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#BQSpotted by @soumeet_sarkar | Sudden spike in BHEL share price. pic.twitter.com/VM9CLCwMJU
— BloombergQuint (@BloombergQuint) February 28, 2017
Source: Bloomberg
Gold received support from a positive global trend and fresh buying by local jewellers as the price recovered by Rs 25 to Rs 30,150 per 10 grams at the bullion market.
However, silver gave up Rs 30 at Rs 43,850 per kg on lower offtake from industrial units and coin makers.
Traders attributed the rise in gold prices to a firm trend overseas and pick-up in buying by local jewellers driven by the ongoing wedding demand.
Globally, gold rose 0.08 percent to $1,253.10 an ounce in Singapore.
PTI
Hindalco Industries, the flagship company of Aditya Birla Group, has received the environment clearance for setting up of a new cast copper rod plant in Gujarat's Bharuch district at a cost of Rs 240 crore.
Hindalco Industries's Birla copper unit has a mega copper smelting and refining complex at villages Lakhigam and Dahej in Bharuch district. It now wants to expand its continuous cast copper rod plant in the existing premises of this unit.
The company's proposal is to expand production capacity of continuous cast copper rod (CCR) from 2,44,000 tonnes per annum (TPA) to 4,84,000 TPA by setting up a new unit.
Tata Steel's Rs 542-crore ferro-chrome plant in Odisha has started production.
"This marks the completion of the commissioning of the ferro-chrome plant. It also goes a long way in consolidating our footprint in Odisha and the long-standing partnership with the state towards industrial progress of the region," said DB Sundara Ramam, Tata Steel Executive-in-Charge, Ferro Alloys and Minerals Division.
The plant has a 100 percent water harvesting facility that caters to most of the water requirements of the plant. It has an indigenously built semi-closed hybrid furnace. Also, it is the first plant in India to use briquetting method of chrome ore fines agglomeration.
The company said the order, for five years, is for Shell projects in the Middle-East, South-East Asia and India.
The stock gained 0.4 percent to Rs 1,472 apiece on the NSE.
#BQSpotted by @OnlyNickey | Manali Petrochemicals up for third consecutive session. pic.twitter.com/6Y0A12lS0t
— BloombergQuint (@BloombergQuint) February 28, 2017
Shares of the infrastructure firm gained 2.9 percent after it completed Rs 190.80 crore road project in Madhya Pradesh.
"The company has completed the said project 185 days prior to the scheduled completion period and due to the earlier completion of the project, it is entitled to receive maximum allowable three percent bonus of Rs 5.72 crore," the company said in its filing.
For more details on the news story, click HERE
Shares of the drug maker gained nearly 0.6 percent after it received final approval from the U.S. FDA to market sodium sulfate, potassium sulfate, magnesium sulfate oral solution used in treatment of a form of cancer.
Lupin said it will commence promoting the product shortly. The approved product is indicated for cleansing of the colon in preparation of colonoscopy in adults. Suprep Bowel Prep Kit had U.S. sales of $207.2 million.
The rupee drifted lower by 9 paise to 66.80 against the U.S. dollar in early trade.
Forex dealers said that month-end demand for the greenback from importers and gains against other currencies overseas, as investors keenly await Trump's speech at a joint session of Congress today, put pressure on the rupee.
They said, however, a higher opening of the domestic equity market capped the rupee's losses.
Yesterday, The rupee had strengthened to close at a fresh three-and-a-half month high of 66.71, appreciating by 11 paise on the back of sustained selling of the American dollar by exporters and banks.
Shares the country’s third largest telecom company dropped as much as 4.7 percent, the most since February 13, making it the worst performing stock on the Nifty.
About 12 crore shares changed on the BSE in a single block deal, according to Bloomberg data. While the buyers and sellers were not immediately known, private equity firm Providence was expected to sell 3.33 percent stake in the telecom company for an estimated amount of more than Rs 1,200 crore, PTI reported.
India's GDP for the October-December quarter likely grew at 6 percent, sharply lower than the 7.3 percent recorded in the prior quarter. These numbers are crucial as they will help assess the impact of Prime Minister Narendra Modi's demonetisation move.
The yield on the benchmark note, which rose 51 basis points in the past four weeks eased a bit on Monday by dropping 3 basis points. However, the sentiment remains bearish. With an overnight selloff in US Treasuries, there may be a similar move in early trade. The key event to watch for is the big Rs 25,000 crore auction of state bonds late today. The cutoffs will help determine market mood and direction.
In the currency market, the dollar is trying to hold on to its gains ahead of U.S. President Donald Trump's address to the Congress. The chance of a rate hike at the Fed's mid-March meeting has jumped to 50 percent from 34 percent just five days ago. For emerging market currencies, it is time for caution as volatile times lie ahead.
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The Singapore traded SGX Nifty, an early indicator of Nifty’s performance in India, rose 0.1 percent to 8,927.
Asian stocks climbed in early trade, while the dollar maintained gains ahead of Donald Trump’s address to the Congress. Japan’s Topix rebounded after the Dow Jones Industrial Average pushed its winning streak to 12 sessions, the longest in 30 years. Trump on Monday said he’d spend “big” on infrastructure, while adding that tax details won’t become clear until after the costs of repleasing the Affordable Care Act are known.
Investors will also be monitoring comments from Fed officials, including Chair Janet Yellen, who speaks at an event in Chicago at the end of the week. The chance of a rate hike at the Fed’s March 14-15 meeting jumped to 50 percent from 34 percent just five days ago, according to federal funds futures tracked by Bloomberg.
Oil prices hovered near $54 a barrel as prospects of record U.S. stockpiles offset production cut by Organisation of Petroleum Exporting Countries and other nations to end global supply glut.
Gold was trading little changed at $1,252 an ounce. The metal jumped 1.8 percent last week for its fourth straight weekly advance.
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