Nifty ends 1st week of July on a green note July started on a positive note with the Sensex rising for the third straight day on Monday. Despite some correction, the Nifty managed to close the week in the green at 5867.50, up 30.55 points while the Sensex ended at 19500.06 up 89.22 points.
Indian policy paralysis!? What? When? Getting in the elections groove, the Cabinet on Wednesday cleared ordinance to implement the Food Security Bill that today got the President’s nod too. Meanwhile, the telecom commission on Tuesday approved to hike foreign direct investment limit for telecom sector to 100 percent from 74 percent currently. Sources informed CNBC-TV18 that following the news, the Department of Telecommunication (DoT) is likely to soon move a cabinet note for 100 percent FDI in telecom services. The Government also kick started the process of coal blocks allocation by allocating 14 coal mines to Central and state PSUs, including four to NTPC .
Ouster brings cheer in Egypt, but caution in markets The ousting of Mohammed Morsi as Egypt's president has brought cheer to the crowds gathered in Cairo, but the outlook for Egypt remains highly uncertain and that means caution in financial markets is likely to prevail for now, analysts say. US oil prices edged down on Thursday, pulling back from the previous day's 14-month high above USD 102 a barrel, following news that Morsi was forced out of power by the military on Wednesday.
The strike call! Bajaj Auto's shares declined more than 1 percent on Wednesday morning as investors remained concerned as the strike at its Chakan plant shows no signs of ending and the company is losing market share amid a sluggish demand for two-wheelers. Bajaj, however, wasn’t the only one suffering the same fate. The indefinite strike by Neyveli Lignite Corporation workers has led to a shortfall of 320 MW and also affected lignite mining, company officials said here today. Nearly 30,000 workers, including 13,000 contractual employees of the three mines struck work at 9 PM last night protesting the Centre's decision to disinvest five percent of its stake in the PSU.
“Sorry, your flight is delayed owing technical issues” The aviation sector scored full marks for all the controversies this week. Trouble started when Janata Party president Subramanian Swamy picked up cudgels against Air Asia and the Jet-Etihad deal . AirAsia CEO Tony Fernandes hit back at Subramanian Swamy for calling his company's deal with the Tata group for a new airline "fraudulent". Responding to Swamy's allegation, Fernandes said that the Indian aviation industry is missing great opportunities due to vested interests. Firing yet fresh salvo on the Jet-Etihad deal, the BJP on Wednesday demanded that the government order a CBI inquiry monitored by the Supreme Court to find out the manner in which the Jet-Etihad deal was carried out in "half-cooked" and "objectionable" manner.
FIIs pull out $7.5 bn from Indian capital mkts in June In their highest monthly outflow, overseas investors pulled out a record Rs 44,162 crore (over USD 7.5 billion) from the Indian capital markets this month amid concerns over the depreciating rupee. The net investments withdrawn in June include outflows worth about Rs 33,135 crore (USD 5.7 billion) from the debt securities and another Rs 11,027 crore (USD 1.85 billion) from equities, data available with market regulator Sebi showed.
Stacking up! Unilever Plc and Hindustan Copper raised their stakes through the offer for sale (OFS) route. Hindustan Unilever hit a life high of Rs 632 in morning trade on NSE on Friday, after its Anglo-Dutch parent revealed that it had increased its stake in the company to 67.28 percent via an open offer that closed on Thursday. Hindustan Copper's offer for sale (OFS) issue has been oversubscribed 1.2 times so far. The issue received bids for 4.35 crore equity shares as against OFS size of 3.71 crore shares till 2:55 pm. The floor price for the issue was fixed at Rs 70 apiece that is a discount of 3.6 percent to Tuesday's closing price.
Vodafone offers Rs 40bn for licence renewal in 3 cities Vodafone Group Plc's Indian unit, which is in a dispute with the government over the renewal of its licences in three key cities, is offering to pay Rs 40 billion for the extension of the permits, the company said in a letter dated June 18 to the telecoms ministry and seen by Reuters. The price offered by Vodafone for airwaves in Delhi, Mumbai and Kolkata is about a quarter of the value set by the government in an auction that had been scheduled for March 2013 but never took place because there were no bidders.
Deepak Fertilizers rally on back of stake buy in Mangalore Chemical Deepak Fertilizers and Petrochemicals Corporation shares gained more than 4 percent in morning trade Thursday, after the fertiliser company through its subsidiary SCM Soilfert bought 24.46 percent stake or 2,89,91,150 equity shares in Vijay Mallya-led Mangalore Chemicals and Fertilisers (MCF) on Wednesday. The company bought stake through multiple block deals amounting to over Rs 179 crore at Rs 61.75 apiece.
Rescue work in Uttarakhand over, 1.1 lakh evacuated Seventeen days after India's worst natural disaster ravaged Uttarakhand , the mammoth multi-agency rescue operations to evacuate all stranded pilgrims and tourists concluded on Tuesday even as Delhi sought financial assistance from the World Bank and Asian Development Bank (ADB) for rebuilding damaged infrastructure in the flood- ravaged Himalayan state. In all, around 1.1 lakh people stranded by flash floods and landslides after monsoon rains pounded the hill state on June 15 were evacuated by thousands of personnel of the Army, IAF, Indo-Tibetan Border Police (ITBP) and National Disaster Response Force (NDRF), who braved all odds.