Update 1
Sensex drifts lower on weak Asian markets
The market drifted lower in early volatile trade tracking weak Asian markets and data showing substantial FII sales on Monday (18 December).At 10:20 IST, Sensex was down 121 points at 13,609. It hit a low of 13,600.21.BSE clocked a turnover of Rs 528 crore.
IT stocks edged lower following overnight fall in tech laden Nasdaq composite index. Infosys shed 1.5% to Rs 2188.95, Satyam Computer lost 1.2% to Rs 473, TCS shed 0.5% to Rs 1175 and Wipro lost 0.5% to Rs 579. Infosys ADR lost 2% on Monday to $53.64, Satyam Computer ADR shed 2.4% to $23.50 and Wipro ADR lost 0.7% to $15.65.
Reliance Industries lost 0.4% to Rs 1282.90 notwithstanding reports that Reliance Industries and its partner Niko Resources have discovered huge oil in the hydrocarbon rich Krishna-Godavari basin.
ONGC shed 0.5% to Rs 850 after Monday’s surge triggered by new of huge gas find by the company.
Sugar scrips have a ball on partial lifting of export ban
Sugar scrips surged after the Union Cabinet on Monday decided to allow sugar companies with export obligation under the Advance License (AL) scheme to undertake exports.However, it is not known when the companies can start their shipments. A notification to this effect is expected shortly
Venus Sugar jumped 15% to Rs 7.50, Sakthi Sugar rose 12% to Rs 115, Ugar Sugar Works rose 14% to Rs 19, Dharani Sugar rose 9% to Rs 36, Balrampur Chini Mills added 9% to Rs 89.90, Dhampur Sugar rose 10% to Rs 98, Bajaj Hindustan gained 8% to Rs 245, Triveni Engineering rose 8% to Rs 55, and EID Parry added 6% to Rs 143.
Under AL scheme, companies have to re-export one tonne of white sugar against every 1.05 tonne of raw sugar imported within a period of two years.
On 4 July, the government had banned export of sugar till 31 March 2007 after the recommendation of the Cabinet Committee on Prices.
The market drifted lower in early volatile trade tracking weak Asian markets and data showing substantial FII sales on Monday (18 December).At 10:20 IST, Sensex was down 121 points at 13,609. It hit a low of 13,600.21.BSE clocked a turnover of Rs 528 crore.
IT stocks edged lower following overnight fall in tech laden Nasdaq composite index. Infosys shed 1.5% to Rs 2188.95, Satyam Computer lost 1.2% to Rs 473, TCS shed 0.5% to Rs 1175 and Wipro lost 0.5% to Rs 579. Infosys ADR lost 2% on Monday to $53.64, Satyam Computer ADR shed 2.4% to $23.50 and Wipro ADR lost 0.7% to $15.65.
Reliance Industries lost 0.4% to Rs 1282.90 notwithstanding reports that Reliance Industries and its partner Niko Resources have discovered huge oil in the hydrocarbon rich Krishna-Godavari basin.
ONGC shed 0.5% to Rs 850 after Monday’s surge triggered by new of huge gas find by the company.
Sugar scrips have a ball on partial lifting of export ban
Sugar scrips surged after the Union Cabinet on Monday decided to allow sugar companies with export obligation under the Advance License (AL) scheme to undertake exports.However, it is not known when the companies can start their shipments. A notification to this effect is expected shortly
Venus Sugar jumped 15% to Rs 7.50, Sakthi Sugar rose 12% to Rs 115, Ugar Sugar Works rose 14% to Rs 19, Dharani Sugar rose 9% to Rs 36, Balrampur Chini Mills added 9% to Rs 89.90, Dhampur Sugar rose 10% to Rs 98, Bajaj Hindustan gained 8% to Rs 245, Triveni Engineering rose 8% to Rs 55, and EID Parry added 6% to Rs 143.
Under AL scheme, companies have to re-export one tonne of white sugar against every 1.05 tonne of raw sugar imported within a period of two years.
On 4 July, the government had banned export of sugar till 31 March 2007 after the recommendation of the Cabinet Committee on Prices.
posted by SY at 11:27 AM
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