of 78.37 points,or 0.41 per cent from its last close.

The NSE 50-share Nifty also moved up by 24.70 points,or 0.43 per cent to 5,808.95 at 1030 hrs.

Major gainers were Wipro (2.16 per cent),Larsen (2.05 per cent),Sterlite Ind (1.58 per cent),Tata Motors (1.35 per cent),ONGC (1.31 per cent),Infosys (1.23 per cent) and Hindalco (1.12 per cent).

However,Gail India dropped by 1.62 per cent and HUL by 1.28 per cent.

Asian stocks edged higher in the early trade after Dow Jones Industrial Average surged to a record as the service sector expanded at the fastest pace in a year in the United States and as investors bet central banks will continue stimulus measures.

Key benchmark indices in China,Hong Kong,Indonesia,Japan,Taiwan,Singapore and South Korea rose by 0.35 per cent to 1.7 per cent.

The US Dow Jones Industrial Average gained 0.89 per cent to close at record high yesterday.

* Nifty futures on the Singapore Exchange rises 0.45 percent. The MSCI-Asia Pacific index,excluding Japan,rises 1 percent.

* Asian shares extend gains on Wednesday as investors grow more risk-friendly following Wall Street’s record close,signs of continuing U.S. economic recovery,and globally accommodative monetary conditions.

* However,India’s record-high current account deficit remains a key worry as it is increasing the dependence on foreign investments,the government’s top economic adviser said on Tuesday,making the country vulnerable to a sudden stop and reversal in fund inflows.

* Also on watch,an Indian ministerial panel in charge of airwave auctions is meeting at 1000 GMT.

* BSE Sensex hit a record 3 month high yesterday on rate cut hopes.

* Nifty futures on the Singapore Exchange rose 0.45 percent. The MSCI-Asia Pacific index,excluding Japan was up 1.01 percent.

* Asian shares extended gains on Wednesday as investors grew more risk-friendly following Wall Street’s record close,signs of continuing U.S. economic recovery,and globally accommodative monetary conditions.

* The Dow Jones industrial average soared to a record closing high on Tuesday,breaking through levels last seen in 2007 and as investors rushed in to join the party in anticipation of more gains.


* Sony India media briefing to launch mobile phone.

* India ministerial panel meet on airwaves auction.

* India aviation minister at event. (0430GMT)



* India’s one-month wholesale deposit rates were heading towards 10 percent on Tuesday as banks stepped up their efforts to raise deposits to meet their year-end targets in March,dealers said.

* Firms under official investigation in India will no longer have to obtain direct central bank permission before borrowing funds abroad,the Reserve Bank of India (RBI) said on Tuesday.

* Cadbury Plc,now part of Mondelez International Inc ,used a nonexistent factory in India to avoid about $46 million in taxes,the Wall Street Journal reported on Tuesday,citing a report by the Indian tax authorities.

* The Comptroller and Auditor General (CAG),in a report tabled in Parliament on Tuesday,pointed out that several ineligible farmers were favoured and a large number of deserving small and marginal farmers left out in implementation of the United Progressive Alliance’s much-touted 520 billion rupees farm loan waiver scheme.

* Companies have begun selling shares held in employee welfare schemes in response to the Securities and Exchange Board of India’s (Sebi) call to comply with the fresh guidelines by June 30


* Aditya Birla Minerals,part of India’s Aditya Birla Group,is shutting the smaller of its two Australian copper mines as it is struggling to make money at current copper prices.

* Tata Steel has agreed to lenders’ condition to pay a higher interest rate for a proposed 228 billion rupees loan if its credit rating slips.

* Rajasthan government and Hindustan Petroleum Corporation Ltd will sign a pact on March 13 for setting up an oil refinery in the state.

* State-owned miner Coal India Ltd has been selling 18 percent of its annual 435-mt output at a price higher than,or at least at par with,global benchmarks.

* Reliance Industries Ltd has stopped supply of gas to 25 power plants from last Friday,said an industry source.

* The $40-billion textile-to-telecom Aditya Birla group is planning to buy a fertiliser plant in the US to benefit from cheaper prices of shale gas to fuel factories,the group’s promoter Kumar Mangalam Birla said.

* The West Bengal government has upped the ante against JSW Steel and charged it with delaying the Salboni steel and power project. At 350 billion rupees the investment for the project is the largest in the state.

* A few shareholders in Australian company Legacy Iron Ore,acquired by NMDC in 2011,have sent it a notice,asking it to either fulfill the promises made during the acquisition,or leave,a source close to the development said.


* South Korean car maker Ssangyong Motor Co expects to return to profitability in 2015,its chief executive said on Tuesday,with the financial clout of its Indian parent helping it to update its product line.

* Jaguar Land Rover will not expand its overseas production capacity until its new China factory comes online,its CEO said on Tuesday,and will target growing demand in markets such as Turkey to continue round-the-clock manufacturing in the UK.

* After grabbing a sizeable share from Tata Motors in the utility vehicle market,Mahindra & Mahindra is adding more mini trucks to its portfolio in a bid to challenge the dominance of India’s leading truck maker by market share.


* A day before the FIPB meeting to look into AirAsia’s proposed joint venture to launch a new airline here,the Aviation Ministry is understood to have opposed the plan saying the new FDI rules are meant for existing carriers only,sources in the ministry said.

* Lenders to Kingfisher Airlines have indicated they may sell United Spirits shares pledged with them as collateral either in the market or at a higher price to outsiders,dealing a serious,but not fatal,blow to the proposed takeover of USL by British liquor giant Diageo,senior official at one of the PSU banks said.


* Dish TV India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 05,2013,inter alia,has approved the divestment of its investment in its Wholly Owned Subsidiary viz. Dish TV Singapore Pte Limited.


* Ranbaxy Pharmaceuticals Inc.,the US arm of India’s largest drug maker,said on Tuesday that it has entered into an in-licensing agreement with Alembic Pharmaceuticals Ltd to exclusively sell the generic version of Pfizer Inc.’s anti-depression drug Pristiq in the US.

* US-based pharma giant Pfizer Inc said it has filed suit against six firms,including India’s Lupin,over patent infringement of celecoxib,the active ingredient of its branded drug Celebrex used for treating osteoarthritis.


* The country’s GSM operators have accused the Department of Telecom (DoT) of extending “undue benefits” to Mukesh Ambani’s Reliance Industries by “illegally” paving the way for it to offer voice calling services with 4G airwaves,which were originally planned to be used only for high-speed Internet services.

* Mukesh Ambani’s Reliance Industries is said to have finalized Samsung as a partner to source the Korean conglomerate’s long-term evolution (LTE) technology platform for its much-talked about bundled data & voice services over high speed 4G networks across the country,according to a source close to the deal.

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