Sensex up 130 points in early trade

Sensex snapped its four-session losing streak today.

Written by Agencies | Mumbai | Published: July 17, 2012 10:20:34 am

Sensex recovered by over 130 points in early trade today on fresh buying by funds and retail investors amid a firming trend at Asian markets.

The 30-share barometer,which has lost 515 points in the last four straight sessions,rose by 130.62 points,or 0.76 per cent,to 17,233.93.

All sectoral indices,led by consumer durables and capital goods,were trading in the positive zone with gains up to 0.77 per cent.

Similarly,the wide-based National Stock Exchange index Nifty was up 37.70 points,or 0.73 per cent,at 5,234.95.

Brokers said fresh round of buying by funds and retail following a firming trend on Asian bourses on hopes of a new round of quantitative easing in the US as Federal Reserve Chairman Ben Bernanke is to appear before Congress later today,influenced the trading sentiments here.

In Asian region,Japan’s Nikkei was up 0.84 per cent,while Hong Kong’s Hang Seng index gained 1.39 per cent in early trade today.

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* The Nifty futures in Singapore Exchange rose 0.7 percent,while the MSCI Asia-Pacific index excluding Japan rose 1 percent.

* A surprise decline in June retail sales was the latest worrying sign from the U.S. economy,pushing stocks slightly lower on Monday,but Citigroup’s earnings limited losses.

* Asian shares rose on Tuesday even as investors awaited Federal Reserve Chairman Ben Bernanke’s view on the U.S. economy later in the day,after weak U.S. retail sales and a lower International Monetary Fund global growth forecast raised hopes of more stimulus from the Fed.


* Axis Bank,India’s No. 3 private lender,is expected to post a 20 percent growth in net profit of 11.8 billion rupees. (1130 GMT)

* RBI’s governor and deputy governors attend Statistics Day at the central bank office. Duvvuri Subbarao is scheduled to give an inaugural address,while deputy governor Subir Gokarn will deliver comments,as well as hold a Q&A.(0400 GMT)

* Reserve Bank of India Deputy Governor Subir Gokarn will meet representatives of market bodies in a pre-policy discussion to take their views on inflation,growth,liquidity,market borrowing,interest rates and other macro-economic and market related factors. (0930 GMT)

* India’s planning commission organising a day-long state power ministers’ conference on issues faced by the power sector. (0400 GMT)



* MRPL,India’s biggest buyer of Iranian oil,has bought Azeri,Saudi and Emirati crude to replace imports from Iran in July and it may halt purchases from Tehran altogether as sanctions make shipments more difficult,industry sources said on Monday.

* Below-average monsoon rains may reduce India’s rice output this year as well as cut growth in the farm sector to below the government’s target of 4 percent,Farm Minister Sharad Pawar said on Monday.

* Adani Enterprises is in discussions with the Mozambique-based NCondezi Coal to acquire a minority stake in its coal assets,with a deal expected for around $350-400 million,according to sources in the know.

* Tata Steel,the world’s no. 7 steelmaker,said on Monday it has agreed to sell its 50 percent stake in Dutch recycler HKS Scrap Metals Co to a unit of Germany’s TSR for an undisclosed amount.

* The government plans to switch to a transparent system of sharing oilfield profits with private firms. Oil Minister Jaipal Reddy has persuaded the prime minister to ask a committee to review existing production sharing contracts and recommend a new model for future contracts.

* State-owned oil marketing companies,including Indian Oil ,on Monday increased jet fuel rates by 1.7 per cent in line with firming international oil rates.

* National Aluminium Company (NALCO) has joined the fray along with a clutch of Japanese firms to operate a 225,000-tonne smelter unit in Indonesia,said sources close to the development.

* A panel of experts has recommended capping iron ore mining in Goa to between 20 and 25 million tonnes a year for the next five years,nearly half of what the state produces and exports currently.

* Reliance Industries has bought back 35.1 million shares for 25.1 billion rupees from its public shareholders.

* Indraprastha Gas is eyeing a majority stake in Central UP Gas Ltd (CUGL),which operates city gas businesses in Bareilly and Kanpur,said a person privy to the development.

When contacted,a senior Indraprastha Gas executive said the proposal was under examination,and so far,no decision had been taken.


* Tata Coffee’s April-June net profit more than doubled to 281.8 million rupees from 132.5 million rupees a year earlier.

* Reliance Industrial Infrastructure Ltd reported an April-June quarter net profit of 53.2 million rupees,and income from operations at 169.3 million rupees.

* Exide Industries’ reported April-June net profit fell 6.7 percent to 1.52 billion rupees from a year ago.


* U.K. publishing and media giant Pearson and a few private equity firms have approached India’s education services company Manipal Global for a stake buy,said at least two sources directly involved with the development.

IDFC and Capital International hold more than a 12 percent stake in Manipal Global.

* The finance ministry has banned public sector banks from taking over loan accounts from lenders where their current chairman and managing director (CMD) or executive director (ED) had worked earlier.


* Infosys BPO,a unit of Infosys,is actively scouting for buyouts to double its annual revenues to $1 billion,said Swami Swaminathan,chief executive officer of Infosys BPO.

* MindTree Ltd posted better-than-expected numbers in the quarter ended June 30,but softened its growth outlook for the full year because of ramp-downs and cancellations of a few projects in the product engineering space.


* The Planning Commission on Monday said India would not be able to achieve the $1-trillion target for investment in the infrastructure sector during the 12th Plan period (2012-17),in view of the lower economic growth prospects.

* The founders of NCC Ltd are raising their shareholding in the construction company. In three months,entities connected to the promoters of NCC have raised their holding in the company by 0.7 percent to 20.26% and plan to take it further to just under 25 percent.


* Vodafone on Monday approached the telecom tribunal challenging a clause in the draft guidelines for the 2G spectrum auction under which incumbent operators using 1,800-MHz spectrum must pay an auction-determined price to migrate to a liberalised spectrum regime for 20 years.

* There is no difference between the ‘liberalisation’ agenda that the telecoms department has now announced and what is already permitted under policy and license,including the previous telecom policy,Vodafone said on Monday.

* Telecom Regulatory Authority of India Chairman Rahul Khullar,in an interview,has dismissed as ‘scare mongering’ the industry’s fears of steep hikes in call rates because of the regulator’s pricing proposals for upcoming airwaves auctions.


* Kingfisher Airlines said LKP Finance has sold a 2.19 percent stake in the company,and it now holds a 9.87 percent stake in the airline.

* The government remains firm that restoration of jobs of the terminated pilots at Air India would be on a case-to-case basis.

* Religare Group’s Air Mantra on Monday said it would start passenger services from July 23. Initially,it would operate daily flights between Amritsar and Chandigarh.


* Dollar near 1-mth lows on yen on easing hopes

* Oil higher on stimulus hopes,Iran tensions

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