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Wednesday, July 1, 2015

Indraprastha Gas Surges Over 16% After Favourable Supreme Court Verdict

Sharemasterindia.com: Indraprastha Gas shares surged as much as 16.5 per cent on Wednesday after the Supreme Court dismissed Petroleum and Natural Gas Regulatory Board's (PNGRB) plea over gas price regulation.

Oil & gas regulator PNGRB, three years ago had asked IGL to reduce network traffic by 63 per cent and ordered IGL to refund the difference amount to customers with a retrospective effect from April 1, 2008 till the date of the order.

Singapore(Sharemasterindia.com): Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records.

Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history.

Greece's default pushed up the dollar versus the euro, with the stronger greenback pressuring crude prices as it increases dollar-denominated oil import prices for countries using different currencies.

Shriram Transport Finance Gains on Crisil Upgrade

Sharemasterindia.com: Shriram Transport Finance shares gained as much as 4 per cent to an intraday high of Rs 885 on Wednesday after domestic credit rating agency Crisil upgraded its long-term debt to AA+ and fixed deposits to AAA.

Crisil said the outlook for the commercial vehicles industry is improving and the cash flow of transport operators is likely to pick up.

Sharemasterindia.com 9:20 a.m.: The Indian markets jumped in the opening deals on Wednesday ignoring news of Greece defaulting on its installment of loan repayment to the International Monetary Fund.

The Sensex advanced 68 points to 27,849 and the Nifty jumped 17 points to 8,386.

Buying was visible across most of the sectors. Pharma, consumer durables, realty and IT stocks were witnessing buying interest.