Update 2
Sensex stays above 13950
The BSE Sensex maintained 13950 level, as buying continued at higher levels.At 11:25 IST, Sensex was up 85.46 points at 13,961.56. It came off the higher level after opening with an upward gap of 154.14 points at 14,028.47, which is also its all time high. Sensex had touched an intra-day low of 13916.18
The market breadth was strong with over two gainers for every single loser on BSE. 1471 shares advanced on BSE as compared to 697 that declined. 57 shares were unchanged.The total turnover on BSE amounted to Rs 1740 crore.Among the Sensex pack, 26 advanced while the rest declined.
RIL in the thick of the action
Reliance Industries rose 2.2% to Rs 1288.55 following unconfirmed reports that it is set to acquire Adani Retail, the Gujarat based retail chain controlled by the Adani Group.
4.3 lakh shares changed hands in the counter on BSE.RIL has a huge near 11% weightage in Sensex and rise in RIL aided today’s Sensex surge. The barometer index was up 91 points at 13,966. It today struck 14,000 in opening trade.RIL had risen 1.2% on 1 December to Rs 1261. It had ended slightly lower at Rs 1260.10 on 4 December.
The acquisition of Adani Retail will provide RIL with a readymade retail infrastructure and real estate to begin operations in Gujarat. Adani Retail has about 54 stores across all formats such as neighbourhood stores, supermarkets and hypermarkets, spread across 15 cities in Gujarat. The company had planned to have about 65 stores by the end of this year. Adani Retail will have a topline of about Rs 200 crore this year.
RIL has been looking at acquisitions as a way to scale up its retail business for some time now. Some months back, RIL acquired the Sahkari Bhandar chain in Mumbai. Only recently, RIL kickstarted its retail foray by launching Reliance Fresh stores in Hyderabad. Reports suggest that Reliance Retail is all set to enter Mumbai, Chennai and Delhi markets enthused by strong response to Reliance Fresh stores in Hyderabad.
Meanwhile, RIL had said on 1 December, that its hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on 25 October, has been refurbished and has started functioning.
J&K Bank banks on hike in FII investment ceiling
Jammu & Kashmir Bank rose 2.6% to Rs 55 after RBI raised FII investment ceiling in the private sector bank to 40% from 33%.12,313 shares changed hands in the counter on BSE.J&K Bank is one of the favorites of FIIs. The FII holding in the scrip was 31.76% at end September 2006.
The scrip had surged sharply since late September 2006 as investors flocked to bank scrips on strong lending growth. Strong Q2 results aided the surge in the J&K Bank counter. From Rs 392.05 on 25 September 2006, the stock spurted to Rs 540.50 by 4 December.
The BSE Sensex maintained 13950 level, as buying continued at higher levels.At 11:25 IST, Sensex was up 85.46 points at 13,961.56. It came off the higher level after opening with an upward gap of 154.14 points at 14,028.47, which is also its all time high. Sensex had touched an intra-day low of 13916.18
The market breadth was strong with over two gainers for every single loser on BSE. 1471 shares advanced on BSE as compared to 697 that declined. 57 shares were unchanged.The total turnover on BSE amounted to Rs 1740 crore.Among the Sensex pack, 26 advanced while the rest declined.
RIL in the thick of the action
Reliance Industries rose 2.2% to Rs 1288.55 following unconfirmed reports that it is set to acquire Adani Retail, the Gujarat based retail chain controlled by the Adani Group.
4.3 lakh shares changed hands in the counter on BSE.RIL has a huge near 11% weightage in Sensex and rise in RIL aided today’s Sensex surge. The barometer index was up 91 points at 13,966. It today struck 14,000 in opening trade.RIL had risen 1.2% on 1 December to Rs 1261. It had ended slightly lower at Rs 1260.10 on 4 December.
The acquisition of Adani Retail will provide RIL with a readymade retail infrastructure and real estate to begin operations in Gujarat. Adani Retail has about 54 stores across all formats such as neighbourhood stores, supermarkets and hypermarkets, spread across 15 cities in Gujarat. The company had planned to have about 65 stores by the end of this year. Adani Retail will have a topline of about Rs 200 crore this year.
RIL has been looking at acquisitions as a way to scale up its retail business for some time now. Some months back, RIL acquired the Sahkari Bhandar chain in Mumbai. Only recently, RIL kickstarted its retail foray by launching Reliance Fresh stores in Hyderabad. Reports suggest that Reliance Retail is all set to enter Mumbai, Chennai and Delhi markets enthused by strong response to Reliance Fresh stores in Hyderabad.
Meanwhile, RIL had said on 1 December, that its hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on 25 October, has been refurbished and has started functioning.
J&K Bank banks on hike in FII investment ceiling
Jammu & Kashmir Bank rose 2.6% to Rs 55 after RBI raised FII investment ceiling in the private sector bank to 40% from 33%.12,313 shares changed hands in the counter on BSE.J&K Bank is one of the favorites of FIIs. The FII holding in the scrip was 31.76% at end September 2006.
The scrip had surged sharply since late September 2006 as investors flocked to bank scrips on strong lending growth. Strong Q2 results aided the surge in the J&K Bank counter. From Rs 392.05 on 25 September 2006, the stock spurted to Rs 540.50 by 4 December.
posted by SY at 12:10 PM
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