Outlook: - Nifty recouped all the lost ground in final hours and rallied past 7,500 mark to close near day’s high. - While West was flat, Asian peers manage mild gains as China reports just above est. GDP growth nos. - With Crude prices subsiding to $106, monsoon remains the single major worry factor to be watched closely. - We believe one should build up beta in portfolio with names like LT and banking pack amongst others. News: - To encourage infrastructure development & affordable housing, RBI exempted long-term bonds from mandatory regulatory norms such as CRR, SLR & PSL if money raised is used for funding such projects. - Price of diesel sold to bulk consumers like Railways & State Transport Corp is cut by Rs 1.09 per litre, in line with falling international rates. - ONGC IN: As per media reports, Govt. is planning stake sale worth $3 bn in Oil&Gas major. - ONGC IN: As per media reports, Co. will sell its 46% stake in a USD 1bn PetChem project in Karnataka to its subsidiary MRPL (MRPL IN). - SBIN IN: The banker has cut rates on bulk & retail term deposits by up to 50bps on short-term deposits of less than 1-year duration. - As per media reports, Aditya Birla Group is looking to divest 25% stake in new retail co to be formed through merger of Madura Fashion & Lifestyle, Pantaloons & More Supermarkets. Seeks valuations of $2.5-3bn for the merged entity. - In a move that could bring down fixed-line broadband tariffs, TRAI has reduced ceiling rates of domestic bandwidth by up to 60%. - JSTL IN: JSW Steels Bengal based steel & power project, has run into rough weather as state govt cancelled Power Purchase Agreement (PPA) with Co. - NTCPH IN: Bombay High Court has upheld compulsory licence granted to Co for German drug major Bayer’s patented kidney cancer drug Nexavar. - SADE IN: Co led JV has bagged order worth Rs. 5.50bn from Rajasthan based South West Mining Ltd. Sadbhav holds 75 % in JV. bit.ly/1nGzQir
Posted on: Wed, 16 Jul 2014 03:40:29 +0000
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