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Ambika Cotton Mills: Quality Exporter worth investing in

Ambika Mills exports more than 60% of its output, making it stand apart


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Unquoted: Sagar Productions

Stories of Price Manipulation

Sagar Productions (Re0.53)

Sagar Productions Ltd is...

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Sensex, Nifty on a rising curve: Wednesday closing report

If Nifty goes below 6,110 during the day tomorrow, the rally may pause.

Past four days (including Wednesday) of gain on the Indian bourses has been able to recover nearly 57% of the loss suffered from the fall which began on 24 January 2014. From here the market may rise subject to dips.

 

The BSE 30-share Sensex opened at 20,644 while the NSE Nifty opened at 6,132. With a range bound move till around 2.50pm after which the benchmarks were pulled up and they closed almost at the day’s high. The Sensex moved up to 20,751 after hitting a low of 20,630 and closed at 20,723 (up 89 points or 0.43%) while Nifty moved to the level of 6,160 after hitting a low of 6,126, closed at 6,153 ( up 26 points or 0.42%). The NSE recorded a volume of 40.61 crore shares, one the lowest in recent times.

 

The Reserve Bank of India (RBI) said on Tuesday said it will conduct term repo auctions of appropriate amount and tenor during March 2014 to address liquidity tightness. In order to address the anticipated tightening in liquidity conditions on account of advance tax payments by corporates commencing mid-March 2014 and with a view to providing flexibility to the banking system in its liquidity management towards March-end 2014.

 

At the Group of 20 meeting in Sydney this weekend, market upheaval caused by reduced Fed stimulus may be the main topic of discussion and the countries will decide on how emerging economies can prepare for the change. Lok Sabha on Wednesday passed the Interim Budget for the financial year 2014-15 without much discussion.

 

The coal ministry, reviewing some 61 coal blocks allocated over the past decade that have not started production yet, announced on Tuesday it was reclaiming about half as companies have failed to meet milestones. The companies say delays in getting some government clearances hampered work on the blocks. The de-allocated blocks will be given to state-owned Coal India for the time being and may later be offered to new developers, coal ministry spokesman NC Joshi said. US indices closed flat on Tuesday.

 

Manufacturing activity in the New York region gave up most of the strong gains made during the prior month although it remained in positive territory, according to data released Tuesday. A gauge of confidence among home builders plunged in February, dropping to the lowest level in nine months, led by weaker views on present sales of single-family homes, according to data released Tuesday.

 

The housing-market index dropped to 46 this month from 56, signaling that builders, generally, are pessimistic about sales trends, according to the National Association of Home Builders/Wells Fargo, which cited “unusually severe weather conditions,” among other factors.

 

Except for Nikkei 225 (down 0.52%) and Seoul Composite (down 0.20%) all the other Asian indices closed in the positive. Shanghai Composite was the top gainer which rose 1.11%.

 

The People's Bank of China withdrew 48 billion Yuan ($7.9 billion) by selling 14-day repurchase contracts at 3.8% yesterday, 18 February 2014. That was the first repo auction since June. The central bank said it will sell 50 billion Yuan of nine-month treasury deposits on behalf of the Ministry of Finance tomorrow, 20 February 2014. A preliminary report on China's manufacturing is due tomorrow, 20 February 2014. European indices were trading in the red and US Futures too were trading lower.

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