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Market clocked a two month high as the energy generated by metal stocks following China’s intention to cut down capacity has fuelled the rally. Bank Nifty outperformed as the initial set of results from the private banking space has crossed the hurdle of demonetisation. The dollar remains flat ahead of U.S. president-elect Trump’s press conference today and this has given a push to the risk averse to step into gold.”Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services wrote in a note.
JSW Cement says the Shiva Cement deal will help company expand its footprint in east India.https://t.co/hqiDEqpFrX pic.twitter.com/3bxLqXE4HV
— BloombergQuint (@BloombergQuint) January 11, 2017
IT sector is expected to report subdued earnings for the third quarter, reports @AgamVakil. https://t.co/bT4Dy6zLro pic.twitter.com/2S8eHNg7fr
— BloombergQuint (@BloombergQuint) January 11, 2017
Shares of the private bank gained as much as 4.1 percent to Rs 21.75 after its net profit for the quarter ending December rose to Rs 111 crore as compared to Rs 102 crore in the year ago period.
The bank’s asset quality remained largely stable with gross non-performing assets at 3.98 percent of the total loan book as against 3.96 percent in the previous quarter.
Net Non-performing assets reduced to 2.52 percent from 2.77 percent in the previous quarter.
Indian Oil is eyeing oil assets in Africa, Middle-East, reports @JournoDebjit.https://t.co/63aP9X7zY0 pic.twitter.com/14xK4xaTvm
— BloombergQuint (@BloombergQuint) January 11, 2017
Reliance Jio to connect all educational institutions in Gujarat promises its chairman. #VibrantGujarat2017.https://t.co/OLkEvMzhff pic.twitter.com/jzniBPxgUp
— BloombergQuint (@BloombergQuint) January 11, 2017
Shares of the cement maker gained as much as 5 percent after the promoters decided to sell their entire holding to JSW Cement.
The promoters will sell their 35.62 percent stake at Rs 14 per share aggregating to Rs 97.24 crore. As the promoters are exiting, JSW Cement has made an open offer to public shareholders to acquire 62,40,0000 equity shares for Rs 14 aggregating to Rs 87.36 crore. This constitutes 32 percent of the total share capital of Shiva Cement.
The Odisha-based company has annual production capacity of 1.32 lakh tonne with plans to expand to 2.6 million tonne in phases.
Indian shares climbed for a second straight session backed by a rally in Asian equities after evidence of quickening price growth in China boosted metals and other commodities.
The S&P BSE Sensex gained 0.5 percent to 27,050, scaling the mark for the first time since November 11 of last year. The NSE Nifty, meanwhile, jumped 0.6 percent to 8,336, which is also a two-month high for the 50-share index.
The dollar is rising again keeping the Asian currencies under pressure ahead of U.S. President-elect Donald Trump's press conference later in the global day. It is important to note that traders are inclined to keep risky bets off the table as they await clues on potential fiscal stimulus and trade policies of the new president to gauge the impact on global growth.
The rupee, meanwhile, had a steady session on Tuesday and was little changed at 68.18 per dollar. Today, the currency is likely to join its Asian peers to trade lower against the greenback.
In sovereign bonds, it seems like a tussle between two equal and opposing forces. Estimates that growth and inflation are slowing down bode well for the market but investors are avoiding too much exuberance as the threat of inflation rearing its head again remains a possibility.
Yield on the benchmark note are stuck in a range of 6.36-6.40 percent and may stay here till the consumer price inflation print on Thursday.
The fastest pace of growth for Chinese producer prices in five years propelled gains in industrial metals and other raw materials amid prospects the world’s second-largest economy will export inflation around the world via its supply chains.
Crude oil prices edged higher but remained near a one-month low amid concern the U.S. is raising its output forecast just as OPEC members start to cut production.
Analysts project U.S. crude stockpiles rose by 1.5 million barrels last week, muting optimism fuelled by Russia, Iraq, Kuwait, Kazakhstan and Azerbaijan saying they’re implementing last year’s accord to cut production. The supplies data is due late Wednesday.
U.S. stocks fluctuated with the dollar, while Treasuries retreated as post-U.S. election asset moves stalled a day before Donald Trump is slated to hold a press conference that could provide detail on his policy preferences.
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