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Sensex up over 150 points; ICICI Bank, L&T up 2-3%
Posted on 1st September 2014
Markets continue to trade near their day's highs in late morning deals with capital goods and bank shares leading the gains on better-than-expected GDP growth in the first quarter ended June 30, 2014.

At 11:50AM, the 30-share Sensex was up 168 points at 26,808 and the 50-share Nifty was up 56 points at 8,010.

For the quarter ended June this year, India's gross domestic product (GDP) grew at a nine-quarter high of 5.7 per cent, compared with 4.6 per cent in the previous quarter, driven largely by industry, official data showed on Friday.

The rupee is trading flat at 60.50 compared to its Thursday's close of 60.49 as investors remained cautious ahead of the Supreme Court's hearing today on the coal block allocations later today. Cancellation of the blocks could spark more coal imports and widen trade deficit, some analysts warned.

Most Asian markets were trading with gains shrugging off weak economic data from China and geopolitical tensions in Ukraine. Japanese shares were trading marginally higher with the benchmark Nikkei up 0.3%.

Factory growth in China eased as new orders came in at a slower clip, a business survey showed on Monday. The HSBC Manufacturing Purchasing Managers' Index (PMI), compiled by Markit, fell to 52.4 in August from 53 in July but chalked up its tenth month above the 50 mark that divides growth from contraction. China's benchmark Shanghai was up 0.7% and Hang Seng gained 0.3%. However, Singapore's Straits Times was down 0.3%.

BSE Capital Goods and Realty indices were the top gainers up 2.3 each followed by Consumer Durables, Bankex, Power, Metal and Auto indices.

Capital goods shares were among the top gainers on hopes that order inflows would improve after upbeat first quarter GDP. L&T was up 3% while BHEL which was the top gainer last week was marginally up.

Auto stocks gained after robust August sales from Maruti Suzuki which was up 2.5% after hitting a record high of Rs 2,868. Total sales during August 2014 increased 27% to 110,776 units compared to 87,323 units in August 2013. Hero MotoCorp was up 3%, Bajaj Auto and M&M were marginally up while Tata Motors was down 1%.

Banks which are a proxy to the economy were also among the Sensex gainers with ICICI Bank, SBI, Axis Bank, HDFC Bank up 0.5-2.1% each.

Bharti Airtel was up 2.2% after Airtel Networks Kenya Limited (Airtel Kenya), a wholly owned subsidiary of Bharti Airtel International Netherlands BV has signed a definitive agreement with Essar Telecommunications Kenya Limited, which operates under the brand name yuMobile to acquire its over 2.7 million subscribers.

Other Sensex gainers include, TCS and ONGC among others.

Among other shares, Alstom India has gained 2% after winning contracts worth 800 million euros (approx Rs 6,320 crore) in order to build high-voltage direct current power transmission lines in India, South Korea and Canada, the firm added.

Bajaj Electricals has surged over 3% after the company's engineering and project business unit bagged four new orders aggregating to Rs 602 crore.

In the broader market, BSE Mid-cap index was up 1.2% and the Small-cap index was up 1.1%.

Market breadth was strong with 1,683 gainers and 823 losers on the BSE.

Related Companies: ICICI Bank   Larsen & Toubro Limited   Bombay Stock Exchange - BSE   BHEL

Other Latest News
Cipla shareholders approve proposal to raise up to Rs 3,000 crore
Posted on 17th August 2019
Drug major Cipla on Saturday said its shareholders have approved a proposal to raise up to Rs 3,000 crore through issuance of equity shares or other securities convertible into equity shares.

Drug major Cipla on Saturday said its shareholders have approved a proposal to raise up to Rs 3,000 crore through issuance of equity shares or other securities convertible into equity shares.


Two RCom promoters pledge 11.5% more stake in Axis Trustee services
Posted on 17th August 2019
Two promoter entities of Reliance Communications (RCom) have pledged 11.5 per cent more stake in favour of Axis Trustee Services, according to regulatory filings.

Reliance Communications Enterprises and Reliance Telecom Infrainvest on August 16 pledged about 11.51 per cent of their holding in Reliance Communications amounting to 31.82 crore shares in favour of Axis Trustee Services acting as security/debenture trustee.


M&M sets up first car assembly plant in Sri Lanka with Ideal Motors
Posted on 17th August 2019
Mahindra & Mahindra (M&M), along with its local partner in Sri Lanka Ideal Motors, has set up the island nation's first passenger car assembly plant.

The Indian carmaker has set up a joint venture with Ideal Motors, its dealer partner in Sri Lanka for 10 years. The 65:35 JV between Ideal Motors and M&M is christened Mahindra Ideal Lanka Private Limited, which will operate the assembly plant at Welipenna, about 60 km from Colombo.


Sebi imposes restrictions on mutual fund investments in short-term bank deposits
Posted on 17th August 2019
NEW DELHI: Mutual fund houses should ensure that banks -- where a scheme has parked funds in the lender's short-term deposits -- do not invest in that particular scheme, according to Sebi.

The markets watchdog has issued a clarification regarding 'parking of funds in short-term deposits of scheduled commercial banks by mutual funds -- pending deployment'.


Restrictions lifted, landline services partially back in Valley
Posted on 17th August 2019
Srinagar: Restrictions on the movement of people in the Kashmir Valley were eased on Saturday, with landline services restored in some areas of the city, even as stringent security arrangements continued to be in place, officials said.

Seventeen out of a little over 100 telephone exchanges were made operational. These exchanges are mainly in Civil Lines, Cantonment and the airport area of Srinagar district.


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