Outlook: - Nifty continues to scale new highs, powered by IT, Pharma and Auto pack. - Caution before the result season and expectation of early resumption of rate hikes on back of positive macros has kept global markets trading in weaker zone. - Locally though, cues from Budget session would set the tone for future moves. News: - ONGC IN: As per media reports, Govt plans a stake sale of 5-10% stake in ONGC that would raise as much as Rs 350bn - As per media reports, Govt. plans to increase FDI in insurance sector to 49% with a rider that voting right of overseas partner will remain capped at 26%. - According to the new allocation policy being finalised, Govt. will give City Gas Projects selling CNG to automobiles & piped cooking gas to households top-most priority for receipt of domestically produced gas. - MHRL IN: Mahindra Holidays & Resorts India is acquiring 19% stake in Finland-based Holiday Club Resorts from a clutch of financial investors for EUR 13mn. It also has secured right to increase its ownership in the company in two years. - HCC IN: Cos realty arm Lavasa Corp. has entered into agreement with Steiner - a firm owned and controlled by HCC & its chairman Ajit Gulabchand. Throught the deal, Steiner shall carry out all construction work at Lavasa with retrospective effect from October 1, 2013 on a cost plus fees basis, which shall be 10% of contract value. - ADE IN: CCI has imposed penalty of more Rs 250mn on Adani Gas, subsidiary of Adani Enterprises - for violating competition norms by abusing its dominant market position. bit.ly/1mDajr8
Posted on: Tue, 08 Jul 2014 03:46:28 +0000
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