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Thursday, October 21, 2021

Sensex up 80 points on funds buying

The 30-share barometer recovered by 80.43 points,or 0.46 per cent,to 17,509.99.

Written by Agencies | Mumbai |
September 3, 2012 10:10:18 am

The BSE benchmark Sensex gained over 80 points in early trade today on fresh buying by funds and retailers after an expert committee on General Anti Avoidance Rules (GARR) recommended postponement of the controversial provision by three years.

The 30-share barometer recovered by 80.43 points,or 0.46 per cent,to 17,509.99.

All sectoral indices,led by capital goods,metals and power,were trading with gains of up to one per cent.

Similarly,the wide-based National Stock Exchange Nifty moved up by 31.75 points,or 0.60 per cent,to 5,290.25.

Brokers said trading sentiment turned better after an expert committee on GAAR recommended postponement of the tax provision by three years,triggering buying by participants.

Besides,a firming trend in Asian region on hopes of fresh monetary easing following hints from the US Federal Reserve,too supported the upside in stock prices here. In Asia,Hong Kong’s Hang Seng rose by 0.44 per cent,while the Japan’s Nikkei by 0.16 per cent in early trade today.

The US Dow Jones Industrial Average,however,ended 0.69 per cent higher in Friday’s trade.

Indian stocks to watch-


The Nifty futures in Singapore Exchange up 0.3 percent,while the MSCI-Asia Pacific index excluding Japan is also 0.3 percent higher. U.S. stocks rose on Friday after Federal Reserve Chairman Ben Bernanke,expressing “grave concern” for the stagnating U.S. Job market,said the central bank was prepared to take further steps to strengthen the economy if necessary.

Asian shares eased on Monday after U.S. Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed,while stopping short of giving any clear direction about an imminent move,prompting investors to look for clues in upcoming data.


Government meeting to discuss possible de-allocation of coal blocks. Manufacturing PMI for August at 0500GMT.Government will release the monthly trade data for July at 0630GMT.

The Supreme Court will hear the iron ore case on Monday,when the top court could allow category A mines to mine iron ore in Karnataka.



A controversial set of laws to stop tax avoidance in India should be deferred until 2016,an advisory panel set up by Prime Minister Manmohan Singh to examine the rules said on Saturday,a move likely to cheer investors.

The government may be standing firm against scrapping coal block allotments to private companies but a high-level official panel for monitoring progress in these mines is pitching for large-scale de- llocation to “defuse the current crisis” over Coalgate.

The principal opposition party BJP on Sunday said it would allow Parliament to function if the government agreed to cancel coal block allocations and order a probe,aligning its demands with other Opposition parties and putting the onus on the government to end the stalemate. However,till late evening,there was no sign of the government agreeing to even the scaled-down demands of the main Opposition.

The Reserve Bank of India on Friday allowed qualified foreign investors (QFIs) to hedge their currency risk on Indian shares and debt instruments. The QFIs can also hedge initial public offer- related capital flows,the central bank said in a statement.

Federal state-run units,sitting on a cash pile of over 1.6 trillion rupees,may be allowed to invest in treasury bills and equity mutual funds as the government is likely to ease investment rules for these units,said government officials familiar with the matter.

Global banking major HSBC is looking to offload its entire 4.46 per cent stake in private sector lender Karnataka Bank ,after having exited from three other Indian lenders -Axis Bank,YES Bank and Federal Bank.


Liquor and beer baron Vijay Mallya is expected to take a call within the next few weeks on a proposed deal with Diageo that would help him raise cash and pay off creditors.


India’s No.3 steelmaker JSW Steel Ltd is to take full control of JSW Ispat Steel Ltd in an agreed all-share deal that will allow it to reap the full benefits of the subsidiary’s move into profit.

Spain’s Gas Natural said on Friday it had signed an agreement to supply Indian state-run gas utility Gail with 3 billion cubic metres of liquified natural gas over the next three years. Gas Natural did not provide financial details on the deal but said both companies had signed a commercial agreement to work on joint projects in the future.

Loss-making wind turbine maker Suzlon has roped in ex-bureaucrat Rohit Modi as chief executive officer for its operation in India and other emerging markets as a part of its strategy to increase focus on these geographies,even as it cuts jobs globally to reduce costs. Operations in six mines of Mahanadi Coalfields Ltd,a subsidiary of Coal India Ltd (CIL),have been halted in Odisha due to lack of orest clearances,official sources said.

Baring Private Equity Partners and Aditya Birla Private Equity are in the running to buy a 20 per cent stake in Anu Solar Power in a transaction which could value the Bangalore-based company at 5 billion rupees.

Five years after its inception,Reliance Infrastructure Ltd would start producing cement from its grinding facility in Maharashtra this month and will soon start selling it in the open market under the brand Reliance Cement.


The head of Indiareit Fund Advisors,an Indian real estate fund and unit of drugmaker Piramal Healthcare,has decided to step down to explore setting up his own fund,sources familiar with the development told Reuters on Saturday.


Telenor’s mobile phone joint venture in India is rejigging its tower management pacts to cut costs and beef up resources in potentially profitable regions ahead of the auction of 2G airwaves,according to a Uninor spokesman.


Tata Motors is examining the possibility of building a plant in Saudi Arabia to assemble Jaguar Land Rover Ltd cars next to a new aluminium smelter,the Indian manufacturer’s chairman said in a magazine interview on Friday.

Tata Motors reported total sales to 71,826 vehicles in August,excluding the company’s British Jaguar and Land Rover businesses,Maruti Suzuki down nearly 41 percent at 54,154,and Mahindra and Mahindra up 22 percent at 45,836. Maruti lost $250 million worth of production during July and August due a shutdown at its Manesar factory.  

Honda Motor Co plans to form a joint venture in Bangladesh as early as this year to produce motorcycles,the Nikkei reported. Honda used to sell motorcycles in Bangladesh through Indian motorcycle maker Hero MotoCorp Ltd. The Japanese company canceled its tie-up with Hero in 2011,the daily reported.

TPG,the private equity with $51 billion in investments across the globe,could sell its 20 per cent stake in Shriram Transport Finance Corp (STFC) valued at nearly 28 billion rupees in negotiated deals as a strategic buyer remains elusive in adepressed market.


The 276-year-old Wadia Group,which exited from three businesses in the past year,is now preparing to shed its engineering business too and will focus on its profitable automotive venture.


Japanese electronics company Sony Corp plans to roll out company-owned stores in India if the government eases the mandatory 30 percent local sourcing norm for allowing 100 percent foreign investment in single brand retail,Sony India head said.


The government has asked The Nielsen Company and Kantar Media Research to respond to concerns over sample size,methodology and credibility of TV viewers hip ratings provided by their Indian joint venture TAM Media Research. The information and broadcasting ministry has also sought telecom regulator Trai’s recommendations on creating alternate rating systems to measure television viewership,a ministry official said.

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