Sensex, Nifty consolidate; sugar stocks up on subsidy hopes

Moneycontrol Beraeu
Live Market Commentary

1:50 pm Market news: To curb the growing menace of insider trading activities in the stock market, regulator Sebi will come up with a new set of norms within next ten days, Chairman UK Sinha said today.

The capital markets watchdog had set up an expert panel in March this year to suggest new measures to regulate insider trading. The panel has submitted its recommendations to Sebi (Securities and Exchange Board of India), based on which a final report is being prepared.

1:40 pm Bond sale: Asian Development Bank and other multilateral entities are considering issuing rupee-denominated bonds in markets overseas, said Economic Affairs Secretary Arvind Mayaram, reports Reuters.

Any such issuance would come after International Finance Corp, a unit of World Bank, sold the first rupee-denominated bond from an international agency this month, raising Rs 1000 crore by pricing its 3-year rupee-denominated bonds at 7.75 percent.

"There are other entities like the Asian Development Bank which are also wanting to go the international market for rupee bonds and from within the country, IDFC is already ready to launch a rupee bond abroad," he added.

1:30 pm Buzzer: Shares of Suzlon Energy are getting buyers' attention on securing a windfarm contract in Australia. The company's subsidiary REpower Systems SE has entered into an engineering, procurement and construction (EPC) contract with Mitsui and Co. (Australia) to deliver 52 wind turbines with a total rated output of 106.6 megawatts (MW) for the Bald Hills windfarm in Victoria, Australia. The stock jumped 10 percent in intraday trade on Thursday.

The contract is tentatively valued at Rs 600 crore. "As a rule of thumb, a wind turbine costs Rs 6 crore per MW which would make this contract worth over Rs 600 crore," the company said in a statement.

Don't miss: Shree Ganesh drags 10% on poor Sept quarter earnings

The market consolidates after a gap up opening on positive global cues. The Sensex is up 115.36 points or at 20535.62, and the Nifty is up 36.00 points at 6093.10.

About 1246 shares have advanced, 853 shares declined, and 159 shares are unchanged.

Bond prices slip after Economic Affairs Secretary Arvind Mayaram says there is no hurry to get Indian bonds included in global indices.

The Karnataka government swings into action after a cane farmer commits suicide. It has granted a direct cash subsidy of Rs 150 per tonne. Farmers will now get Rs 2,650 per tonne of cane, but it's still lower than last year's Rs 3,050 per tonne. Sugar stocks like Balrampur Chini, Bajaj Hindusthan are rallying.

BHEL, Hindalco, Reliance, L&T and Sesa Sterlite are top gainers in the Sensex. Loss in Maruti Suzuki, ITC and TCS is adding pressure to the indices.