Wednesday, June 17, 2015

Reliance Industries Jumps 4%, On Track for Fourth Straight Gain

Sharemasterindia.com: Reliance Industries, on track for a fourth straight session of gains, jumped 4 per cent on Wednesday. Since its 41st AGM on Friday, RIL shares are up 7.5 per cent as compared to 2.1 per cent gain in the broader Nifty.

Global investment bank UBS on Wednesday retained its "buy" rating on RIL with a 1-year target price of Rs 1,154. The brokerage expects RIL to post strong Q1 earnings on the back of strong gross refining margins.

Earlier, Kotak Institutional Equities had also retained its "buy" on Reliance Industries (target Rs 1,050) noting (1) robust earnings accretion from core-business projects and (2) recent strength in Asian refining as well as petrochemical margins.

Sensex Gains for Fourth Day, Jumps 119 Points

Sharemasterindia.com: 3:30 p.m.: Sensex provisionally ended 119 points higher at 26,805 and Nifty gains 42 points to settle at 8,090.

3:27 p.m.: Torrent Pharma up nearly 2%; Cabinet approves hike in FII investment limit and Kotak Mahindra Bank off day's high, up 0.24%; Cabinet defers proposal for increase in foreign investment limit.

3:26 p.m.: Cipla Ltd, India's fourth-largest drugmaker by sales, is planning to enter Latin America and Eastern Europe to tap into growing demand for generic drugs in emerging markets, Chief Executive Subhanu Saxena said.

3:18 p.m.: Reliance Industries, on track for a fourth straight session of gains, jumped 4 per cent on Wednesday. Since its 41st AGM on Friday, RIL shares are up 7.5 per cent as compared to 2.1 per cent gain in the broader Nifty.

3:10 p.m.: Banking and power stocks are witnessing some profit-booking. The Bank Nifty was down 0.12 per cent and the power index slipped 0.35 per cent.

3:05 p.m.: The markets have come off the intraday highs. The Sensex which touched high of 26,983.48 was up 132 points at 26,818 and the Nifty advanced 41 points to 8,088.

Nifty Gainers/ Losers

Nifty Gainers/ Losers


Gainers
SymbolLTP % chng Volume
CIPLA
HINDUNILVR
HINDALCO
RELIANCE
TATASTEEL
614.50
864.00
118.65
930.70
302.40
4.09
3.48
3.17
2.96
2.70
32,22,793
25,72,631
51,07,116
59,87,153
82,82,298
Losers
SymbolLTP % chng Volume
VEDL
POWERGRID
BHEL
TATAPOWER
CAIRN
172.20
141.10
240.90
72.70
179.00
-3.53
-2.08
-1.91
-1.89
-1.59
70,73,811
17,01,987
30,15,003
21,79,906
35,26,760

Do visit for: NSE Top Gainers & Losers

Monsoon Concerns Weigh on Gold Demand

Sharemasterindia.com: Mumbai/Singapore: Indian gold demand remained sluggish this week as concerns over a weak monsoon forced farmers, key to the country's bullion demand, to cut back spending.

Indian prices are at a discount of around $1 an ounce to the global benchmark, said traders.

Nearly two-thirds of India's gold demand comes from rural areas where jewellery is a traditional store of wealth for millions who have no access to the formal banking system.

"Demand is quite weak compared to last month," said Mangesh Devi, a jeweller from Maharashtra whose customers are mainly sugar cane and vegetable growers.

Adani Power Gains Amid Acquisition Buzz

Sharemasterindia.com: Shares of Adani Power were in focus on Wednesday after reports said that it is in talks to acquire Avantha Power's 1,260-MW power project in Madhya Pradesh. If the deal materialises, it would be second such deal between the two companies.

Adani Power had earlier acquired Gautam Thapar-led Avantha group's 600-MW Korba West unit.

Another report said that Adani Power is also in talks to buy Essar Power Transmission. Essar Power Transmission is a wholly-owned subsidiary of Essar Power.

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