Update 2
Sensex vaults over 200 points
India’s premier stock exchange, BSE Sensex, spurted over 225 points on heavy buying in blue-chips in general and ICICI Bank, HDFC, and NTPC in particular.
At 12:31 IST the Sensex was up 206.69 points, at 13,390.54. It jad opened firm, at 13,256.81, as buying continued following a 186-point rally on Wednesday. The BSE benchmark had also spurted to an intra-day high of 13,417.39, a little while ago. Its low for the day is 13,239.79.
The BSE clocked a turnover of Rs 2,278 crore.The market-breadth was rock solid as a host of small-cap and mid-cap counters rallied on high volumes. For 1,905 shares rising on BSE, just 386 declined. As many as 57 shares were unchanged. Gainers outpaced losers by a ratio of 5:1.Among the 30-Sensex pack, 27 advanced while the rest slipped.
L&T climbs on USD 86 mn Sinopec contract
The shares of Larsen & Toubro are trading higher 2.19% at Rs 1451.80 (12.26 pm), compared with their previous close of Rs 1420.75 (Wednesday). A total of 98,325 shares have changed hands at the BSE so far.
Engineering and construction major, Larsen & Toubro has bagged two major contracts of an aggregate value of USD 86 million from the leading Chinese petrochemical company, Sinopec.
The contract envisages designing, manufacturing and supplying three ethylene oxide reactors, each weighing in excess of 1000 tonnes. The reactors will form a part of the methyl ethyl glycol (MEG) unit in a petrochemical plant.
In the last two years, the company has supplied equipments valued over USD 300 million to China, including the world`s largest coal gasifier and advanced acronitrile reactors.The stock dropped 1.24% over the week, while it climbed 7.80% over the month.
Reliance Comm in race for Hutch's India ops, rallies
Reliance Communications rose 3.5% to Rs 448.50, as the scrip rose for the second day in a row on reports that it is interested in Hutchison's India operations.
As many as 9.9 lakh shares changed hands in the counter on BSE as market is abuzz with talk that the ADAG group telco is negotiating with three PE firms, who are together discussing this with the Hong Kong based telecom major.
The stock had surged 7.3% on Wednesday (13 December) on high volume of 38.7 lakh shares, boosted by these media reports. Recently, the stock had declined sharply in a big market fall. From a lifetime closing high of Rs 462.50 on 6 December, the scrip had lost 12.7% in a short while to Rs 403.45 on 12 December. If RCL, along with private equity firms, is able to get control over Hutchison Essar, it will have the honour of the biggest player in the fast-growing Indian mobile market, ahead of Bharti Airtel. Hutchison International controls 67% in Hutchison Essar.
The continued strong growth in new subscription addition, robust Q2 results and more recently reports that the government will free up more frequencies for cellular telephony have triggered a solid surge in shares of the cellular services behemoths in recent months. RCL has, in fact, witnessed a near secular rise since late-July 2006. From Rs 238.30 on 21 July, it surged 94% to a lifetime closing high of Rs 462.50 on 6 December.
As per other media reports, RCL has issued requests for proposals for 70-75 million GSM lines and 20-25 million wideband CDMA lines. At the moment Reliance's CDMA business is much larger than its GSM services.
For RCL its global and broadband businesses are also seen as its growth drivers in future.RCL recently said it is hiving off its towers for wireless communication, to a separate subsidiary.
India’s premier stock exchange, BSE Sensex, spurted over 225 points on heavy buying in blue-chips in general and ICICI Bank, HDFC, and NTPC in particular.
At 12:31 IST the Sensex was up 206.69 points, at 13,390.54. It jad opened firm, at 13,256.81, as buying continued following a 186-point rally on Wednesday. The BSE benchmark had also spurted to an intra-day high of 13,417.39, a little while ago. Its low for the day is 13,239.79.
The BSE clocked a turnover of Rs 2,278 crore.The market-breadth was rock solid as a host of small-cap and mid-cap counters rallied on high volumes. For 1,905 shares rising on BSE, just 386 declined. As many as 57 shares were unchanged. Gainers outpaced losers by a ratio of 5:1.Among the 30-Sensex pack, 27 advanced while the rest slipped.
L&T climbs on USD 86 mn Sinopec contract
The shares of Larsen & Toubro are trading higher 2.19% at Rs 1451.80 (12.26 pm), compared with their previous close of Rs 1420.75 (Wednesday). A total of 98,325 shares have changed hands at the BSE so far.
Engineering and construction major, Larsen & Toubro has bagged two major contracts of an aggregate value of USD 86 million from the leading Chinese petrochemical company, Sinopec.
The contract envisages designing, manufacturing and supplying three ethylene oxide reactors, each weighing in excess of 1000 tonnes. The reactors will form a part of the methyl ethyl glycol (MEG) unit in a petrochemical plant.
In the last two years, the company has supplied equipments valued over USD 300 million to China, including the world`s largest coal gasifier and advanced acronitrile reactors.The stock dropped 1.24% over the week, while it climbed 7.80% over the month.
Reliance Comm in race for Hutch's India ops, rallies
Reliance Communications rose 3.5% to Rs 448.50, as the scrip rose for the second day in a row on reports that it is interested in Hutchison's India operations.
As many as 9.9 lakh shares changed hands in the counter on BSE as market is abuzz with talk that the ADAG group telco is negotiating with three PE firms, who are together discussing this with the Hong Kong based telecom major.
The stock had surged 7.3% on Wednesday (13 December) on high volume of 38.7 lakh shares, boosted by these media reports. Recently, the stock had declined sharply in a big market fall. From a lifetime closing high of Rs 462.50 on 6 December, the scrip had lost 12.7% in a short while to Rs 403.45 on 12 December. If RCL, along with private equity firms, is able to get control over Hutchison Essar, it will have the honour of the biggest player in the fast-growing Indian mobile market, ahead of Bharti Airtel. Hutchison International controls 67% in Hutchison Essar.
The continued strong growth in new subscription addition, robust Q2 results and more recently reports that the government will free up more frequencies for cellular telephony have triggered a solid surge in shares of the cellular services behemoths in recent months. RCL has, in fact, witnessed a near secular rise since late-July 2006. From Rs 238.30 on 21 July, it surged 94% to a lifetime closing high of Rs 462.50 on 6 December.
As per other media reports, RCL has issued requests for proposals for 70-75 million GSM lines and 20-25 million wideband CDMA lines. At the moment Reliance's CDMA business is much larger than its GSM services.
For RCL its global and broadband businesses are also seen as its growth drivers in future.RCL recently said it is hiving off its towers for wireless communication, to a separate subsidiary.
posted by SY at 1:13 PM
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