Stocks
Nifty, Sensex headed higher – Thursday closing report

Nifty will try to target 8,800

 

We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty may move up, subject to dips, as long as it keeps itself above 8,505. Thursday is the third consecutive session of the 50-share index to book rising gains. The NSE benchmark opened positive but drifted lower and was negative until around 2pm. Thereafter, the Nifty gained momentum and it started moving higher to a five-day high (including today) and closing near to it.
 
S&P BSE Sensex opened at 28,650 while Nifty opened at 8,677. Sensex hit a low at 28,406, while Nifty went down to the level of 8,599. However managing to rise sharply in the post-noon session, the benchmarks reached upto 28,839 and 8,733. Sensex closed at 28,805 (up 271 points or 0.95%), while Nifty closed at 8,712 (up 84 points or 0.98%). NSE recorded a volume of 101.71 crore shares. India VIX fell 1.68% to close at 20.1575.
 
After market hours, the government announced CPI data for January 2015 and industrial production data for December 2014. Retail inflation for January came in at 5.11% under a new series with revised base year of 2012. This is against consumer price index (CPI) based inflation of 4.16% in December last year. The government will unveil WPI data for January 2015 on Monday.
 
Steel and Mines Minister Narendra Singh Tomar has invited global companies to invest in the India's mining space, assuring all support in this regard.  Stating that India is rich in mineral resources and a large part remained unexplored, the Minister invited captains of mining industry to invest in exploration sector as well.
 
Industry body CEAMA has sought reduction in excise duty on consumer durables in the forthcoming Budget to help the sector combat demand slowdown. In June last year, the new government led by Prime Minister Narendra Modi had extended the excise duty concessions by six months to 31 December 2014.
 
Coming back to stock markets, India Cements (12.32%) was the top gainer in ‘A’ group on the BSE, in spite of posting weak December 2014 results. Its board of directors approved a proposal for reorganisation of Chennai Super Kings Cricket Limited, the company's wholly-owned subsidiary, under which the ownership of the franchise will be held by shareholders of The India Cements Limited.
 
Bank of India (5.77%) was the top loser in ‘A’ group on the BSE. Its weak bottom line in the December 2014 quarter result pulled the stock lower.
 
Dr Reddy’s Lab (5.49%) was the top gainer in the Sensex 30 pack, while Hindustan Unilever (1.53%) was the top loser. 
 
On Wednesday, the US indices closed flat.
 
Asian indices showed mixed performance. Nikkei 225 (1.85%) was the top gainer, while Straits Times (0.74%) was the top loser. European indices were trading in the green. US Futures too were trading higher on the news of truce in Ukraine.
 
Fears of a default in Greece and an escalating conflict in Ukraine weighed on investor sentiment. However, later, there was news that Russia had announced ceasefire with Ukraine.
 

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NSEL Scam: Maharashtra to liquidate properties worth Rs6,500 crore

The state government is liquidating properties worth Rs6,500 crore of NSEL defaulters, including Jignesh Shah and others to settle claims of investors

 

The Maharashtra government is planning to liquidate properties worth Rs6,500 crore belonging to defaulters in the National Spot Exchange Ltd (NSEL) case to settle claims of the investors, says a report.
 
Ranjeet Patil, minister of home (urban), told DNA, "Until now, all such defaulters used to regain the hold of the assets. But we will ensure that property worth Rs6,500 crore, which was already attached from the defaulters, is liquidated. The auction on the property would be initiated soon to settle the claims of the investors."
 
The Economic Offences Wing (EOW) of Mumbai police had attached assets of the defaulting members, including MCX promoter Jignesh Shah and other NSEL officials under the Maharashtra Protection of Interests of Depositors (MPID) Act.
 
Last week, while speaking at Moneylife Foundation's 5th Anniversary, state chief minister Devendra Fadnavis had hinted on the action. “Soon, the state government is appointing a deputy collector to sell assets worth Rs5,000 crore seized from one of the biggest Ponzi operators in Maharashtra,” the CM had announced. 
 
Last year in August, the EOW had filed a charge sheet against Jignesh Shah, promoter of Financial Technologies India Ltd, in connection with the NSEL scam.
 

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Power Grid Q3 net profit up 18% to Rs1,228.91 crore

During the December quarter, Power Grid's net profit rose to Rs1,228.9 crore on increased income from operations

 

State-owned Power Grid Corp reported an 18% higher third quarter net profit on increased income from operations. 
 
For the quarter to end-December, the state run company said its net profit increased to Rs1,228.91 crore from Rs1,042.04 crore, same quarter a year ago.
 
Power Grid said, its central transmission utility's total income from operations rose to Rs4,353.62 crore in October-December quarter, from Rs3,684.55 crore in the same period last year.
 
The company's revenue from transmission business stood at Rs4,240.05 crore as against Rs3,527.02 crore in the same period, last fiscal.
 
Revenues from telecom segment stood at Rs77.66 crore as compared to Rs67.68 crore in the corresponding period, previous fiscal.
 
However, the company witnessed a drop in revenue from its consultancy business at Rs110.47 crore from Rs147.70 crore, it said.
 
PowerGrid closed Thursday 3.1% higher at Rs150 on the BSE, while the 30-share Sensex ended the day marginally higher at 28,805.
 

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