Update 2
Nifty comes closer to 3,900
The market held firm after the latest data showed inflation eased to 5.16% for the 12 months to 2 December, compared to 5.3% in the previous week. Firm global markets supported the domestic bourses.
At 12:24 IST the Sensex was up 129 points, at 13,616. The barometer index fluctuated between 13,616 and 13,659.65 since 11:30 IST.The Sensex had recovered from a lower level in mid-morning trade, after having pared early gains.The Sensex has also dipped to a low of 13,545.60 and scaled a high of 13,659.65.
The S&P CNX Nifty was up 1% at 3,883.25, down from an intra-day high of 3,898.05.
Technical analysts feel that 3,900-3,920 is a key resistance level for Nifty. Only a decision close to that level will indicate resumption of uptrend, they say. Nifty also has a strong support at 3,700 level, market participants feel.
The market-breadth was strong. For 1,688 shares rising on BSE, 697 declined. Just 61 shares were unchanged. Gainers outpaced losers by a ratio of 2.4:1.The BSE clocked Rs 2,068 crore in turnover.
TCS gains marginally on securing order and GDC expansion plans
The shares of TCS are trading higher by 0.82% at BSE (11.38 a.m) on news of securing order and GDC expansion plans.Currently, the shares are trading at Rs 1,158.05 at BSE compared to the previous day`s close of Rs 1,148.6 (Thursday). A total of 36,258 shares have changed hands at the bourses so far.
Tata Consultancy Services (TCS) has secured a contract to implement end-to-end solutions for national flag carrier, Shipping Corporation of India.The contract, including automisation, is for 22 months. The deal size of the contract is not yet disclosed.
Tata Consultancy Services (TCS) is also expanding its global delivery center in Uruguay to host over 250 personnel.The company undertook this investment to support the rapid expansion of its Latin American business and to pro-actively lower the risk for its clients by providing an alternative back-up site in Uruguay. TCS already provides services to over 40 clients across Latin America & United States, using its existing global delivery center in Uruguay.
The stock has shown a fall of 1.54% over the week and a rise of 5.72% over the month.
Tata Steel surges 3.56% on capex plans worth Rs 4.5 bn
The shares of Tata Steel are trading higher by 3.56% at BSE (11.06 a.m) on news of capex plans worth Rs 4.5 billion.Currently, the shares are trading at Rs 451.4 at BSE compared to the previous day`s close of Rs 435.9 (Thursday). A total of 732,520 shares have changed hands at the bourses so far.
Tata Steel plans to invest Rs 4.5 billion in its Thai subsidiary, Millennium Steel. The investment is for the purpose of setting up an iron ore smelting plant, which will make the company`s production line in the country fully integrated.
Construction of the smelting plant is expected to begin in early 2007. The capacity of plant is likely to be around 5,00,000 tonne per annum, and will be ready for commission in about 15 months.
The stock has shown a fall of 6.43% over the week and 7.09% over the month.
Marico trading high on Bangladesh buy
Shares of Marico are trading 3.07% higher, at Rs 560, compared with their previous close of Rs 543.30 (Thursday). A total of 1589 shares have changed hands at the bourses (11.10 am).
Marico is close to finalising a deal to buy a personal care company in Bangladesh for USD 35.1 million (Rs 1560 million), payable in two tranches. The company has paid the first installment of USD 17.6 million.
The move is a part of the company`s overall strategy to push growth beyond the Indian subcontinent and build a global franchisee for the company`s branded products and services. It is expected to establish a significant presence in the market. Marico expects this to translate into greater disposable income. In Bangladesh, Marico operates through Marico Bangladesh, a wholly-owned subsidiary with a manufacturing facility at Mouchak, near Gazipur.
The company had raised Rs 1513.8 million through an equity issue to qualified institutional buyers (QIBs).The stock of Marico had a 52-week high of Rs 586, while its 52-week low was Rs 321.
The market held firm after the latest data showed inflation eased to 5.16% for the 12 months to 2 December, compared to 5.3% in the previous week. Firm global markets supported the domestic bourses.
At 12:24 IST the Sensex was up 129 points, at 13,616. The barometer index fluctuated between 13,616 and 13,659.65 since 11:30 IST.The Sensex had recovered from a lower level in mid-morning trade, after having pared early gains.The Sensex has also dipped to a low of 13,545.60 and scaled a high of 13,659.65.
The S&P CNX Nifty was up 1% at 3,883.25, down from an intra-day high of 3,898.05.
Technical analysts feel that 3,900-3,920 is a key resistance level for Nifty. Only a decision close to that level will indicate resumption of uptrend, they say. Nifty also has a strong support at 3,700 level, market participants feel.
The market-breadth was strong. For 1,688 shares rising on BSE, 697 declined. Just 61 shares were unchanged. Gainers outpaced losers by a ratio of 2.4:1.The BSE clocked Rs 2,068 crore in turnover.
TCS gains marginally on securing order and GDC expansion plans
The shares of TCS are trading higher by 0.82% at BSE (11.38 a.m) on news of securing order and GDC expansion plans.Currently, the shares are trading at Rs 1,158.05 at BSE compared to the previous day`s close of Rs 1,148.6 (Thursday). A total of 36,258 shares have changed hands at the bourses so far.
Tata Consultancy Services (TCS) has secured a contract to implement end-to-end solutions for national flag carrier, Shipping Corporation of India.The contract, including automisation, is for 22 months. The deal size of the contract is not yet disclosed.
Tata Consultancy Services (TCS) is also expanding its global delivery center in Uruguay to host over 250 personnel.The company undertook this investment to support the rapid expansion of its Latin American business and to pro-actively lower the risk for its clients by providing an alternative back-up site in Uruguay. TCS already provides services to over 40 clients across Latin America & United States, using its existing global delivery center in Uruguay.
The stock has shown a fall of 1.54% over the week and a rise of 5.72% over the month.
Tata Steel surges 3.56% on capex plans worth Rs 4.5 bn
The shares of Tata Steel are trading higher by 3.56% at BSE (11.06 a.m) on news of capex plans worth Rs 4.5 billion.Currently, the shares are trading at Rs 451.4 at BSE compared to the previous day`s close of Rs 435.9 (Thursday). A total of 732,520 shares have changed hands at the bourses so far.
Tata Steel plans to invest Rs 4.5 billion in its Thai subsidiary, Millennium Steel. The investment is for the purpose of setting up an iron ore smelting plant, which will make the company`s production line in the country fully integrated.
Construction of the smelting plant is expected to begin in early 2007. The capacity of plant is likely to be around 5,00,000 tonne per annum, and will be ready for commission in about 15 months.
The stock has shown a fall of 6.43% over the week and 7.09% over the month.
Marico trading high on Bangladesh buy
Shares of Marico are trading 3.07% higher, at Rs 560, compared with their previous close of Rs 543.30 (Thursday). A total of 1589 shares have changed hands at the bourses (11.10 am).
Marico is close to finalising a deal to buy a personal care company in Bangladesh for USD 35.1 million (Rs 1560 million), payable in two tranches. The company has paid the first installment of USD 17.6 million.
The move is a part of the company`s overall strategy to push growth beyond the Indian subcontinent and build a global franchisee for the company`s branded products and services. It is expected to establish a significant presence in the market. Marico expects this to translate into greater disposable income. In Bangladesh, Marico operates through Marico Bangladesh, a wholly-owned subsidiary with a manufacturing facility at Mouchak, near Gazipur.
The company had raised Rs 1513.8 million through an equity issue to qualified institutional buyers (QIBs).The stock of Marico had a 52-week high of Rs 586, while its 52-week low was Rs 321.
posted by SY at 12:52 PM
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